Ideal Technoplast Industries IPO: Issue booked over 5 times on first day of subscription

Ideal Technoplast Industries’ IPO (Ideal Technoplast Industries Limited) witnessed decent demand on the first day of subscription, getting booked over 5 times at the end of the bidding process for the day.

The issue was subscribed 5.37 times as investors placed bids for over 67.61 lakh shares compared to the 12.58 lakh shares offered, according to NSE data.

Retail investors drove the demand for Ideal Technoplast Industries' IPO, placing bids for over 53.39 lakh shares against the 6.29 lakh shares set aside for them. The issue was booked 8.4 times in the retail category.

The IPO was booked 2.26 times in the Non-Institutional Investor category as NIIs placed bids for over 14.22 lakh shares against the 6.29 lakh shares reserved for them.

Ideal Technoplast Industries' IPO offer size and price band

Ideal Technoplast Industries' IPO aims to raise ₹16.03 crore through its initial public offer. The NSE SME issue consists of an entirely fresh issue of 13.25 lakh shares. Ideal Technoplast IPO price band has been fixed at ₹121 per share.

Ideal Technoplast Industries' IPO lot size and minimum investment

Retail investors interested in applying for Ideal Technoplast Industries' IPO can place bids for a minimum single lot size of 1,000 shares, amounting to an investment of ₹1,21,000. On the other hand High NetWorth Individuals (HNIs) can place bids for a minimum lot size of 2 lots or 2,000 shares, which aggregates to an investment of ₹2,42,000.

Ideal Technoplast Industries' IPO dates

The subscription window for the IPO is open from August 21 to August 23. Ideal Technoplast Industries' IPO share allotment status is expected to be finalised by Monday, August 26. Refunds will be initiated for unsuccessful bidders on Tuesday, August 27, and shares of the company will be credited into the Demat accounts of successful bidders the same day.

Shares of the company are tentatively scheduled to get listed on the NSE SME platform on August 28.

Ideal Technoplast Industries' IPO registrar

The IPO’s registrar is Bigshare Services Pvt Ltd. The book-running lead manager for the public issue is Swastika Investmart Ltd and the market maker for the issue is Sunflower Broking.

Ideal Technoplast Industries: Key financials

In the 11-month period ended February 29, 2024, the company's revenue stood at ₹24.24 crore. In the same period, the company’s net worth stood at ₹7.43 crore and its profit-after-tax stood at ₹3.26 crore.

In FY23, company's revenue more than doubled to ₹11.99 crore compared to ₹5.68 crore in FY22. The company’s profit-after-tax surged to ₹50.62 lakh in FY23, an increase of more than 380% compared to ₹10.53 lakh in FY22.

In FY23 company's net worth grew over 37% to ₹1.88 crore compared to ₹1.37 crore in FY22.

Ideal Technoplast Industries: Promoters

The promoters of the company are Prafulbhai Karshanbhai Vaghasia, Vaishnavi Prafulbhai Vaghasiya, Vipulbhai Dulabhai Mendapara, Mitulaben Vipulbhai Mendapara, Gauravbhai Chhaganbhai Gopani and Ashaben Gauravbhai Gopani. Before the issue the promoters held 100% stake in the company and after the IPO the stake of the promoters will reduce to 73.5%.

Ideal Technoplast Industries' IPO: Objective

The company will use the money raised via the public issue to meet its capital expenditures and to fulfil general corporate purposes.

About Ideal Technoplast Industries

Ideal Technoplast Industries Limited was established in 2012. The company manufactures rigid plastic packaging solutions such as round and square containers, twist containers and bottles. The company’s clients include companies from industries such as paints, agro, chemicals, cosmetics, adhesives and other industries.