Ideal Technoplast Industries IPO day 3: NSE SME issue booked 112 times on high retail demand

Ideal Technoplast Industries IPO subscription closed with strong demand, as the public offer was booked 112.08 times on the last day of bidding.

The hard plastic packaging manufacturer’s initial public offering (IPO) received bids for more than 14.1 crore shares compared to 12.58 lakh shares on offer.

Retail individual investors led the demand for the maiden share sale, bidding for nearly 7.27 crore shares against 6.29 lakh shares set aside for the category. The retail portion was booked 115.57 times.

The NSE SME issue was subscribed 99.15 times in the Non-Institutional Investors’ (NIIs) category, with applications for 6.23 crore shares against 6.29 lakh shares set aside for the segment. In the Qualified Institutional Buyers (QIBs) segment, the IPO received bids for 59.36 lakh shares.

Ideal Technoplast Industries IPO offer size, price band and other details

Ideal Technoplast Industries IPO is a fixed-price offering of ₹16.03 crore. The public offer comprised entirely a fresh issue of 13.25 lakh shares, including a market maker portion of 67,000 shares.

Ideal Technoplast Industries IPO price was fixed at ₹121 per share.

Ideal Technoplast Industries Limited allotment status and listing dates

The subscription for IPO is closed as of now. The IPO allotment status is likely to be finalized on August 26. Shares of Ideal Technoplast Industries are likely to be listed on the NSE SME platform on Wednesday August 28.

Refunds will be initiated for unsuccessful bidders on August 27 and shares will be credited in the demat accounts of successful bidders the same day.

Ideal Technoplast Industries Limited IPO registrar

Bigshare Services Private Limited is the registrar of the Ideal Technoplast Industries IPO, while Swastika Investmart Limited is the book running lead manager for the issue. The market maker for Ideal Technoplast Industries IPO is Sunflower Broking.

Ideal Technoplast Industries Limited IPO objective

Ideal Technoplast Industries plans to use the proceeds from the fresh issue to meet working capital requirements and operational costs and sustain business momentum. A significant portion of the proceeds will be set aside for general corporate purposes.

About Ideal Technoplast Industries Limited IPO

Ideal Technoplast Industries Limited, founded in 2012, manufactures hard plastic packaging for both domestic and international markets.

Ideal Technoplast provides industrial packaging solutions for paints, agricultural, chemicals, cosmetics, adhesives, lubricants, food and edible oil.

The company uses innovative production technologies, such as in-house design and printing. Surat's production facility spans several stories and covers 20,000 square feet. It features cutting-edge technology, including a fully automated line.