Business

IIE Digital Desk : Pyramid Technoplast share price hit the lower circuit on Tuesday, a day after the company's initial public offering (IPO) was subscribed 111 times. The stock opened at ₹187 apiece, lower than its issue price of ₹185 apiece. The stock touched an intraday low of ₹185 and closed at ₹186.50, down 0.27% from its issue price.

The IPO was subscribed 111.21 times, with retail investors bidding for 107.85 times the shares reserved for them. Qualified institutional buyers and non-institutional investors subscribed 109.87 times and 99.78 times the shares reserved for them, respectively. The company had raised ₹1,725 crore from the IPO. The proceeds will be used to expand its manufacturing capacity, repay debt, and for general corporate purposes.

Pyramid Technoplast is a leading manufacturer of plastic packaging solutions. The company's products are used in a variety of industries, including food and beverage, pharmaceutical, and consumer goods. The company's IPO was well-received by investors, but the stock's performance on the first day of trading was disappointing. It remains to be seen whether the stock will recover in the coming days.