Shares of Ideal Technoplast Industries were trading at Rs 138.70 on the NSE, a premium of 14.63% compared with the issue price of Rs 121.
The scrip was listed at Rs 132.10, a premium of 9.17% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% over its listing price.The counter hit a high of Rs 138.70 and a low of Rs 132.10. About 4.62 lakh shares of the company changed hands at the counter.
Ideal Technoplast Industries' IPO was subscribed 106.41 times. The issue opened for bidding on 21 August 2024 and it closed on 23 August 2024. The price of the IPO was set at Rs 121 per share.
The IPO comprised fresh issue of 13,25,000 shares. The promoter and promoter group shareholding diluted to 73.50% from 100% pre-IPO.
The company intends to utilize the net proceeds to meet capital expenditure and for general corporate purpose.
Ideal Technoplast Industries is a manufacturer and supplier of rigid plastic packaging, with a presence in both domestic and international markets (indirectly through export houses and third parties). It provides industrial packaging solutions for sectors such as paints, agro, chemicals, cosmetics, adhesives, lubricants, food, and edible oil. As on 31 March, the company has total 28 employees.
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The company recorded revenue from operations of Rs 24.24 crore and net profit of Rs 3.26 crore for the period as on 29 February 2024.
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