Pyramid Technoplast IPO to Raise ₹153 Crore.
Pyramid Technoplast, an industrial packaging company based in Gujarat, is gearing up for an important step in its journey. The company intends to gather ₹153 crore through its upcoming Initial Public Offering (IPO), which is set to begin on the upcoming Friday and end on August 22.
Offer Details and Use of Funds
The IPO will involve the sale of 92.20 lakh equity shares at a price range of ₹151 to ₹166 per share. This offering comprises of fresh equity issuance of ₹91.30 crore and an offer for sale of ₹61.75 crore on the higher price band.
The company plans to use ₹40 crore from the funds to pay off its debts, while the rest will be utilized for working capital and other necessary expenses.
The Pyramid Technoplast IPO lot size is 90 equity shares, with the option to buy in multiples of 90 equity shares. The minimum price for a share is 15.10 times its face value, and the maximum is 16.60 times the face value of the equity share.
Company Background and Products and Allocation and Investor Categories
For the IPO, Pyramid Technoplast has set aside up to 30% of shares for Qualified Institutional Buyers (QIBs), at least 20% for Non Institutional Investors (NIIs), and a minimum of 50% for Retail Investors.
Pyramid Technoplast operates from seven plants in Gujarat and Silvassa. The company specializes in making polymer-based molded products, including rigid Intermediate Bulk Containers (IBCs), Polymer Drums, and MS Drums.
Statements from Management
Bijaykumar Agarwal, the Chairman and Managing Director of Pyramid Technoplast, expressed that the IPO is a significant milestone for the company. With India’s growing prominence in manufacturing, especially chemicals and pharmaceuticals, the company is strategically positioned to meet increasing demand for its packaging solutions.
Jaiprakash Agarwal, the Wholetime Director & CFO, highlighted the company’s strong financial performance. In the financial year 2022-23, the company reported revenue of ₹482.03 crore and a net profit of ₹31.73 crore.
IPO Timeline and Listing
The allocation of shares to anchor investors is scheduled for August 17. The allotment of IPO shares will be finalized on August 25, and refunds will start on August 28. The shares will be credited to the demat accounts of allottees on August 29. The anticipated listing date on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) is August 30.
Lead Managers and Registrar
PNB Investment Services Limited and First Overseas Capital Limited are the Book Running Lead Managers to the Offer. The Registrar to the Offer is Bigshare Services Private Limited.
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