Pyramid Technoplast Debuts on Stock Exchange with 13% Premium Over IPO Price

29 Aug 2023 , 10:51 AM

Polymer-based molded products manufacturer Pyramid Technoplast made a notable entry into the stock market, listing at a 13% premium over its initial issue price of Rs 166 on August 29. The stock debuted at Rs 187 on the NSE and Rs 185 on the BSE.

The company had offered Rs 153-crore issue for subscription from August 18 to 22. This garnered substantial interest, with the retail category oversubscribed by 14.72 times and the Non-Institutional Investors (NII) category oversubscribed by 32.24 times. The portion allocated for Qualified Institutional Buyers (QIBs) was oversubscribed 9.94 times.

Headquartered in Gujarat, Pyramid Technoplast is a manufacturer of polymer-based molded products, including polymer drums primarily utilized by chemical, agrochemical, specialty chemical, and pharmaceutical companies for packaging purposes. The company currently operates from six strategically located manufacturing units. Additionally, a seventh manufacturing unit is in progress in Bharuch, Gujarat, adjacent to the existing six units.

Prior to the issue’s opening, the company raised Rs 27.55 crore through an anchor book on August 17. Among the four anchor investors were Carnelian Structural Shift Fund, led by renowned investor Vikas Khemani, and Alchemie Ventures Fund-Scheme I.

In the fiscal year 2022-2023, Pyramid Technoplast posted a net profit of Rs 31.76 crore, marking a growth of 21.5% compared to the previous year. The net profit margin also expanded by 9 basis points to reach 6.62%.