Pyramid Technoplast IPO to Commence on August 18; Price Band Fixed at Rs 151-166

9 Aug 2023 , 10:07 AM

The initial public offer of Pyramid Technoplast Limited will be opening for subscription on August 18 and will conclude on August 22. 

The company, located in Gujarat, specializes in producing polymer-based molded products, particularly polymer drums. These drums are widely utilized by chemical, agrochemical, specialty chemical, and pharmaceutical companies to fulfill their packaging needs. At present, the company operates six strategically positioned manufacturing facilities. Furthermore, construction is underway for its seventh manufacturing unit in Bharuch, Gujarat, situated alongside the existing six units.

Important details of Pyramid Technoplast IPO:

• Issue Size: The company want to raise Rs 153 crore from the maiden public offer. This includes fresh issue of 55 lakh shares equity shares and an offer for sale of 37.2 lakh shares by promoters and shareholders.
• Price Band: Pyramid Technoplast has fixed price band at Rs 151-166 per share for its initial public offering.
• Lot size: Investors who want to apply for the IPO can bid for 90 shares and its multiples in a lot.
• Minimum investment: Retail investors are required to make a minimum investment of Rs 14,940 per lot, which consists of 90 shares. On the other hand, the maximum investment permitted for retail investors is Rs 1,94,220, which corresponds to 1170 shares (equivalent to 13 lots), as they are allowed to invest up to Rs 2 lakh in the IPO.
• The IPO offer is divided into three categories: 30% of the offer is reserved for qualified institutional buyers (QIBs), 20% is allocated to high-net-worth individuals (HNIs), and the remaining 50% is reserved for retail investors.
• Anchor book: The anchor investment for the IPO will take place on August 17.
• IPO objectives: The company will use net proceeds from the IPO towards payment of debt availed by the company, funding working capital requirements and for other general corporate purposes.
• Basis of allotment: The company will finalise the allotment of shares on August 25.
• Listing date: The shares of Pyramid Technoplast Limited are expected to list on BSE and NSE on August 30.

PNB Investment Services and First Overseas Capital have been appointed as the merchant bankers for the issue, with Bigshare Services serving as the registrar.

The company’s promoters include Bijaykumar Agarwal, Jaiprakash Agarwal, Pushpa Devi Agarwal, Madhu Agarwal, Yash Synthetics Private Limited, and Credence Financial Consultancy LLP.