Pyramid Technoplast secures Rs 27.55 crore via anchor book ahead IPO

18 Aug 2023 , 08:01 AM

Pyramid Technoplast, an industrial packaging company, successfully raised Rs 27.55 crore from four anchor investors on August 17th, just prior to the commencement of its public offering.

The anchor investors include Carnelian Structural Shift Fund, Alchemie Ventures Fund-Scheme I, Pluris Fund, and Resonance Opportunities Fund.

Among them, Carnelian Structural Shift Fund, which is a component of Carnelian Asset Advisors founded by Vikas Khemani, emerged as the leading contributor by investing Rs 12.55 crore to acquire shares.

The company allotted a total of 16.59 lakh equity shares to the anchor investors at a rate of Rs 166 per share.

The company has outlined its intention to generate Rs 153.05 crore through the upcoming public offering, encompassing a new share issuance valued at Rs 91.3 crore, and an offer for sale (OFS) totaling Rs 61.75 crore, facilitated by the promoter Credence Financial Consultancy LLP.

The proceeds garnered from the issuance of new shares will be allocated towards two primary purposes: firstly, to settle a debt of Rs 40 crore, and secondly, to cater to a working capital requirement amounting to Rs 40.21 crore. This strategic allocation is anticipated to yield a substantial reduction in the company’s outstanding borrowings, which stood at Rs 55.34 crore as of the conclusion of the financial year ending in March 2023 (FY23).

Pyramid Technoplast, a manufacturer of polymer-based molded products, is set to launch its inaugural public offering for subscription on August 18th, with a pricing range of Rs 151 to Rs 166 per share.