Pyramid Technoplast IPO to open on August 18, price band set at Rs 151-166/share
[ad_1]
The IPO comprises a fresh issue of 55 lakh shares and an offer for sale (OFS) of 37.2 lakh shares. Under the OFS, promoter Credence Financial Consultancy will sell 37.2 lakh shares.
The company has fixed a price band of Rs 151-166 per share and investors can bid for a minimum of 90 shares in one lot and in multiples thereafter.
Pyramid Technoplast aims to raise anywhere between Rs 139 crore – Rs 153 crore through the IPO and the post implied market cap is likely to be around Rs 611 crore.
About 30% of the offer is reserved for qualified institutional buyers, 20% for non-institutional investors, and 50% is set aside for retail investors.
The share allotment will likely be finalised on or about August 25 and the tentative date for listing is around August 30.
Pyramid Technoplast is an industrial packaging company engaged in the business of manufacturing polymer-based molded products (Polymer Drums) mainly used by chemical, agrochemical, speciality chemical, and pharmaceutical companies for their packaging requirements.The company is one of the leading manufacturers of rigid Intermediate Bulk Containers (IBC) in India manufacturing 1,000-litre capacity IBC.
It also makes MS drums made of mild steel used in the packaging and transport of chemicals, agrochemicals, and specialty chemicals.
The company proposes to utilise the net proceeds towards repayment in part, funding working capital requirements, and other general corporate purposes.
For the year ending March 2023, the company’s revenue from operations stood at Rs 480 crore, while net profit was Rs 31.76 crore.
PNB Investment Services and First Overseas Capital are the book-running lead managers while Bigshare Services is the registrar.
[ad_2]
