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Pyramid Technoplast IPO ends with good subscription

Published on Aug 23, 2023 10:54

The Non Institutional Investors (NIIs) category was subscribed 32.24 times. The Retail Individual Investors (RIIs) category was subscribed 14.72 times. The Qualified Institutional Buyers (QIBs) category was subscribed 9.94 times.

The initial public offer (IPO) of Pyramid Technoplast received bids for 13,82,86,440 shares as against 75,60,400 shares on offer. The issue was subscribed 18.29 times.

The issue opened for bidding on Friday (18 August 2023) and it closed on Tuesday (22 August 2023). The price band of the IPO is fixed at Rs 151-166 per share.

The IPO comprises fresh issue of 55,00,000 equity shares aggregating up to Rs 91 crore and an offer for sale of up to 37,20,000 equity shares aggregating Rs 62 crore.

The promoter, Credence Financial Consultancy LLP (formerly Credence Financial Consultancy) holds about 23.06% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding is expected to be 9.5%.

The company proposes to utilize the net proceeds of the fresh issue towards repayment and/or pre-payment, in full or part, of certain outstanding borrowings availed by the company amounting Rs 40 crore, funding working capital requirements of the company amounting Rs 40.21 crore and balance towards general corporate purposes prepayment.

As on 31 July 2023, total borrowings (including loan equivalent LER/hedging exposure limit and letter of credit) amounted to Rs 93.27 crore.

Ahead of the IPO, Pyramid Technoplast on Thursday, 17 August 2023 raised Rs 27.54 crore from anchor investors. The board allotted 16.59 lakh shares at Rs 166 each to 4 anchor investors.

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 manufactures polymer-based bulk packaging drums and intermediate bulk containers (IBC), as well as MS Drums made of mild steel (MS) used in the packaging and transport of chemicals, agrochemicals, and specialty chemicals.

The company reported a consolidated net profit of Rs 31.76 crore and total income of Rs 480.03 crore for the twelve months ended on 31 March 2023.

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