Pyramid Technoplast IPO opens on Aug 18, price band set at Rs 151-166

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Polymer-based molded products maker Pyramid Technoplast has decided to launch its initial public offering on August 18 at a price band of Rs 151-166 per share. This would be the fourth public issue this month, after SBFC Finance, Concord Biotech and TVS Supply Chain Solutions.

The public issue of 92.2 lakh equity shares comprises a fresh issue of 55 lakh shares by the company and an offer-for-sale (OFS) of 37.2 lakh shares by promoter Credence Financial Consultancy LLP.

The company aims to raise Rs 153.05 crore from the public issue at the upper price band.

Investors can bid for a minimum of 90 equity shares and in multiples of 90 shares thereafter. Retail investors can make an application for a minimum of Rs 14,940 for one lot (90 shares) and their maximum investment would be Rs 1,94,220 (1,170 shares).

The offer will close on August 22, while the anchor book, a part of qualified institutional buyers (QIB), will open for a day on August 17.

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The fresh issue proceeds will be utilised for repaying debts (Rs 40 crore) and working capital requirements (Rs 40.2 crore), besides general corporate purposes.

The industrial packaging company has reserved 30 percent of the issue size for QIB, 20 percent for high net-worth individuals, and the remaining 50 percent for retail investors.

The Gujarat-based manufacturer of polymer based molded products (polymer drums) mainly used by chemical, agrochemical, speciality chemical and pharmaceutical companies for their packaging requirements, presently, have six strategically situated manufacturing units. The seventh manufacturing unit is under construction at Bharuch, Gujarat, adjacent to the existing six units.

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The total installed capacity of its polymer drum manufacturing units is 20,612 MTPA (metric tonnes per annum), while the capacity of IBC manufacturing unit is 12,820 MTPA and the MS Drums unit is 6,200 MTPA.

The finalisation of basis of allotment of IPO shares will be done by August 25 and eligible investors will get shares in their demat accounts by August 29.

The refunds will be credited to bank accounts of unsuccessful investors by August 28.

Pyramid Technoplast shares will list on the BSE and NSE on August 30.

PNB Investment Services and First Overseas Capital are the merchant bankers to the issue, while Bigshare Services is the registrar.