Industrial packaging company Pyramid Technoplast mobilised Rs 27.55 crore from four anchor investors on August 17, ahead of the public issue opening.
Carnelian Structural Shift Fund, Alchemie Ventures Fund-Scheme I, Pluris Fund, and Resonance Opportunities Fund are the anchor investors.
Carnelian Structural Shift Fund, a part of Carnelian Asset Advisors founded by Vikas Khemani, bought the maximum amongst them, buying Rs 12.55 crore worth of shares.
The company has finalised the allocation of 16.59 lakh equity shares to anchor investors, at a price of Rs 166 per share.
The polymer-based moulded products manufacturer will open its maiden public issue for subscription on August 18, with a price band of Rs 151-166 per share.
Also read: Pyramid Technoplast IPO opens tomorrow: 10 things to know before buying the issue
The company is planning to raise Rs 153.05 crore via the public offer that comprises a fresh issuance of shares worth Rs 91.3 crore and an offer for sale (OFS) of Rs 61.75 crore by the promoter Credence Financial Consultancy LLP.
The fresh issue proceeds will be utilised for repaying debt amounting to Rs 40 crore and working capital requirement of Rs 40.21 crore. As a result, the company is expected to see a significant reduction in its borrowings, which stood at Rs 55.34 crore at the end of March FY23.
The offer will close on August 22.
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