Pyramid Technoplast, an industrial packaging firm, began its public share sale on August 18, with the IPO set to close on August 22. The company garnered Rs 27.55 crore from four anchor investors on August 17. The IPO, priced between Rs 151 and Rs 166 per share, aims to raise Rs 139.22 crore to Rs 153.05 crore. In the grey market, Pyramid Technoplast shares are trading at Rs 28, 17% higher than the issue price, allowing unofficial trading until listing.
Investors can bid for a minimum of 90 shares in one lot, with retail investors able to invest a minimum of Rs 14,940 (90 shares) and up to Rs 1,94,220 (1,170 shares). High net-worth individuals can apply for Rs 2,09,160 (14 lots) to Rs 9,86,040 (66 lots). The IPO reserves 30% for qualified institutional buyers, 20% for non-institutional investors, and 50% for retail investors.
The IPO comprises 55 lakh fresh shares and a 37.2 lakh shares offer for sale (OFS), with promoter Credence Financial Consultancy selling its stake. Proceeds will cover debt repayment, working capital, and general corporate needs. Financially, Pyramid Technoplast saw a 21.5% growth in FY23 profits at Rs 31.76 crore, with a 20% revenue increase to Rs 480 crore. EBITDA grew by 18.06% to Rs 49.8 crore, despite a 10 bps margin dip to 10.4%.
The company specializes in polymer-based molded products, mainly serving chemical, agrochemical, specialty chemical, and pharmaceutical packaging needs. PNB Investment Services and First Overseas Capital are the merchant bankers, while Bigshare Services acts as the registrar. Allotment is expected by August 25, with listing on BSE and NSE tentatively scheduled for August 30.