Pyramid Technoplast, a company specializing in packaging plans to initiate its Initial Public Offering (IPO) between August 18 and 22 following the trend of public offerings this month. The IPO aims to raise capital amounting to Rs 153.05 crore through a combination of issuances and an offer, for sale with shares being offered at a price range of Rs 151 166. The anticipated listing, on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) is scheduled for August 30.
Pyramid Technoplast, an industrial packaging company, is set to initiate its Initial Public Offering (IPO) for public subscription starting on August 18 and concluding on August 22. Notably, this marks the fourth public issue this month, following SBFC Finance, Concord Biotech, and TVS Supply Chain Solutions.
Investors will have the opportunity to acquire shares of Pyramid Technoplast within the price range of Rs 151-166. The bidding process allows a minimum lot size of 90 shares, with the option to bid in multiples thereafter. Retail investors, in particular, can apply for a minimum of Rs 14,940, which corresponds to one lot of 90 shares, while their maximum investment cap stands at Rs 1,94,220 (equivalent to 1,170 shares). It’s noteworthy that the anchor investor allocation will be finalized on August 17, a day preceding the public subscription commencement.
The IPO encompasses a total of 92.2 lakh equity shares, consisting of a fresh issue of 55 lakh shares by the company itself and an additional offering for sale (OFS) of 37.2 lakh shares. In the OFS category, promoter Credence Financial Consultancy will be divesting 37.2 lakh shares. With the upper price band considered, Pyramid Technoplast aims to amass approximately Rs 153.05 crore from this public offering.
The capital garnered from the IPO will be allocated towards partial repayment, funding operational capital requirements, and other general corporate purposes. Reflecting on its performance for the fiscal year ending in March 2023, Pyramid Technoplast achieved a revenue of Rs 480 crore from its operations, accompanied by a net profit of Rs 31.76 crore.
In terms of share distribution, around 30 percent of the IPO shares have been earmarked for qualified institutional buyers, and 20 percent for non-institutional investors, leaving the remaining 50 percent accessible to retail investors.
The finalization of share allotment is anticipated to take place by August 25, with eligible investors receiving their shares in dematerialized (demat) accounts by August 29. Refunds for unsuccessful investors will be credited to their bank accounts no later than August 28.
Pyramid Technoplast shares are slated to be listed on both the BSE and NSE, with a tentative listing date of August 30.
PNB Investment Services and First Overseas Capital are the appointed book-running lead managers for the IPO, with Bigshare Services serving as the designated registrar.
