NE BUSINESS BUREAU
AHMEDABAD, AUG 13
Gujarat-based Pyramid Technoplast, an industrial packaging company, plans to raise ₹153 crore through an initial public offering which opens next Friday and closes on August 22.
The company will offer 92.20 lakh equity shares at a price range of ₹151-166.
The offer includes fresh equity issuance of ₹91.30 crore and offer for sale of ₹61.75 crore on upper price band.
The company will use ₹40 crore to repay debt and the remaining for working capital and other expenses.
- Fixes Price Band of ₹151 – ₹166
- Issue opens on August 18 and will close on August 22
- Market Lot Size – 90 Equity Shares
- Anchor bidding on 17th August, 2023
- Pyramid Technoplast will use ₹40 crore to repay debt and the remaining for working capital and other expenses
- For FY22-23 company reported revenue of ₹482.03 crore and net profit of ₹31.73 crore
Pyramid Technoplast IPO lot size is 90 equity shares and in multiples of 90 equity shares thereafter.
The floor price is 15.10 times of the face value and the cap price is 16.60 times of the face value of the equity share.
The allocation to anchor investors for Pyramid Technoplast IPO is scheduled to take place on Thursday, August 17.
Pyramid Technoplast IPO has reserved not more than 30% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 20% for Non Institutional Investors (NII), and not less than 50% of the offer is reserved for Retail Investors.
The company, which has seven plants in Vilayat Vagra GIDC Bharuch, Gujarat and Silvassa, manufactures polymer-based molded products such as rigid Intermediate Bulk Containers (IBC), Polymer Drums, and MS Drums.
Bijaykumar Agarwal, Chairman and Managing Director, Pyramid Technoplast said, “The Offer marks a significant milestone in our ongoing journey. Our goal is to deliver high-quality products to our valued customers, drawing upon our wealth of experience. With India emerging as a prominent manufacturing hub for the chemical and pharmaceutical industry, we anticipate continuous increase in demand for our packaging solutions. The company is strategically located to reap the rich dividend.
The capital generated from the offer will play a pivotal role in driving our growth and enabling us to increase the market share.”
Jaiprakash Agarwal, Wholetime Director & CFO, Pyramid Technoplast said, “The financial performance of the company has exhibited considerable progress over the years, demonstrating growth and stability. For FY22-23 company reported revenue of ₹482.03 crore and net Profit of ₹31.73 crore. As on March 2023, Net worth of the company stands at ₹ 107.25 crore, Total Assets at ₹225.78 crore and Reserves & Surplus at ₹75.97 crore. Our seventh unit has commenced its operations one week ago.”
Mahesh Peswani, Senior Vice President, PNB Investment Services, the lead manager of the issue said, “The Company has demonstrated consistent growth over the preceding years, and considering its impressive track record and past performance, the offer presenting attractive valuations in a comparison with industry peers. The funds generated from the offer will empower the company to propel its growth strategies and market share.”
The company’s promoters are Jaiprakash Agarwal, Pushpa Devi Agarwal, Madhu Agarwal, Bijaykumar Agarwal, Yash Synthetics Private Limited, and Credence Financial Consultancy LLP.
| Particulars | FY23 | FY22 | FY21 |
| Revenue (Rs in Cr) | 482.03 | 402.64 | 316.18 |
| Net Profit (Rs in Cr) | 31.76 | 26.15 | 16.99 |
| EBITDA (%) | 10.75% | 11.03% | 10.28% |
| PAT (%) | 6.59% | 6.49% | 5.37% |
| ROCE (%) | 28.83% | 28.49% | 27.85% |
Pyramid Technoplast IPO basis of allotment of shares will be finalised on Friday, August 25 and the company will initiate refunds on Monday, August 28, while the shares will be credited to the demat account of allottees on Tuesday, August 29. Pyramid Technoplast IPO shares are likely to be listed on BSE and NSE on Wednesday, August 30.
The Book Running Lead Managers to the Offer are PNB Investment Services Limited and First Overseas Capital Limited. The Registrar to the Offer is Bigshare Services Private Limited.
