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

IPO for Pyramid Technoplast | Offer ends on August 22; qualified institutional buyers (QIB) anchor book opens for one day on August 17.

Pyramid Technoplast, a manufacturer of polymer-based moulded goods, has set August 18 as the date for the launch of its initial public offering, with a price range of Rs 151 to Rs 166 per share. There have already been three other public offerings this month (by SBFC Finance, Concord Biotech, and TVS Supply Chain Solutions), so this would make number four.

There will be a total of 92.2 million shares of equity issued to the public, 55 million from the firm and 37.2 million from promoter Credence Financial Consultancy LLP.

The maximum amount the corporation hopes to collect from the public offering is Rs 153.05 crore.

Investors can place bids starting at 90 equity shares and increasing in 90-share increments. Applicants from the general public are required to submit a minimum of Rs 14,940 for one lot (90 shares) and a maximum of Rs 1,94,220 for one lot (1,170 shares).

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

On August 17, as part of qualified institutional buyers (QIB), the anchor book will open for one day, with the offer closing on August 22.

In addition to general corporate purposes, the proceeds from the fresh offer would be used to settle debts totaling Rs 40 crore and fund working capital needs totaling Rs 40,2 crore.

The industrial packaging firm has set aside 50% of the issue size for qualified institutional buyers, 20% for high net worth individuals, and 50% for the general public.

There are currently six strategically located production facilities for the Gujarat-based maker of polymer based moulded goods (polymer drums) utilised mostly by chemical, agrochemical, speciality chemical, and pharmaceutical firms for their packaging needs. The seventh production facility is now being built in Bharuch, Gujarat, right next to the other six facilities.

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There are three separate manufacturing units: one for polymer drums with an installed capacity of 20,612 MTPA; another for IBCs with a capacity of 12,820 MTPA; and a third for MS Drums with a capacity of 6,200 MTPA.

By the 25th of August, we will have finalised the basis of allotment of IPO shares, and by the 29th of same month, eligible investors will have received their shares in their demat accounts.

Also Read : Shelter Pharma to launch IPO on August 10, offer price at Rs 42 per share

The money owed to unsuccessful investors will be returned to their accounts by August 28.

On August 30th, shares of Pyramid Technoplast will begin trading on the BSE and NSE.

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

Written by Akash Jha

Akash Jha is blogger and writer, he has been writing for several top news channels since a decade. His blogs & notions have quality contents.

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