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Mr. Bijaykumar Agarwal, Chairman and Managing Director of Pyramid Technoplast LtdMumbai (Maharashtra) [India], August 18: Pyramid Technoplast Limited has raised Rs. 27.54 crore from four anchor investors a day before its public issue opens for subscription. Company allotted 16,59,600 equity shares at Rs. 166 per share (including share premium of Rs. 156 per share) at its board meeting held on August 17, 2023. The allocation to anchor investors was done in consultation with PNB Investment Services Ltd and First Overseas Capital Ltd.Company allotted 7,55,910 equity shares – 45.55% of the anchor investor portion to Carnelian Structural Shift Fund Investment Account. Alchemie Ventures Fund – Scheme 1, Pluris Fund Ltd and Resonance Opportunities Fund were allotted 3,01,230 equity shares each – 18.15% of the anchor investor portion. Out of the total allocation of 16,59,600 equity shares to the anchor investors, no equity shares were allotted to domestic mutual funds.Company is planning to raise up to Rs. 153.05 crore from its public issue to fund its growth plans. The company plans to use issue proceeds for repayment of outstanding borrowings, funding working capital requirement and general corporate purposes. The public issue will open for subscription on August 18 and will close on August 22, 2023. The company’s shares will be listed in the BSE & NSE.The initial public offering of up to 92.20 lakh equity shares of face value Rs. 10 each comprises of fresh issue of up to 55 lakh equity shares and an offer for sale of up to 37.20 lakh equity shares by the promoter group – Credence Financial Consultancy LLP. Company has fixed price band of Rs. 151-166 per equity share for the public issue. The company plans to raise up to Rs. 153.05 crore from the public issue at the higher price band of Rs. 166 per share. The minimum lot size for the application is 90 shares and multiple thereof. Retail investor and HNI quota for the IPO is kept at not less than 50% and 20% of the issue respectively while QIB quota is kept at a maximum 30% of the issue.The offer includes fresh issue aggregating Rs. 91.30 crore and offer for sale by the Selling Shareholder aggregating to Rs. 61.75 crore on upper band price through the Offer.Mr. Bijaykumar Agarwal, Chairman and Managing Director of Pyramid Technoplast Limited states, “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 capital generated from the Offer will play a pivotal role in driving our growth and enabling us to increase the market share.”Incorporated in 1997, Pyramid Technoplast Limited manufactures polymer-based molded products (Polymer Drums) mainly used by chemical, agrochemical, specialty chemical, and pharmaceutical companies for their packaging requirements. Company has six manufacturing units out of which four are situated in Bharuch, GIDC, Gujarat, and two are situated at Silvassa, UT of Dadra and Nagar Haveli. The total installed capacity of their Polymer Drum manufacturing units is 20,612 MTPA, the total installed capacity of the IBC manufacturing unit is 12,820 MTPA and the total installed capacity of the MS Drums unit is 6,200 MTPA. The company is in the process of constructing its seventh manufacturing unit which will also be situated in Bharuch, GIDC, Gujarat. The company has obtained UN certification outlined by United Nations Recommendation for IBC and MS Drums to meet safety levels.The financial performance of the company has exhibited considerable progress over the years, demonstrating growth and stability. For FY22-23 company reported revenue of Rs. 482.03 crore and net Profit of Rs. 31.73 crore. As on March 2023, Net worth of the company stands at Rs. 107.25 crore, Total Assets at Rs. 225.78 crore and Reserves & Surplus at Rs. 75.97 crore.If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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