Pyramid Technoplast Ltd allotted 16,59,600 shares to four anchor investors at Rs. 166 per share Mr. Bijaykumar Agarwal, Chairman and Managing Director of Pyramid Technoplast Ltd Mumbai (Maharashtra) [India], August 17: 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 requirements 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 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 a 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.
The financial performance of the company has exhibited considerable progress over the years, demonstrating growth and stability. For FY23 the 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.
