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Pyramid Technoplast Ltd plans Public Issue of up to Rs. 153.05 crore to fund its growth plans; IPO Opens on 18 August
Mr. Bijaykumar Agarwal, Chairman and Managing Director of Pyramid Technoplast Ltd Mumbai (Maharashtra) [India], August 11: Pyramid Technoplast Limited, an industrial packaging company known for its expertise in manufacturing polymer based molded products is planning to raise up to Rs. 153.05 crore from its public issue to fund its growth plans. The company plans to [...]
Mr. Bijaykumar Agarwal, Chairman and Managing Director of Pyramid Technoplast Ltd
Mumbai (Maharashtra) [India], August 11: Pyramid Technoplast Limited, an industrial packaging company known for its expertise in manufacturing polymer based molded products 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 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.
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.
