Pyramid Technoplast files DRHP with SEBI for the proposed IPO; Key Details here

Pyramid Technoplast is into Industrial Packaging and is looking raise funds through Fresh Issue and Offer for Sale

Pyramid Technoplast to raise Fresh Issue aggregating up to Rs crores and an Offer for Sale up to 3,720,000 Equity Shares through public issue IPO

Pyramid Technoplast IPO: Pyramid Technoplast Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 10 per share via initial public offering.

Initial Public Offer comprising of a Fresh Issue of up to 55,00,000 Equity Shares and an Offer for Sale up to 37,20,000 Equity Shares. PNB Investment Services, First Overseas Capital have been appointed as lead merchant bankers for the proposed IPO. It has appointed Bigshare Services Private Limited as Registrar and Share transfer Agent. Company is yet to finalize issue size and some other important details relating to the IPO.

Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Fresh Issue of up to 5,500,000 Equity Shares offer-for-sale (OFS) of up to 3,720,000 equity shares by Credence Financial Consultancy LLP who will offload up to 37,20,000 Equity Shares..

Objects of the issue:
1) Repayment and/or pre-payment or repayment, in full or part, of certain outstanding borrowings availed by the Company amounting to Rs. 400 crores, 2) Funding working capital requirements of the company amounting to Rs. 402.14 crores, and 3) General corporate purposes.

About Company:
Mumbai based Pyramid Technoplast established in 1997 is in to industrial packaging segment. Company manufacturs polymer based molded products (Polymer Drums) mainly used by chemical, agrochemical, speciality chemical and pharmaceutical companies for their packaging requirements. It is also manufacturers of rigid Intermediate Bulk Containers (IBC) in India manufacturing 1,000 litre capacity IBC (Source: Marketysers Report) along with manufacturing of MS drums made of mild steel (MS) used in the packaging and transport of chemicals, agrochemicals and speciality chemicals.

About Industry:
The growth of polymer drums & HM HDPE in India is owing to the rising demand for food & beverage products & ingredients, industrial packaging, chemical industry, pharmaceutical and others. With a median age of 28 years old, the Indian population is significantly younger than that of several other Asian nations. With 34.5% of the population residing in urban areas, the urban population is growing. The middle class in India, which makes up 5% of the population in 2020, is predicted to steadily expand to represent 40% of all consumption in India by 2025.

Source: SEBI, BSE, NSE, DRHP, Company, Industry Data

Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.