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Pyramid Technoplast, an industrial packaging company, plans to raise ₹153 crore through an initial public offering which opens next Friday and closes on August 22.
The company will offer 92.20 lakh equity shares at a price range of ₹151-166.
The offer includes fresh equity issuance of ₹91.30 crore and offer for sale of ₹61.75 crore on upper price band.
The company will use ₹40 crore to repay debt and the remaining for working capital and other expenses.
Investors have to bid in lot size of 90 equity.
The company, which has seven plants in Gujarat, manufactures polymer-based molded products such as rigid Intermediate Bulk Containers (IBC), Polymer Drums, and MS Drums.
Bijaykumar Agarwal, Chairman and Managing Director, Pyramid Technoplast said with India emerging as a prominent manufacturing hub for the chemical and pharmaceutical industry, the demand for packaging solutions is set to increase and the company is strategically located to reap the rich dividend.
Mahesh Peswani, Senior Vice President, PNB Investment Services, the lead manager of the issue said considering the company’s track record, the offer is at an attractive valuation compared to industry peers.
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