Pyramid Technoplast Limited

Pyramid Technoplast Limited, incorporated in 1997, manufactures polymer based moulded products, primarily polymer drums and rigid Intermediate Bulk Containers. These products are supplied mainly to companies in the chemical, agrochemical, specialty chemical and pharmaceutical industries for their packaging requirements. The company operates six manufacturing units, four located in Bharuch, Gujarat and two in Silvassa, Dadra and Nagar Haveli, giving it a multi location production base close to key industrial clusters in western India. Over the three years leading up to its public issue the company grew steadily, with revenue rising from about Rs 316 crore in FY2021 to roughly Rs 403 crore in FY2022 and about Rs 482 crore in FY2023, while profit after tax rose from around Rs 17 crore to about Rs 32 crore over the same period. The promoter group, comprising Bijaykumar Agarwal, Jaiprakash Agarwal, Pushpa Devi Agarwal, Madhu Agarwal, Yash Synthetics Private Limited and Credence Financial Consultancy LLP, held the entire pre issue share capital of the company. The IPO combined a fresh issue of equity shares with an offer for sale by the promoters, and proceeds from the fresh issue were earmarked mainly for debt repayment and working capital needs. The issue opened on 18 August 2023 and closed on 22 August 2023, with shares listing on the NSE and BSE on 29 August 2023 at a premium to the issue price, reflecting healthy demand from institutional and non institutional investors during the bidding period.

Ahead of the issue opening, the company raised about Rs 27.55 crore from four anchor investors, namely Carnelian Structural Shift Fund, Alchemie Ventures Fund-Scheme I, Pluris Fund and Resonance Opportunities Fund, at the upper end of the price band.