Pyramid Technoplast raises Rs 27.55 crore via anchor book ahead of IPO

Pyramid Technoplast, a provider of industrial packaging, raised Rs 27.55 crore from four anchor investors on August 17. This was a day before the business opened its public offer to the investing public.

The anchor investors include Carnelian Structural Shift Fund, Alchemie Ventures Fund-Scheme I, Pluris Fund, and Resonance Opportunities Fund.

Shares worth Rs 12.55 crore were purchased by Carnelian Structural Shift Fund, a division of Carnelian Asset Advisors established by Vikas Khemani.

At a price of Rs 166 per share, the business has completed the sale of 16,59,00 equity shares to anchor investors.

Opening for subscription on August 18 at a price range of Rs 151–166 per share, the polymer-based moulded products manufacturer will launch its first public offering.

Promoter Credence Financial Consultancy LLP plans to raise Rs 153.05 crore through the public offer, which will consist of a fresh issuing of shares valued at Rs 91.3 crore and an OFS of Rs 61.75 crore.

Debt service of Rs 40 crore and meeting working capital needs of Rs 40.21 crore would be paid with the proceeds of the new issue. This could result in a large decrease in the company's borrowings, which totaled Rs 55.34 crore at the end of March FY23.

On August 22nd, the offer will end for good.

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