Based in Mumbai, Pyramid Technoplast Limited is one of the leading manufacturers of rigid Intermediate Bulk Containers (IBC) of 1000 liter capacity in India.
Pyramid Technoplast Limited is coming out with an IPO of Rs. 153.05 crores. The fresh issue of equity shares part is Rs. 91.30 crores and the offer for sale (OFS) component is up to Rs. 61.75 crores in the IPO.
Investment Bankers PNB Investment Services and First Overseas Capital are handling the IPO and BigShare Services is the Registrar to the IPO.
In the article, you will find all the relevant details that will help you make an informed IPO investment decision in Pyramid Technoplast Limited IPO.
Pyramid Technoplast Limited IPO Details
| Particulars | Details |
| IPO Opening date | 18th August 2023 |
| IPO Closing date | 22nd August 2023 |
| IPO Price | Rs. 151 to Rs. 166 |
| Lot size | 90 shares |
| Issue size | Rs. 153.05 Cr |
| No. of fresh shares | 5,500,000 shares aggregating to Rs. 91.30 crores |
| Offer for Sale | 3,720,000 shares aggregating to Rs. 61.75 crores |
| Listing on | BSE and NSE |
You can check here the list of other upcoming IPOs in 2023.
Pyramid Technoplast Limited IPO Timetable
| Particulars | Details |
| IPO Opening date | 18th August 2023 |
| IPO Closing date | 22nd August 2023 |
| Basis of Allotment date | 25th August 2023 |
| Credit of Share | 29th August 2023 |
| Listing date | 30th August 2023 |
Pyramid Technoplast Limited GMP
We have obtained GMP data for the past 3 days from various sources like reputed financial websites, news channels, stockbrokers and IPO blogs. GMP provides you with a reasonable indication of price upon listing.
But you need to take precautions because GMP is not an official price and only an indicative value.
Grey Market Price (GMP) information is available 4-5 days before the IPO opens and persists until the listing date. Below is a brief summary of the GMP for Pyramid Technoplast Limited Ltd for the last 4 days.
| Date | GMP |
| 18th August 2023 | Rs. 28 |
| 17th August 2023 | Rs. 24 |
| 16th August 2023 | Rs. 24 |
| 15th August 2023 | Rs. 24 |
Industry Overview
Packaging is India’s fifth-largest industry and one of the fastest-growing businesses in the country. The sector is developing at a CAGR of 22% to 25%, according to the Packaging Industry Association of India (PIAI).
The Indian packaging sector is expected to expand significantly. Rising awareness of the need for clean water, safe food, and pharmaceuticals, as well as the adoption of next-generation digital technologies, will aggressively enter and drive the Indian packaging business.
Intermediate bulk containers (IBC) are known to be reusable industrial containers that are extensively utilized for the handling, storage and transportation of variable states of products including, pastes, liquids and solids.
IBC containers are named as intermediate as they are relatively larger than drums and comparatively smaller than tanks. These containers are widely adopted across various end-use industries including, pharmaceuticals, chemicals, and food & beverages
Pyramid Technoplast Limited Overview
Pyramid Technoplast Limited is engaged in the business of manufacturing polymer-based molded products (Polymer Drums) mainly used by chemical, agrochemical, specialty chemical and pharmaceutical companies for their packaging requirements.
It is one of the leading manufacturers of rigid Intermediate Bulk Containers (IBC) in India manufacturing 1,000-litre capacity IBC.
The products are marketed and sold under the brand name “Pyramid”.
Pyramid Technoplast also manufactures MS Drums made of mild steel (MS) used in the packaging and transport of chemicals, agrochemicals and specialty chemicals.
The company uses blow molding technology to manufacture Polymer Drums and IBCs. Injection molding technology is used for manufacturing caps, closures, bungs, lids, handles, lugs, etc. for in-house use.
Pyramid Technoplast started commercial production in the year 1998.
Presently, the company has six strategically located manufacturing units out of which four (4) are in Bharuch, GIDC, Gujarat and two (2) are situated at Silvassa, UT of Dadra and Nagar Haveli.
The seventh (7) manufacturing unit is under construction at the Bharuch, GIDC, Gujarat adjacent to the existing six units. The total installed capacity of our Polymer Drum manufacturing units is 20,612 MTPA. The total installed capacity of our IBC manufacturing unit is 12,820 MTPA and the total installed capacity of our MS Drums unit is 6,200 MTPA.
Pyramid Technoplast’s polymer-based packaging drums range from 20 liters to 250 liters and IBC is 1,000 liters.
The Polymer Drums account for 51.68% of the total revenue, IBC accounts for 31.94% share in the revenue and MS Drums form a small 8.83%.
Pyramid Technoplast Limited Subscription Data
| Date | QIB | NII | Retail | Total |
| Day – 1 18th August 2023 | 1.27 | 1.06 | 1.90 | 1.61 |
| Day – 2 21st August 2023 | 1.49 | 6.73 | 6.52 | 5.84 |
| Day – 3 22nd August 2023 | 9.94 | 32.24 | 14.72 | 18.29 |
Check out our guide on different ways to check the subscription data.
Pyramid Technoplast Limited Promoter Details
The promoters of the company are
- Bijaykumar Agarwal
- Jaiprakash Agarwal
- Pushpa Devi Agarwal
- Madhu Agarwal
- Yash Synthetics Private Limited
- Credence Financial Consultancy LLP
The promoter along with the promoter group collectively holds 3,12,84,800 Equity Shares which is equal to 100% of the pre-issue shares issued.
Pyramid Technoplast Limited Financials
Key financials of Pyramid Technoplast Limited Ltd for the last 3 completed financial years is under. These include the fiscal years FY23, FY22 and FY21.
| Details | FY- 2023 | FY- 2022 | FY- 2021 |
| Total Assets | Rs. 225.78 cr | Rs. 183.75 cr | Rs. 153.45 cr |
| Total Income | Rs. 482.02 cr | Rs. 402.64 cr | Rs. 316.17 cr |
| Profit After Tax | Rs. 31.76 cr | Rs. 26.14 cr | Rs. 16.99 cr |
| Net Worth | Rs. 107.25 cr | Rs. 75.20 cr | Rs. 48.84 cr |
| Other Equity (including retained earnings) | Rs. 75.96 cr | Rs. 71.29 cr | Rs. 44.93 cr |
| Total Borrowing | Rs. 55.34 cr | Rs. 64.76 cr | Rs. 51.29 cr |
The total income of Pyramid Technoplast Limited has grown in the last three years from Rs. 316 cr to Rs. 482 cr. The PAT has also grown from Rs. 16.99 cr to Rs. 31.76 cr during the same period.
The net worth more than doubled from Rs. 48.84 cr in FY 2021 to Rs. 107.25 cr in 2023. In the past three years, Pyramid Technoplast Limited’s long-term borrowings remained at the same levels of ~ Rs. 50 to 55 cr.
Pyramid Technoplast Limited Peer Comparison
Below table shows a comparison between Pyramid Technoplast LimitedSolution and other listed companies.
| Company | P/E | EPS | RoNW | NAV |
| Pyramid Technoplast Limited Limited | – | Rs. 10.24 | 29.61% | Rs. 34.28 |
| Time Technoplast Limited | 14.16 | Rs. 9.69 | 9.61% | Rs. 102.92 |
| TPL Plastech Limited | 20.50 | Rs. 2.06 | 13.89% | Rs. 14.79 |
| Mold-Tek Packaging Limited | 41.10 | Rs. 24.40 | 14.40% | Rs. 168.46 |
Pyramid Technoplast Limited Objects of the Issue
Pyramid Technoplast Limited proposes to utilize the Net Proceeds from the Issue for –
1. Repayment or pre-payment, of the outstanding borrowings availed for an amount of Rs. 40 crores.
As of July 31, 2023, Pyramid Technoplast’s total borrowings (including loan equivalent LER/hedging exposure limit and letter of credit) amounted to Rs. 93.27 Cr.
Pyramid Technoplast Limited majority of the borrowings are from Axis and HDFC Bank Limited.
2. Funding working capital requirements
Pyramid Technoplast Limited’s business is working capital intensive. They fund a majority of their working capital requirements from banks, financial institutions and our internal accruals.
It has an estimated Rs. 97.59 cr working capital requirement for FY 2024.
Pyramid Technoplast Limited intends to use Rs. 40.21 cr from the IPO proceeds to fund the working capital requirements in fiscal 2024.
3. For General corporate purposes
The company is not using the IPO money for expansion or any strategic initiatives. But proposes to utilize an estimated amount of Rs. 40 crores from the IPO money to repay/pre-pay the borrowings.
Pyramid Technoplast Limited Issue Size
Rs. 153.05 crores.
(Fresh Shares of Rs. 91.30 Crs + OFS Portion of Rs. 61.75 Crs)
Pyramid Technoplast Limited IPO: Should You Apply?
It is one of the leading manufacturers of rigid Intermediate Bulk Containers (IBC) in India manufacturing 1,000-litre capacity IBC.
The company has a diverse customer base from various industries. A comprehensive product portfolio ranging from 20 to 1000 liters drums.
Pyramid Technoplast is backed by experienced promoters and a senior management team.
The total income of Pyramid Technoplast Limited has grown in the last three years from Rs. 316 cr to Rs. 482 cr. The PAT has also grown from Rs. 16.99 cr to Rs. 31.76 cr during the same period.
The net worth more than doubled from Rs. 48.84 cr in FY 2021 to Rs. 107.25 cr in 2023. In the past three years, Pyramid Technoplast Limited’s long-term borrowings remained at the same levels of ~ Rs. 50 to 55 cr.
Key risk to consider are –
- Any change in government policies or quality norms
- Unsecured loans of Rs. 2.05 Cr
- Any increase in the price of crude oil or decrease in the supply of polymer will adversely affect the company’s business
