Pyramid Technoplast
Book Building issueMainboard₹153 Cr issue
+11.45%
Listing gain over issue price
Issue size
₹153 Cr
1 lot at cut-off
₹14,940
Lot size
90shares
Open
18 Aug 2023
Close
22 Aug 2023
Allotment
25 Aug 2023
Listing
29 Aug 2023
Listing performance
Issue price
₹166
Listed at
₹185
Listing-day close
₹177.65
Latest price
₹143.08
Close on 23 Oct 2026
Listing gain
+11.45%
Return since issue
-13.81%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 18 Aug 2023 – 22 Aug 2023
- Listing date
- 29 Aug 2023
- Face value
- ₹10 per share
- Issue price
- ₹166 per share
- Lot size
- 90 shares
- Issue type
- Book Building issue
- Total issue size
- ₹153 Cr
- Market cap at offer price
- ₹611 Cr
- Promoter holding
- 100.00% → 74.94% pre-issue → post-issue
- ISIN
- INE0MIS01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- PNB Investment Services Ltd.
- Registered office
- Office No.2, 2nd Floor, Shah Trade Centre, Rani Sati Marg, Near W.E Highway, Malad (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 16,59,600 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 90 shares per lot, in multiples, at ₹166
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 90 | ₹14,940 |
| Retail (max) | 13 | 1,170 | ₹1,94,220 |
| S-HNI (min) | 14 | 1,260 | ₹2,09,160 |
| S-HNI (max) | 66 | 5,940 | ₹9,86,040 |
| B-HNI (min) | 67 | 6,030 | ₹10,00,980 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
16,59,600
Anchor portion
₹27.55 Cr
at ₹166 per share
Valuation and performance
Valuation at offer price
₹166 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.24 | — |
| P/E (×) | 16.21 | — |
| Market cap | — | ₹611 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 29.61%
- ROCE
- 21.37%
- PAT margin
- 6.62%
- NAV per share
- ₹34.28
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Pyramid Technoplast
Pyramid Technoplast Limited is an industrial packaging company engaged in manufacturing polymer-based molded products, primarily Intermediate Bulk Containers (IBCs) and Polymer Drums used by chemical, agrochemical, specialty chemical and pharmaceutical companies for bulk packaging. The company also manufactures MS (mild steel) drums. Incorporated in December 1997 as a private limited company and converted to public company on March 29, 2023, the company operates six manufacturing units—four in Bharuch, Gujarat and two in Silvassa, UT of Dadra and Nagar Haveli—employing blow molding and injection molding technologies. For FY2023, the company generated revenue of ₹48,002.51 lakhs with 29,842.80 MTPA production capacity, positioning itself as one of India's leading rigid IBC manufacturers.
Company Analysis
from RHPPyramid Technoplast Limited manufactures rigid intermediate bulk containers (IBCs) and polymer drums for the chemical, agrochemical, pharmaceutical, and specialty chemical industries.
Pyramid Technoplast Limited is an industrial packaging company engaged in manufacturing polymer-based molded products, primarily Intermediate Bulk Containers (IBCs) and Polymer Drums used by chemical, agrochemical, specialty chemical and pharmaceutical companies for bulk packaging. The company also manufactures MS (mild steel) drums. Incorporated in December 1997 as a private limited company and converted to public company on March 29, 2023, the company operates six manufacturing units—four in Bharuch, Gujarat and two in Silvassa, UT of Dadra and Nagar Haveli—employing blow molding and injection molding technologies. For FY2023, the company generated revenue of ₹48,002.51 lakhs with 29,842.80 MTPA production capacity, positioning itself as one of India's leading rigid IBC manufacturers.
industrial packagingpolymer molded productschemicalsagrochemicalsspecialty chemicalspharmaceuticals
Objects of the Issue
- Repayment and/or pre-payment or repayment, in full or part, of certain outstanding borrowings availed by our Company ₹4,000.00 lakhs p.24
- Funding working capital requirements of our Company ₹4,021.43 lakhs p.24
- General corporate purposes p.24
- Repayment and/or pre-payment, in full or in part, of certain outstanding borrowings availed by our Company ₹4,000.00 lakhs p.93
- Funding working capital requirements of our Company ₹4,021.43 lakhs p.95
- General corporate purposes [●] p.97
Issue Structure
- Total Issue
- Up to ₹ [●] lakhs
- Fresh Issue
- Up to 55,00,000 Equity Shares aggregating up to ₹ [●] lakhs
- Offer for Sale
- Up to 37,20,000 Equity Shares aggregating up to ₹ [●] lakhs
- Price Band
- Floor Price ₹151 per Equity Share; Cap Price ₹166 per Equity Share
- Lot Size
- 90 Equity Shares and in multiples of 90 Equity Shares
- Face Value
- ₹10
Business Model
Revenue generation through manufacturing and sale of polymer-based molded products (Polymer Drums and IBCs representing 83.62% of FY2023 revenue), MS Drums (8.83%), and other products (7.55%). The company sells to chemical, agrochemical, pharmaceutical, and specialty chemical industries. FY2023 product revenue breakdown: Polymer Drums ₹24,807.57 lakhs (51.68%), IBC ₹15,332.46 lakhs (31.94%), MS Drums ₹4,239.24 lakhs (8.83%), Others ₹3,623.24 lakhs (7.55%).
Business Segments
Cylindrical containers made from high-density polyethylene (HDPE) for packaging and transport of chemicals, agrochemicals, specialty chemicals and pharmaceuticals
Rigid containers with 1,000 litre capacity for bulk packaging and transport of chemicals, agrochemicals, specialty chemicals and pharmaceuticals
Cylindrical containers made from mild steel (MS) for packaging and transport of chemicals, agrochemicals and specialty chemicals
Sale of raw material, scrap and accessories connected to products
Manufactures blow molded polymer containers ranging from 20 liters to 250 liters including full open top drums, narrow mouthed drums, wide mouthed drums, jerry cans and polycans for storage and transport of liquids, pastes, and semi-liquid materials.
Manufactures rigid 1,000 liter capacity IBCs with integrated pallet bases, HDPE inner containers, GI steel outer frames, and discharge valves. UN certified for safe transport of hazardous and non-hazardous materials.
Manufactures mild steel drums (200-210 liters) using electric resistance welding process. Includes plain, epoxy and composite barrels for storage and transport of liquids and solids. Meets IS 1783:2014 standards.
Manufactures caps, closures, bungs, lids, handles, lugs and other accessories using injection molding technology. Consumed in-house for blow molded products.
Rigid containers manufactured using blow molding technology, used by chemical, agrochemical, specialty chemical and pharmaceutical companies for packaging requirements
Industrial-grade containers engineered for mass handling, transport, and storage of liquids, semi-solids, pastes, or solids; the company is one of the leading manufacturers of rigid IBC in India manufacturing 1,000 litre capacity IBC
Mild steel drums used in the packaging and transport of chemicals, agrochemicals and speciality chemicals
Sale of raw material, scrap and accessories connected to the company's products
SWOT Analysis
Strengths
- • Leading IBC manufacturer in India(p.23)
- • Diversified product portfolio in industrial packaging(p.23)
- • Strategic location proximity to industrial hubs(p.39)
- • Well-diversified customer base(p.40)
- • Quality certifications and UN compliance(p.34)
- • Own transportation fleet for supply chain efficiency(p.48)
- • Consistent revenue growth(p.24)
- • Leading IBC manufacturer in India with significant market share(p.108)
- • Strong track record of financial growth over three years(p.108)
- • Strategically located manufacturing units across high-demand regions(p.108)
- • Quality certifications meeting international and national standards(p.108)
- • Diversified and established customer base across multiple sectors(p.108)
- • UN certification for safe transport of dangerous goods(p.108)
- • Experienced management with long industry tenure(p.190)
- • Strong revenue growth trajectory(p.207)
- • Improving profitability and margins(p.207)
- • Established corporate governance structure(p.184)
- • Promoter commitment with significant shareholding(p.192)
- • Leading manufacturer of rigid IBCs in India with 1,000 litre capacity(p.264)
- • Strong financial growth with PAT increasing 21.47% and revenue increasing 19.88% in FY2023(p.270)
- • Diversified customer base across 376+ regular customers in chemicals, agrochemicals, pharmaceuticals(p.267)
- • Multiple vendors for raw materials to de-risk supply chain(p.265)
- • ISO and UN certifications for quality and safety standards(p.265)
- • Improved financial efficiency with ROE of 29.61% and ROCE of 21.37% in FY2023(p.265)
Weaknesses
- • Unsecured loans that can be recalled at any time(p.31)
- • No directors with listed company board experience(p.31)
- • Geographic concentration of operations(p.32)
- • Dependency on specific units for significant production(p.37)
- • Missing corporate records(p.35)
- • Negative operating cash flows in the past(p.42)
- • No long-term customer agreements(p.40)
- • Pending intellectual property litigation(p.41)
- • High financial leverage with significant outstanding borrowings(p.93)
- • Concentration of production capacity in Unit III(p.49)
- • Dependence on regulatory approvals and licenses for operations(p.49)
- • Vulnerability to data security breaches affecting business operations(p.50)
- • Restrictive covenants in borrowing agreements limiting operational flexibility(p.50)
- • Insurance coverage may not adequately protect against all operational hazards(p.53)
- • High debt burden with elevated leverage ratio(p.238)
- • Significant reliance on working capital financing(p.205)
- • High concentration of promoter shareholding limiting liquidity(p.193)
- • No dividend history despite profitability(p.200)
- • Dependence on related party transactions and guarantees(p.233)
- • Raw material costs constitute 81.40% of revenues for IBC & Polymer Drums(p.267)
- • Significant imported raw material dependence (59.77% of raw material costs)(p.267)
- • No hedging policy for raw material price fluctuations(p.267)
- • Design infringement litigation pending with Bombay High Court(p.281)
- • Top 5 customers represent 18.93% of revenue creating concentration risk(p.279)
- • Top 5 suppliers represent 54.51% of purchases creating supply dependence(p.279)
Opportunities
- • Growing demand for industrial packaging products(p.23)
- • Rising middle class consumption driving demand(p.23)
- • Expansion of manufacturing capacity(p.29)
- • Production-Linked Incentive (PLI) Scheme support(p.48)
- • Market consolidation opportunities(p.43)
- • Growing young and urbanizing Indian population(p.23)
- • Expansion through capacity additions and new manufacturing units(p.95)
- • Debt reduction to improve financial position and reduce borrowing costs(p.93)
- • Enhanced market visibility and brand positioning through listing(p.92)
- • Capacity expansion underway to support growth(p.205)
- • Growing market for industrial bulk containers(p.257)
- • Access to capital markets through IPO(p.202)
- • Expansion of investment properties for additional revenue(p.214)
- • Expansion of IBC production with revenue growing 25.59% in FY2023(p.270)
- • Seventh manufacturing unit under construction adjacent to existing units(p.264)
- • Increased demand for IBC noted with significant growth trajectory(p.271)
- • Capacity expansion capability with total installed capacity of 39,632 MTPA(p.264)
Threats
- • Crude oil price volatility affecting raw material costs(p.36)
- • Foreign exchange rate fluctuations on imports(p.36)
- • Government policy and regulatory changes affecting operations(p.30)
- • Potential ban on polymer-based packaging(p.46)
- • Regional economic and political risks(p.32)
- • Competition from larger consolidated players(p.43)
- • Raw material supply disruptions and quality issues(p.37)
- • Dependence on few major raw material suppliers(p.40)
- • Power supply interruptions affecting production(p.32)
- • Labour disruptions in manufacturing operations(p.46)
- • Environmental regulations and bans on polymer-based products(p.53)
- • Increased automation enabling competitors to lower costs and improve efficiency(p.53)
- • Emergence of bio-based and eco-friendly alternatives to petroleum-based plastics(p.53)
- • Failure to anticipate and respond to changing customer preferences(p.49)
- • COVID-19 and future pandemic-related disruptions to operations(p.49)
- • Natural and man-made disasters affecting facilities and operations(p.54)
- • Economic slowdown in India reducing demand for industrial products(p.54)
- • Inflation and inability to pass costs to customers(p.56)
- • Exposure to raw material price volatility especially crude-derived plastics(p.237)
- • Foreign exchange risk on material imports(p.237)
- • Interest rate exposure on floating rate borrowings(p.245)
- • Cyclical nature of packaging and industrial container industry(p.242)
- • Trade receivables concentration risk(p.217)
- • Exposure to raw material price fluctuations including imported materials(p.267)
- • Foreign exchange risk with significant USD exposure in payables(p.277)
- • Material shortage or supply interruption risk(p.267)
- • Risk of regulatory approval delays or failure(p.267)
- • Competition from organized and unorganized players(p.268)
- • Interest rate risk on floating rate borrowings of ₹3,187.90 lakhs(p.278)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Bijaykumar Agarwal | Individual Promoter | 8.12% | — |
| Jaiprakash Agarwal | Individual Promoter | 8.29% | — |
| Yash Synthetics Private Limited | Corporate Promoter | 32.42% | — |
| Credence Financial Consultancy LLP | Promoter/Selling Shareholder | 23.07% | — |
| Pushpa Devi Agarwal | Individual Promoter | 13.53% | — |
| Madhu Agarwal | Individual Promoter | 10.48% | — |
| Yash Synthetics Private Limited | Promoter | 32.42% | — |
| Bijaykumar Agarwal | Promoter | 8.12% | — |
| Jaiprakash Agarwal | Promoter | 8.29% | — |
| Credence Financial Consultancy LLP | Promoter | 23.06% | — |
| Pushpa Devi Agarwal | Promoter | 13.53% | — |
| Madhu Agarwal | Promoter | 10.48% | — |
| Anmol Monower Plastic Private Limited | Promoter Group | 4.09% | — |
| Nutan Kumari Agarwal | Promoter Group | Negligible | — |
| Bijaykumar Agarwal | Promoter | — | — |
| Jaiprakash Agarwal | Promoter | — | — |
| Bijaykumar Agarwal | Promoter | 8.12% | — |
| Jaiprakash Agarwal | Promoter | 8.29% | — |
| Pushpa Devi Agarwal | Promoter | 13.53% | — |
| Madhu Agarwal | Promoter | 10.48% | — |
| Yash Synthetics Private Limited | Promoter Group | 32.42% | — |
| Credence Financial Consultancy LLP | Promoter Group | 23.06% | — |
| Credence Financial Consultancy LLP | Selling Shareholder | 23.06% | — |
| Credence Financial Consultancy LLP | Selling Shareholder | — | — |
Leadership
Bijaykumar Agarwal · Promoter
Jaiprakash Agarwal · CFO/Promoter
Chandrakant Joge · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Pyramid Technoplast IPO FAQs
What is the lot size of Pyramid Technoplast IPO?
The minimum lot size of Pyramid Technoplast IPO is 90 shares. One lot costs ₹14,940 at the cut-off price.
When does Pyramid Technoplast IPO open and close?
Pyramid Technoplast IPO opened for subscription on 18 Aug 2023 and closed on 22 Aug 2023.
What is the listing date of Pyramid Technoplast IPO?
Pyramid Technoplast IPO listed on 29 Aug 2023.