New Delhi, Aug 8 (PTI) The initial share sale of consumerware products maker All Time Plastics Ltd got fully subscribed on Thursday, the day two of bidding.
The company’s initial public offering (IPO) got
bids for 1,07,80,074 shares against 1,05,46,297 shares on offer, translating into 1.02 times subscription, as per data.
Retail individual investors (RIIs) quota garnered 1.44 times subscription while the portion for non-institutional investors received 85 per cent subscription. Qualified institutional buyers (QIBs) part got subscribed 37 per cent.
All Time Plastics on Wednesday said it has garnered Rs 120 crore from anchor investors.
The company’s public issue, with a price band of Rs 260-275 per share, will conclude on August 11. At the upper end of the price band, the company is valued over Rs 1,800 crore.
The IPO is a combination of fresh issuance of equity shares worth up to Rs 280 crore by the company, and an offer-for-sale of over 43.8 lakh equity shares valued Rs 120.6 crore, at the upper end of the price band, by promoters. This takes the total issue size to Rs 401 crore.
The company plans to utilise funds raised from fresh issuance for acquiring machinery for its Manekpur plant in Gujarat, payment of debt, general corporate purposes and other expansion efforts.
All Time Plastics has 14 years’ experience of manufacturing plastic consumerware products for everyday household needs. It primarily exports products to retailers in the European Union, the UK, and the US.
In India, it sells through modern trade retailers, super distributors (who supply to distributors), and distributors (who supply to general trade stores).
Intensive Fiscal Services and DAM Capital Advisors are the merchant bankers for All Time Plastics’ public issue. The company is expected to list on the stock exchanges on August 14. PTI SUM TRB
