All Time Plastics Mobilises Rs 120 Crore From Anchor Investors Ahead Of IPO

Consumerware product maker All Time Plastics on Wednesday said it has garnered Rs 120 crore from anchor investors ahead of its initial share-sale opening for public subscription.

Ashoka India Equity Investment Trust PLC, Canara Robeco Mutual Fund, Bandhan MF, Edelweiss MF, 360 ONE Equity Opportunity Fund, Nuvama and Gagandeep Credit Capital are among the anchor investors, according to a circular uploaded on BSE's website.

As per the circular, All Time Plastics has allotted 43,60,502 equity shares to 12 funds at Rs 275 apiece. This takes the total fundraising to around Rs 120 crore.

The company's public issue, with a price band of Rs 260 to Rs 275 per share, will be open for public subscription on Aug. 7 and 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 Aug. 14.