All Time Plastics Ltd. made a notable debut on the stock market on Thursday as shares listed at a premium of 14% over the IPO price. The scrip opened at Rs 311.3 apiece on the NSE and Rs 314.3 on the BSE. The issue price was Rs 275.
The IPO, which concluded on Aug. 11, raised Rs 400.6 crore from the primary market. It comprised a fresh issue of 1.02 crore shares, totaling Rs 280 crore, and an offer for sale of 44 lakh shares, amounting to Rs 120.6 crore.
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The IPO was subscribed 8.62 times, led by demand from non-institutional buyers (14 times) and qualified institutions (10.3 times).
All Time Plastics is a leading manufacturer of plastic houseware products. Swedish furniture giant Ikea is among its major clients.
While most of its business comes from supplying consumerware to other brands, it also sells products directly to consumers under its own label, 'All Time Branded Products'.
The company will use the funds raised from the IPO to repay some of its existing borrowings. The remaining funds will be used for general corporate needs.
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