All Time Plastics Ltd. on Monday applied for an initial public offering to raise funds through fresh issue and offer for sale.
The IPO consists of a fresh issue of up to Rs 350 crore and an offer for sale of 52.5 lakh shares, according to the draft red herring prospectus submitted to the Securities and Exchange Board of India.
Promoters Kailesh Punamchand Shah, Bhupesh Punamchand Shah and Nilesh Punamchand Shah will offload 17.5 lakh shares each via the OFS route. A pre-IPO placement of up to Rs 70 crore may also be undertaken.
Proceeds from the fresh issue will be used for paring debt and capacity expansion. The plastic products manufacturing company plans to use Rs 133 crore for purchase of equipment and machinery for the Manekpur facility in Gujarat and Rs 120 crore for repayment of outstanding borrowings.
As on Aug. 31, 2024, All Time Plastics has a debt of nearly Rs 130 crore.
All Time Plastics has manufacturing facilities in Daman and Silvassa, strategically located and in close proximity to the Nhava Sheva and Hazira. (Source: Company website)
All Time Plastics has manufacturing facilities in Daman and Silvassa, strategically located and in close proximity to the Nhava Sheva and Hazira. (Source: Company website)
The Mumbai-based company aims to start commercial production at its third fully integrated manufacturing facility in Manekpur in October, which will enable expansion in the US market and other geographies.
All Time Plastics wants to increase the installed production capacity at its Manekpur plant from 4,000 tonnes per annum to 12,500 tonnes per annum by procuring 42 additional electric injection moulding machines and ancillary equipment by the end of the financial year 2026.
An injection moulding machine is a machine used to manufacture plastic products by the injection moulding process.
All Time Plastics manufactures plastic consumer-ware products for everyday household needs. It exports to retailers in the European Union, the UK and the US among 28 countries, and also sells products in India to IKEA and other modern trade retailers.
The company reported revenue from operations of Rs 513 crore and net profit of Rs 44.7 crore in FY24.
The IPO will be managed by Intensive Fiscal Services Pvt. and DAM Capital Advisors Ltd.
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