All Time Plastics shares end 3 pc higher in market debut trade

New Delhi, Aug 14 (PTI) Shares of consumerware products maker All Time Plastics Ltd on Thursday ended the first day of trade with a premium of 3 per cent against the issue price of Rs 275.

The stock started trading at Rs 314.30, a jump of 14.29 per cent from the issue price on the BSE. During the day, it surged 17.14 per cent to Rs 322.15. However, later profit-taking emerged at the counter and shares of the firm ended at Rs 283.25, up 3 per cent.

At the NSE, the stock listed at Rs 311.30, up 13.2 per cent. Shares of the firm ended at Rs 283.30, up 3 per cent.

The company commanded a market valuation of Rs 1,855.51 crore.

In traded volume terms, 18.74 lakh shares of the firm were traded at the BSE and 166.79 lakh shares on the NSE during the day.

The initial share sale of All Time Plastics Ltd received 8.34 times subscription on the closing day of bidding on Monday.

The Rs 401crore Initial Public Offer (IPO) had a price band of Rs 260-275 per share.

The IPO was 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 at Rs 120.6 crore, at the upper end of the price band, by promoters.

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 of experience in 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). PTI SUM SUM MR