Really blow out listing for Time Technoplast (TTL), which engaged in the manufacture and sale of technology based polymer products. It has listed at Rs 489.80, with 55% premium over its offer price of Rs 315 per share and surged to an intraday high of Rs 499 on the back of huge buying support from HNIs and foreign institutional investors. Buyers still supported the stock price above Rs 450, though it touched a low of Rs 420 in the beginning trade. 

It is quoting at Rs 453.10, up 43.84%, with volumes of 26,13,683 shares on the NSE, at 10:08 am and at Rs 460.2, with volumes of 18,07,845 shares on BSE.

It is the largest company in plastic business and the technology, which they used with their overseas partners, is also world class. The company is entering into hospital plastic business, which has huge potential going forward.

The company had come out with an initial public offer, IPO of 39,21,500 equity shares of Rs 10 each. The issue subscribed 49.55 times. 

The proceeds of the issue would be deployed for domestic projects including new ones at Thane (Himachal Pradesh) for the manufacture of disposable medical devices; and an integrated injection moulding facility at Silvassa (Union Territory) for augmenting production capacity for plastic pails and auto components.

It serves the growing sectors of the Indian economy; viz., industrial and consumer packaging solutions, lifestyle products, auto components, healthcare products and construction related products

Overseas, the company will use the Issue proceeds in funding its wholly-owned subsidiaries: Elan Incorporated, FZE, in Sharjah, UAE, for setting up a new project for manufacturing packaging products (plastic drums, containers and coni pails) and lifestyle products (garden furniture); and also for setting up a production facility in the wholly owned subsidiary Novo Tech SPZoo, Poland, for auto components (anti-spray devices) and lifestyle products (entrance matting and turf). The proceeds will also be used for acquiring 49% holding of Time Securities Services Pvt. Ltd. (one of the promoters of TTL) in the Singapore-based Joint Venture, Mauser Holding Asia Pte. Ltd., for repayment of loan availed from IL&FS Ltd. and the balance for general corporate purpose and to meet Issue expenses.
 
Time Technoplast focuses on polymer products and processes that enabled it to develop new products aimed at growth sectors of the economy. With expanding technology platform for new applications, the Company has been able to build the economy of scales. Today, the Company believes that it is well positioned to avail of new growth opportunities in polymer products. It has manufacturing facilities spread over six locations, 11 regional marketing offices and a dealer/distribution network covering 345 cities and towns.