Time Technoplast to list on June 13

Time Technoplast (TTL), a company engaged in the manufacture and sale of technology based polymer products serving the growing sectors of the Indian economy; viz., industrial and consumer packaging solutions, lifestyle products, auto components, healthcare products and construction related products, will list on the bourses with 2,09,26,500 shares on June 13, 2007.

The offer price fixed at Rs 315 per share. 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 price band for the issue was between Rs 290 and Rs 315 per equity share. The issue will constitute 18.74% of the fully diluted post-Issue paid-up capital of the company.

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.

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. 
 
IL&FS Investsmart and Enam Financial Consultants Private Limited are the book running lead managers to the issue.