All Time Plastics IPO closes with 8x subscription on Day 3; GMP drops sharply

All Time Plastics IPO Day 3

The initial public offering of All Time Plastics was subscribed over 8 times on its third and final day of public bidding on August 11. The Rs 401-crore IPO of the ace investor Sunil Singhania's Abakkus-backed company however saw sharp decline in its grey market estimates.

The maiden public issue of the Mumbai-based company received bids for nearly 8.8 crore shares, as against the offer size of 1.05 crore shares, according to data on NSE. Non Institutional Investors (NII) led the subscription numbers, booking their reserved portion nearly 13.5 times. Retail investors subscribed their reserved portion more than 5 times. Qualified Institutional Buyers (QIB) have booked their reserved portion more than 10 times.

All Time Plastics IPO GMP:

Ahead of listing, the unlisted shares of the company were trading with a grey market premium (GMP) of nearly 2 percent over the IPO price at Rs 280 apiece, according to data on Investorgain. This marks a sharp decline from the 7 percent GMP cited earlier last week.

According to IPO Watch, the unlisted shares were however trading with a higher GMP of 8 percent over the IPO price.

Key things to know about All Time Plastics IPO:

The plastic consumerware products maker had launched its IPO to raise Rs 401 crore through a fresh issue of shares worth Rs 280 crore, and an offer for sale of 43.85 lakh shares by promoters. The IPO will remain open for public bidding from August 7 to August 11 at a price band of Rs 260-275 apiece.

Investors can bid for a minimum of 54 shares, requiring an investment of Rs 14,850 at the upper price band, and in multiples thereafter. The allotments are likely to be finalized on August 12, and the shares are scheduled to debut on BSE and NSE on August 14.

Should you subscribe to All Time Plastics IPO:

Bajaj Broking advised investors to subscribe to the issue for the long term. “ATPL is engaged in manufacturing plastic consumer ware products globally. It generates over 85% revenue from exports and the rest from domestic markets. It has renowned clients globally including IKEA, ASDA, Tesco etc. On the financial performance front, for the last three fiscals, the company has reported a total income / net profit of ₹4.44 billion / ₹0.28 billion (FY23), ₹5.16 billion / ₹0.45 billion (FY24), and ₹5.59 billion / ₹0.47 billion (FY25). If we attribute FY25 annualized earnings then the asking price is at a P/E of 38.09. Based on FY24 earnings, the P/E stands at 40.21,” the domestic brokerage said.

Angel One also advised investors to subscribe to the issue for medium to long term. “All Time Plastics is valued at a post-issue P/E of 38.09x FY25, which appears attractive given its positioning in the premium plastic consumerware space. Supported by planned capacity expansion, deleveraging, and a robust export-led B2B model with marquee global clients, the valuation looks compelling,” it said.

A day before the IPO opened for public bidding, All Time Plastics announced that it has raised Rs 119.9 crore from 12 institutional investors via anchor book on August 6. The ace investor Sunil Singhania's Abakkus-backed Mumbai-based company that earned maximum business through white label products said it has finalised allocation of 43.6 lakh shares to anchor investors at Rs 275 per share.

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