All Time Plastics pre-IPO round: Sunil Singhania-backed Abakkus invests Rs 100 crore

All Time Plastics IPO

Ace investor Sunil Singhania-owned Abakkus asset management firm has invested Rs 100 crore in consumerware products maker All Time Plastics through pre-IPO round including Rs 70 crore fresh issue component.

All Time Plastics has signed a share subscription agreement with Abakkus Four2Eight Opportunities Fund on June 27 and has allotted 28.22 lakh shares to the said fund on June 30, at a price of Rs 248 per share, amounted to Rs 70 crore in relation to the pre-IPO placement.

Further, promoters of the company - Kailesh Punamchand Shah, Bhupesh Punamchand Shah, and Nilesh Punamchand Shah - has transferred 17.02 lakh shares to multiple investors including Abakkus Four2Eight Opportunities Fund on the same date at same price, valued at Rs 44.22 crore.

Of which, Abakkus has acquired 12.09 lakh shares, valued at Rs 30 crore at a price of Rs 248 per share. "A share purchase agreement was executed between the company, promoters, and Abakkus on June 27, with respect to secondary share sale," All Time Plastics said.

Thus, in total, Abakkus has acquired Rs 100 crore worth shares in All Time Plastics before the IPO launch.

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Now after the pre-IPO round, the revised fresh issue size of the IPO stands reduced to Rs 280 crore, against Rs 350 crore earlier, said the company in its notice to investors published in the business newspaper.

Mumbai-based All Time Plastics filed draft papers with the SEBI in September last year to raise funds via initial share sale which was comprised of fresh issuance of shares worth Rs 350 crore, and an offer-for-sale of 52.5 lakh shares by promoters.

The capital markets regulator has already given its approval on the company's draft papers in January this year to float IPO.

At a price of Rs 248 per share, the company is valued at Rs 1,652 crore.

The company plans to utilise fresh issue proceeds for repayment of its debt, purchase of equipment and machinery for the Manekpur facility, and general corporate purposes.

All Time Plastics primarily involves in white-label manufacturing, where it manufactures consumer-ware products for customers to market under their own brand names. However, it also sells consumer-ware products under its own brand name 'All Time'.

Intensive Fiscal Services and DAM Capital Advisors are the merchant bankers to handle the All Time Plastics IPO.