Shares of newly listed company All Time Plastics rallied 6 percent to Rs 308 apiece on August 19, extending gains for the third straight day after ace investor Manish Chokhani picked up a stake worth Rs 10 crore. With this rise, the stock now trades 12 percent above its IPO’s upper price band of Rs 275 per share.
According to bulk deal data available on the exchanges, Vibhav Manish Chokhani acquired 3.5 lakh shares, representing a 0.53 percent stake, in the Mumbai-based plastic consumerware manufacturer at Rs 287.11 per share. The total investment was worth Rs 10.05 crore.
The stock had listed at Rs 314.30 per share on the BSE, delivering a premium of 14 percent over its IPO price. Prior to the debut, the company’s unlisted shares were commanding a grey market premium (GMP) of more than 7 percent over the IPO price of Rs 275 per share.
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The IPO of All Time Plastics witnessed strong demand across categories. Non-Institutional Investors (NIIs) led the show, subscribing to their reserved portion nearly 13.5 times. Retail investors subscribed more than 5 times, while Qualified Institutional Buyers (QIBs) booked their quota over 10 times.
The company had already raised Rs 120 crore from anchor investors ahead of the IPO. The anchor book included participation from Ashoka India Equity Investment Trust PLC, Canara Robeco Mutual Fund, Bandhan Mutual Fund, Edelweiss Mutual Fund, 360 ONE Equity Opportunity Fund, Nuvama, and Gagandeep Credit Capital.
The IPO comprised a fresh issue of 1.02 crore shares worth Rs 280 crore and an offer-for-sale (OFS) of 0.44 crore shares aggregating Rs 120.60 crore.
All Time Plastics manufactures plastic consumerware products for household use. It primarily exports to large global retailers such as IKEA and Tesco, serving markets in the European Union, the UK, and the US. In India, its products are sold through modern trade retailers, super distributors who cater to distributors, and distributors who supply to general trade stores.
Proceeds from the fresh issue will be used to acquire new machinery for its Manekpur plant in Gujarat, repayment of debt, general corporate purposes, and expansion efforts.
Financially, the company has been on a growth path. Between FY23 and FY25, revenue rose from Rs 443 crore to Rs 558 crore. Profit after tax (PAT) grew from Rs 28 crore to Rs 47 crore. The company’s operating performance also improved, with EBITDA margin rising to 18.12 percent in FY25, while return on equity stood at 19.01 percent.
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