All Time Plastics files IPO papers with Rs 350 crore fresh issue

On March 8, 2001, ALL Time Plastics Private Limited, a non-governmental organization, was founded. It is an unlisted, privately held business that satisfies the requirements for a company limited by shares. The paid-up capital of the company is equal to 100% of its authorized capital, which is Rs 100.0 lakhs. On September 29, 2017, ALL Time Plastics Private Limited held its most recent annual general meeting (AGM). As of March 31, 2017, the company had updated its financials, according to the Ministry of Corporate Affairs (MCA). Having been in operation for 23 years, ALL Time Plastics Private Limited is an expert in producing chemicals, metals, and their byproducts. Bhupesh Punamchand Shah, Neleh Punamchand Shah, and Kailash Punamchand Shah are the current directors and board members. All Time Plastics is primarily a white-label manufacturer, producing goods for clients to sell under their own brand names, including major international retailers Tesco Plc, Michaels Stores Inc., Asda Stores, and IKEA. Moreover, it supplies Indian retailers like Spencer’s Retail with its products. In fact, based on revenue for FY23, it was the second-biggest producer of plastic consumer goods in India’s business-to-business (B2B) market. The Maharashtra-based company also markets its consumerware products under the ‘alltime’ brand, and it is a competitor of only listed peer Shaily Engineering Plastics. Throughout eight categories—kitchen tools, food storage containers, hangers, kitchenware, cleaning supplies, and bathroom products—it had 1,608 stock-keeping units (SKUs) in FY24.

ALL Time Plastics Private Limited submitted an IPO application:

Manufacturer of consumer goods All Time Plastics has filed preliminary papers with regulator SEBI on September 30, indicating that it intends to go public in order to raise funds through an IPO. The IPO combines the company’s new equity share issuance of up to Rs. 350 crore with the existing shareholders’ offer to sell their 52.5 lakh equity shares. A pre-IPO placement could allow the company to raise an additional Rs 70 crore before filing a red herring prospectus with the Registrar of Companies. If it is successful in raising funds during pre-IPO placement (private placement), the stated amount will be subtracted from the fresh issue component. Each of the three promoters, Kailesh Punamchand Shah, Bhupesh Punamchand Shah, and Nilesh Punamchand Shah, will be offering 17.5 lakh shares for sale. DAM Capital Advisors, Intensive Fiscal Services, has been designated as the issue’s book running lead manager.

ALL Time Plastics Private Limited revenue model and performance:

The top two product categories for All Time Plastics, which has factories in Silvassa and Daman, are kitchen tools and food storage containers, which account for 70% of the company’s revenue. The fiscal year 2024 saw a 15.6% increase in revenue from operations over the previous year, reaching Rs 512.85 crore. Due to strong operating margin performance, net profit for the year ended March 2024 increased by 58.4% to Rs 44.8 crore YoY. Earnings before interest, taxes, depreciation, and amortization, or EBITDA, increased 32.3 percent to Rs 97.1 crore, and the margin increased by 240 basis points to 18.9 percent in comparison to the previous fiscal year.

Conclusion: The Shah family-owned business will use Rs 133.73 crore to buy machinery and equipment for its Manekpur facility and Rs 120 crore to pay off debt from the net fresh issue proceeds (fresh issue less IPO expenses). The remaining IPO proceeds will be applied to business operations in general.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.