The IPO of All Time Plastics Ltd is currently underway and has garnered a 35% subscription rate as of Day 2, Friday, August 8, 2025. With a price band of ₹260–₹275 per share and a total issue size of ₹401 crore, the offering has sparked interest among retail investors and institutional players alike. But is this IPO worth your money? Here's a comprehensive breakdown of everything you need to know before making a decision.
Key Highlights from Day 2
- Subscription rate stands at 35% overall
- Retail portion subscribed 55%
- Non-institutional investors (NII) at 33%
- Employee quota oversubscribed at 1.86 times
- Qualified Institutional Buyers (QIBs) yet to place bids
- Grey Market Premium (GMP) hovers around ₹25, indicating a potential listing price of ₹300—about 9% above the upper band
IPO Structure and Financials
The IPO comprises two components:
- Fresh issue of ₹280 crore
- Offer for sale of 43.85 lakh shares worth ₹120.6 crore at the upper price band
This brings the total issue size to ₹401 crore. The funds raised will be used for:
- Machinery acquisition for the Manekpur facility in Gujarat
- Debt repayment
- General corporate purposes
- Expansion initiatives
The company’s valuation, if priced at the upper end, exceeds ₹1,800 crore.
Anchor Investment and Institutional Confidence
On August 6, All Time Plastics secured ₹119.9 crore from 12 institutional investors via its anchor book. Notable participants include:
- Ashoka India
- ABSL Umbrella UCITS Fund
- Canara Robeco Mutual Fund
- Bandhan Mutual Fund
- Abakkus Asset Manager
- 360 ONE Equity Opportunity Fund
- Edelweiss
- Nuvama
- Gagandeep Credit Capital
This pre-IPO confidence signals strong institutional interest, although QIBs have yet to make their move in the public bidding.
Business Overview and Market Positioning
All Time Plastics is a 14-year-old manufacturer of plastic consumer goods, primarily operating in the B2B segment. Its export footprint spans 29 countries, including the EU, UK, and US. Domestically, it sells through:
- Modern trade retailers
- Super distributors
- General trade distributors
The company boasts 1,848 SKUs across eight product categories and launched 598 new SKUs in FY25 alone. Its manufacturing units in Daman and Silvassa have a combined annual capacity of 33,000 tonnes.
Strengths and Risks
Strengths:
- Strong export presence
- Diverse product portfolio
- Strategic manufacturing locations
- Anchor investor backing
- Sustainable production practices
Risks:
- Heavy reliance on exports
- Volatility in raw material costs
- Competitive domestic market
- Uncertain QIB participation
Grey Market Sentiment and Listing Expectations
The GMP for All Time Plastics IPO is currently around ₹25. This suggests a potential listing price of ₹300, which is approximately 9% higher than the upper price band of ₹275. While GMP is not a guaranteed indicator, it reflects positive sentiment among informal market participants.
Should You Apply or Wait?
Retail investors have shown moderate enthusiasm, with over half the retail quota already subscribed. The lack of QIB bids so far may be a temporary hesitation or a strategic delay. If QIBs enter strongly in the final days, it could significantly boost confidence and oversubscription levels.
For risk-tolerant investors looking for exposure to a niche export-driven manufacturer with strong fundamentals and expansion plans, this IPO presents a compelling opportunity. However, conservative investors may prefer to wait for QIB signals or post-listing performance.
Final Word
With three days left in the subscription window (closing August 11), All Time Plastics IPO is shaping up to be a moderately hot offering. The next 48 hours will be crucial in determining its momentum and investor sentiment.
Source: Livemint
