Time Technoplast, a company engaged in the manufacture and sale of technology based polymer products, has listed at Rs 490, with 55.55% premium over its offer price of Rs 315 per share.
The company had come out with an initial public offer, IPO of 39,21,500 equity shares of Rs 10 each. The issue subscribed 49.55 times.Anil Jain, MD, Time Technoplast said that the packaging business is set to grow rapidly and new businesses will provide growth triggers.
Time Technoplast’s gross sales for FY08 are pegged at Rs 700 crore and FY08 PAT at Rs 75 crore. Meanwhile, FY09 revenues are estimated to be Rs 900 crore plus and the PAT above Rs 100 crore. The FY08 diluted EPS is seen at Rs 37.Jain said that new healthcare and construction business would be the growth drivers. “New capacities will come on stream this year that will contribute in FY09,” he added.
Read more in The Moneycontrol article.
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