Time Technoplast lists with a bang

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.

Time Technoplast plans IPO

Polymer products maker Time Technoplast Ltd. plans to raise 1.13-1.22 billion rupees through an initial public offering of 3.9 million shares to fund expansion, a senior official said. The issue would constitute 18.74 percent of the company's post-issue capital.

Time Technoplast, which set a price band of 290-315 rupees per share for its IPO, would use the proceeds to set up a unit to make medical devices and expand operations in Sharjah and Poland, Managing Director Anil Jain told reporters on Thursday.

Time's products cater to the packaging, lifestyle, auto components, healthcare and construction sectors, and has around 500 institutional customers.The company plans to set up a plant in Sharjah for 270 million rupees to manufacture polymer based products catering to industrial packaging and lifestyle segments.