All Time Plastics IPO

About All Time Plastics Ltd IPO

The IPO of All Time Plastics Ltd is a 100% book-built offer. It comprises a fresh issue and an offer for sale. The fresh issue aggregates up to ₹350 crore. The offer for sale consists of 5,250,000 equity shares. The shares will be allotted on TBA. The credit of shares to the demat account will take place on TBA and the refunds will be initiated on TBA.

Objectives of All Time Plastics Ltd IPO

The company plans to utilise the IPO proceeds for:

• Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company
  
• Purchase of equipment and machinery for the Manekpur facility
  
• General corporate purposes
  

Industry Outlook

In the global consumer ware market, metal consumer ware products, comprising aluminium, cast iron, and stainless-steel products, hold the maximum share of ~48.7% (USD 55 billion) as of CY 2023. Metal consumer ware products are expected to increase their share to ~49.3% (USD 72 billion) by CY 2027, growing at a CAGR of 7% between CY 2023 and CY 2027.

The Indian consumer ware market was valued at ₹144 Bn in FY 2015 and grew at a CAGR of 7.4% in the next eight years to reach a market size of ₹251 Bn in FY 2023. Projections indicate continued growth with a CAGR of 11.4% in the subsequent four years, reaching a market size of ₹430.1 Bn by FY 2028.

Company Information

All Time Plastics Ltd is a manufacturing company with more than 13 years of experience in producing plastic consumer ware products for everyday household needs. It’s the second largest manufacturer of plastic consumer ware products, in terms of revenue from operations for FY 2023, by a primarily business-to-business (B2B) player in India.

Risks of All Time Plastics Ltd IPO

• The company’s business largely depends upon its top four customers and in particular its top customer. For Fiscals 2024, 2023, and 2022, its revenue from its top customer represented 60.36%, 58.54% and 63.93% of its revenue from operations, respectively and revenue from top customers represented 83.30%, 82.65% and 84.07% of their total orders respectively. Its revenue from its top four customers represented 83.30%, 82.65% and 84.07% of revenue from operations respectively. The loss of any of its top four customers, and in particular its top customer, or the loss of revenue from sales to these top customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

• Rapid increases in raw material prices, especially plastic granules prices, could have an adverse effect on its business, results of operations, financial condition and cash flows.

• Pricing pressure from its customers could adversely affect its gross margin and ability to increase its prices, which could in turn have a material adverse effect on its results of operations and financial condition.

IPO Registrar and Book Running Lead Managers

KFin Technologies Ltd is the registrar of All Time Plastics Ltd IPO. The book running lead managers are:

• Intensive Fiscal Services Pvt Ltd
• DAM Capital Advisors Ltd

Business Model

The company is engaged primarily in white-label manufacturing, where it produces consumer ware for customers to market under its own brand names. However, it also sells its consumer ware products under its proprietary brand name (All Time Branded Products). As on March 31, 2024, the company had 1,608 stock-keeping units (SKUs) across eight categories namely:

• Prep Time (Kitchen tools for preparing cooking ingredients)
  
• Containers (Food storage containers)
  
• Organisation (Miscellaneous storage containers)
  
• Hangers (Various types of hangers)
  
• Meal Time (Kitchenware)
  
• Cleaning Time (Cleaning equipment)
  
• Bath Time (Bathroom products)
  
• Junior (Child-friendly tableware, cutlery and other items)
  

Company Growth Trajectory

The company’s revenue from operations increased from ₹401.152 crore in FY 22 to ₹512.853 crore in FY 24. Its EBITDA increased from ₹57.876 crore in FY 22 to ₹97.101 crore in FY 24, representing a CAGR of 29.53%.

Market Position

All Time Plastics Ltd has more than 13 years of experience of producing plastic consumer ware products for everyday household needs. It’s the second largest manufacturer of plastic consumer ware products and in Fiscal 2024, the company exported products valued at approximately USD 57 million, representing around 26% of India’s total plastic houseware exports.

How to check the allotment status of All Time Plastics Ltd IPO?

You can check the allotment status of All Time Plastics Ltd IPO through the BSE website or through the registrar’s portal. To know the status from the BSE website:

• Visit the BSE website
  
• Click on “Investor Services” and choose “Application Status Check”
  
• Choose the issue type — Equity or Debt
  
• Select the Issue Name from the drop-down.
  
• Enter your application number or PAN number
  
• Check the box that says “I’m not a Robot” and click on “Search” to know the allotment status
  

To check status through registrar’s portal:

• Visit the website of KFin Technologies Ltd
  
• Choose IPO allotment status from Products’ dropdown
  
• Click on any of the links
  
• Select the IPO
  
• Input either your application number, PAN number or Demat number
  
• Enter captcha and click on Submit
  

How to Apply for All Time Plastics Ltd IPO?

To apply for this IPO:

• Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.