All Time Plastics Limited files DRHP with SEBI
All Time Plastics Limited has filled its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI). The company plans to raise funds through fresh issue of equity shares aggregating upto ₹350 crore and an Offer For Sale (OFS) of up to 52,50,000 equity shares.
The company proposes to utilize the net proceeds towards (i) prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company, amounting to ₹120 crore, (ii) the purchase of equipment and machinery for the upcoming Manekpur Facility amounting to ₹133.73 crore, and the rest for general corporate purposes.
The company is the second largest B2B participant in India’s plastic consumerware industry by revenue for Fiscal 2023 (Source: Technopak Report). It has over 13 years of expertise creating plastic consumerware goods for common household usage. As at March 31, 2024, the company had 1,608 stock-keeping units (“SKUs”) across eight categories: Prep Time (kitchen tools for preparing cooking ingredients); Containers (food storage containers); Organization (miscellaneous storage containers); Hangers (various types of hangers); Meal Time (kitchenware); Cleaning Time (cleaning equipment); Bath Time (bathroom products); and Junior (child-friendly tableware, cutlery and other items).
Over the years, the company has specialized in white-label manufacturing, producing high-quality products for customers who market them under their own brand names. Additionally, it promotes its own range under the proprietary brand “All Time.” The company has a strong presence in markets such as the European Union, the United Kingdom, and the United States. Domestically, the company collaborates with prominent retailers, super distributors, and distributors, including IKEA, Tesco, Asda, and Spencer’s Retail Limited.
In Fiscal 2024, the company achieved ₹512.853 crore in revenue from operations with a CAGR of 13.07% from Fiscal 2022. Additionally, the company’s EBITDA grew to ₹97.10 crore, reflecting a CAGR of 29.53%, while its profit surged to ₹44.79 crore, marking a CAGR of 35.11%. Further enhancing its financial standing, the company received a CRISIL A-/Stable debt rating in April 2024, highlighting its robust borrowing capabilities.
The company operates through fully integrated manufacturing facilities in Daman, Silvassa, and an upcoming state-of-the-art facility in Manekpur, Gujarat. These facilities leverage advanced automation and sustainable practices, with over 20% of production utilizing recycled raw materials. With a legacy dating back to 1971 and a leadership team boasting over 40 years of industry expertise, company is focused to driving innovation and growth in the worldwide plastic consumerware market, which is anticipated to reach USD 37 billion by 2027, (Source: Technopak Report).
Intensive Fiscal Services Private Limited and DAM Capital Advisors Limited are the Book Running Lead Managers (BRLMs) to the issue.
Please find below the link to download the DRHP: