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IPO Details:

• IPO Open Date: August 7, 2025
• IPO Close Date: August 11, 2025
• IPO Size: ₹400.60 crores Fresh Issue: ₹280.00 crores (1.02 crore shares) Offer for Sale (OFS): ₹120.60 crores (0.44 crore shares)
• IPO Price Band: ₹260 to ₹275 per share
• Lot Size: 54 shares
• Allocation to QIB: 49.88% (72,67,505 shares) Allocation to NII: 14.96% (21,80,252 shares) Allocation to RII: 34.91% (50,87,254 shares) Allocation to Employees: 0.25%
• Lead Managers: Intensive Fiscal Services Private Limited, DAM Capital Advisors Ltd
• Registrar: Kfin Technologies Limited

About the Company:

• History: Established in 1971 as All Time Plastics Private Limited, converted to a public limited company on August 5, 2024.
• Main products/services: Manufacturing of plastic houseware products for everyday household needs. Products include Prep Time (kitchen tools), Containers (food storage), Organization, Hangers, Meal Time (kitchenware), Cleaning Time, Bath Time, and Junior (child-friendly items).
• Operates on both B2B white-label (main) and B2C proprietary brand (“All Time Branded Products”) models.
• Sales & manufacturing units: Three manufacturing facilities in Daman, Silvassa, and Manekpur, Gujarat. Total installed capacity of 33,000 TPA as of FY2025. Manekpur facility started operations in December 2024 with an installed capacity of 4,000 tonnes per annum, with plans to expand to 22,500 TPA by FY27. Promoters: Kailesh Punamchand Shah, Bhupesh Punamchand Shah, and Nilesh Punamchand Shah.
• Branches/network: Exports to 29 countries in Fiscal 2025, primarily to the European Union, UK, and USA. Domestic sales to 22 modern trade retailers, 5 super distributors, and 38 distributors across 23 states and 6 union territories in India.

Financials:

Post IPO Market cap: ₹1801.37 Cr, Market cap/Revenue from Operations (FY25): 3.22 times, P/E for FY24: 40.21 times P/E for FY25: 38.09 times

The company has shown consistent growth in revenue and profit over the last three fiscal years. Profit after tax has notably increased, and EBITDA margins have remained healthy.

Anchor Investors:

All Time Plastics raised approximately ₹120 crore from 12 anchor investors through the allotment of 43.60 lakh shares at ₹275 each. The top 15 anchor investors by percentage allocation are: Ashoka India Equity Investment Trust PLC (11.67%), Canara Robeco Mutual Fund (11.67%), Bandhan Small Cap Fund (11.67%), Abakkus Diversified Alpha Fund (11.67%), 360 ONE Equity Opportunity Fund – Series 4 (7.50%), 360 ONE Equity Opportunity Fund – Series 2 (4.17%), ABSL Umbrella UCITS Fund PLC – India Frontline Equity Fund (11.67%), Edelweiss Trusteeship Co Ltd AC – Edelweiss MF AC (7.50%), Gagandeep Credit Capital Pvt Ltd (6.67%), and other smaller allocations within the same 12 anchor investors. Remaining anchor investors include 3 domestic mutual funds that received 35% of the total anchor allocation collectively through 4 schemes across Bandhan Small Cap Fund, Canara Robeco Manufacturing Fund, Edelweiss Recently Listed IPO Fund, and Edelweiss Aggressive Hybrid Fund. Total percentage allocation to mutual funds stands at 35% of the anchor portion.

Salient points:

• Use of funds: The net proceeds will be used for prepayment or repayment of certain outstanding borrowings (₹143.00 Cr), purchase of equipment and machinery for the Manekpur Facility (₹113.71 Cr), and general corporate purposes. Approximately 64.3% of the outstanding debt will be repaid from issue proceeds.
• Business scenario: The global plastic houseware market is projected to reach USD 41.2 billion by 2029, growing at a CAGR of approximately 6.2% between 2024 and 2029. The Indian consumerware export market is expected to grow at a CAGR of 5.2% between 2024 and 2029. I
• Business operations: As of March 31, 2025, the company had 1,848 stock-keeping units (SKUs) across eight product categories. It introduced 598, 553, and 609 new SKUs in Fiscals 2025, 2024, and 2023 respectively.
• Revenue Model: Generates over 85% of its revenue from exports and the rest from domestic markets. White-label products formed around 91.66% of total revenues in FY2025, while branded products formed 7.56%.
• Business strategy: Expansion of Manekpur unit from 4,000 TPA (FY25) to 22,500 TPA by FY27, including procurement of 85 injection molding machines. Planning to expand product categories to include hydration-related products and increase SKUs in “Organization” and “Junior” categories. Launched a pilot project in Guwahati for bamboo-based product development through its wholly-owned subsidiary All Time Bamboo Private Limited, incorporated on July 5, 2025. Focuses on sustainable practices including a landfill-free approach, limited water usage for cooling, rainwater harvesting, and solar panel installations (~1.5 MWp capacity).
• Risks: High customer concentration, with the top customer (IKEA) representing 59.29% of revenue in Fiscal 2025, and the top four customers accounting for 78.42%. No long-term agreements for sale with a majority of customers, relying instead on purchase orders.
• Litigations: As of the Red Herring Prospectus date, there is 1 criminal proceeding against the company, 4 tax proceedings against the company, and material civil litigation of ₹36.55 million against the company.
• Revenue split by region: In Fiscal 2025, 14.33% from India and 85.67% from outside India. Top export regions include European Union, United Kingdom, and United States.
• Capacity utilisation: Manekpur Facility had an installed capacity of 4,000 tonnes per annum as of March 31, 2025. The company plans to set up an initial installed production capacity of 16,500 tonnes per annum at Manekpur, expecting completion by end of FY26, and further increasing to 22,500 tonnes by end of FY27.
• Clients: Long-standing relationships with global retailers like IKEA (27+ years), Asda (14+ years), Michaels (4+ years), and Tesco (17+ years). Also sells to Indian retailers like Spencer’s Retail Limited.
• Working capital & inventory days: Net Working Capital Days were 74 in FY2025 (compared to 57 in FY2024 and 69 in FY2023). Inventory Turnover Ratio was 7.61 in FY2025 (compared to 9.85 in FY2024 and 7.13 in FY2023). Trade Receivable Days were 57 in FY2025 (compared to 34 in FY2024 and 35 in FY2023).
• CAGR (last 3 years): Revenue from operations CAGR of 12.19% from FY2023 to FY2025. EBITDA CAGR of 17.51% from FY2023 to FY2025. Profit for the year CAGR of 29.34% from FY2023 to FY2025.

Peers:

Opinion:

I may skip the IPO. he company’s operational resilience, good clients, export dominance, and upcoming capacity-led growth support a positive outlook. Debt repayment from IPO proceeds is expected to boost profits. However Cello World, with Rs. 2,136 cr revenue anda 17.1% net margin, is trading at a PE of 37x, Further IPO is at 11% premium to the pre-IPO price just 6 weeks ago.

• This post is exploratory and educational purposes only.
• Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.