All Time Plastics IPO opens August 7: Should you subscribe or skip?

All Time Plastics Limited, a company with over 14 years of experience in plastic consumerware manufacturing, is set to launch its Initial Public Offering (IPO) on August 7, 2025. The company manufactures products both for white-label B2B clients and under its own B2C brand “All Time Branded Products”. With a strong promoter background and steady financial performance, the IPO has gained attention from retail and institutional investors alike. However, the big question remains: should you invest?

Let’s dive deep into the IPO details, company performance, GMP trends, and our investment recommendation.

IPO Structure and Timeline

The ₹400.60 crore IPO of All Time Plastics consists of:

• Fresh Issue: 1.01 crore shares worth ₹280 crore

• Offer For Sale (OFS): 0.43 crore shares worth ₹120.60 crore

The price band for the issue is set at ₹267 to ₹275 per share, and the lot size is 54 shares.

• IPO Opening Date: August 07, 2025

• IPO Closing Date: August 11, 2025

• Allotment Finalization: August 12, 2025 (Tuesday)

• Tentative Listing Date: August 14, 2025 (Thursday)

• Exchanges: BSE and NSE

For retail investors, the minimum investment is ₹14,850, while HNIs must invest in 14 lots (₹2,07,900).

Company Overview

Founded over a decade ago, All Time Plastics is engaged in the manufacture of plastic consumerware products such as storage containers, bottles, kitchenware, and household items. It operates through a dual approach:

• B2B model: Supplying products to businesses under their own brands (white-label)

• B2C model: Selling under the proprietary brand All Time

The company is backed by an experienced management team:

• Kailesh Shah (Chairman & MD): Looks after finance, manufacturing, procurement

• Bhupesh Shah: Heads administration and logistics

• Nilesh Shah: Leads strategy, IT, sales, and marketing

All three promoters have over 40 years of experience in the plastic industry.

Financial Highlights

The financials reflect a steady growth trajectory over the past three years.

Key Ratios (FY24):

• ROCE: 16.99%

• ROE / RoNW: 19.01%

• Pre-issue EPS: ₹9.01

• Post-issue EPS: ₹7.22

• Pre-issue P/E: 30.52x

• Post-issue P/E: 38.09x

• Industry P/E: 61x

These metrics indicate the IPO is fairly priced, with a moderate valuation compared to industry averages.

Use of IPO Proceeds

The company plans to utilise the net proceeds as follows:

1. ₹143 crore – Repayment of borrowings

2. ₹113.71 crore – Purchase of equipment for the Manekpur Facility and ASRS (automated storage system)

3. Balance – General corporate purposes

The focus on improving operational infrastructure and reducing debt shows the management’s long-term strategy.

Grey Market Premium (GMP) and Expected Listing Price

As of August 4, 2025, the Grey Market Premium (GMP) is ₹20, indicating a 7.27% upside over the upper price band.

Please note: GMP is unofficial, unregulated, and can fluctuate based on sentiment. It's not a reliable indicator for long-term performance.

IPO Allotment Status – How to Check

To check the All Time Plastics IPO allotment status, follow these steps on the KFin Technologies registrar website:

1. Go to the IPO allotment page

2. Select All Time Plastics Limited IPO from the dropdown

3. Enter your Application Number / PAN / DP Client ID

4. Click Submit to view your allotment status

The allotment will be finalized on August 12, 2025.

Strengths of All Time Plastics IPO

• Long operating history in consumerware manufacturing

• Balanced B2B and B2C model providing revenue diversification

• Healthy financials with consistent revenue and profit growth

• Experienced promoters and leadership team

• Focus on automation and infrastructure expansion

Risks and Concerns

• High P/E ratio post-issue may limit upside for listing gains

• The company operates in a highly competitive, low-margin sector

• Relies on the domestic retail demand, sensitive to consumption cycles

• White-label manufacturing model lacks brand equity and pricing power

• Dependence on raw material prices (plastic resins) which are volatile

Investment Recommendation

While All Time Plastics shows strong fundamentals, stable earnings, and robust management, the valuation is on the higher side, and the listing premium expected is limited (~7.27%).

The Grey Market Premium is lukewarm, and broader market sentiment will play a role in price performance on listing day.

✔ Verdict: Avoid for Listing Gains

This IPO is better suited for long-term investors who believe in the company’s strategic shift toward automation and B2C brand building. Short-term traders may skip due to limited GMP and moderate valuation.

Disclaimer
This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

The Upcoming IPOs in this week and coming weeks are Mahendra Realtors and Infrastructure, Bluestone Jewellery and Lifestyle, Icodex Publishing Solutions, Star Imaging and Path Lab, Medistep Healthcare, ConnPlex Cinemas, ALL Time Plastics, JSW Cement, Sawaliya Foods Products, ANB Metal Cast.

The Current active IPO are Parth Electricals & Engineering, Jyoti Global Plast, Essex Marine, Aaradhya Disposal Industries, BLT Logistics, Bhadora Industries, Highway Infrastructure.

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