Time Technoplast plans IPO

MUMBAI: 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, he said. "We have around 500 institutional customers," Jain said.

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.