Mumbai: Polymer products maker Time Technoplast got listed on 13 June at Rs415.55 on the National Stock Exchange, a 31.92% premium over its issue price.
Within minutes of listing the shares of the company touched a high of Rs490, and over 1.35 million shares exchanged hands on the BSE.
The scrip was trading at Rs454.80 at 10.05am on BSE.
The company entered the bourses with over 20.9 million equity shares of Rs10 each fully paid up at an issue price of Rs315.
Time Technoplast proposes to use the funds raised through this IPO for its expansion plans, including setting up a unit to make medical devices and expand operations in Sharjah and Poland.
The Sharjah plant would be set up with an investment of Rs27 crore ($6.67 million) to manufacture polymer-based products catering to industrial packaging and lifestyle segments.
German packaging company Mauser AG had also shown interest in the Indian polymer major in a bid to expand its presence in Asia.
“Mauser AG does not have any base or subsidiary anywhere in Asia and are keen to expand through acquisitions in the region in association with our company,” Time Technoplast director (finance), Bharat Vageria, had said last month.