Time Technoplast lists at 55% premium on NSE

Plastic products manufacturer Time Technoplast today got listed on the National Stock Excahnge (NSE) at Rs 490, a 55% premium, against its issue price of Rs 315.

At 1300 hrs, the stock was trading at Rs 469. The stock opened at Rs 490 and touched high of Rs 499, backed by heavy buying at the counter. Nearly 86 lakh shares changed hands on the exchange with a total turnover of Rs 408 crore.

The company had come out with an IPO of 39,21,500 equity shares. The issue received good response from the institutional investors and was subscribed 49.55 times.

The proceeds of the IPO will be used to finance company's upcoming projects including its Himachal Pradesh-based facility for manufacturing disposable medical devices and an integrated injection moulding facility at Silvassa.