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Time Technoplast IPO ended with 49.45 times subscription. The issue received total bids for 19.39 crore shares from total issue size of 39.21 lakh shares. (17:00 IST)
On previous day (23 May 2007), The total bids in Qualified Institutional Buyers (QIBs) category were 1.83 crore shares. In this category the Foreign Institutional Investors (FIIs) bid for 1.64 crore shares and Mutual Funds bid for 18.88 lakh shares. There were no bids by Domestic Financial Institutions in the issue.
The HNIs bid for 19,500 shares. The retail investors bid for 5.47 lakh shares, of which 4.69 lakh shares were bid at cut off price and 78,060 shares were bid at price.
The issue closes on 23 May 2007. The IPO is priced between Rs 290 - Rs 315 per share.
The proceeds of the issue would be deployed for setting up a unit to make medical devices and expand operations in Sharjah and Poland.
Time's products cater to the packaging, lifestyle, auto components, healthcare and construction sectors.
The company plans to set up a plant in Sharjah for Rs 27 crore to manufacture polymer-based products catering to industrial packaging and lifestyle segments.
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