IPO Carnival Continues: All Time Plastics, Scoda Tubes, and Dev Accelerator File DRHP with SEBI
All Time Plastics Ltd, Scoda Tubes Ltd, and Dev Accelerator Ltd (DevX) have filed their draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to prepare for their initial public offerings (IPOs). This indicates that the excitement around IPOs is likely to continue, as many companies are now seeking to go public.
On September 30, 2024, a record 17 IPO DRHPs were filed in a single day, the highest ever. This shows that the IPO market is very active right now.
All Time Plastics IPO
All Time Plastics aims to raise up to ₹350 crore by issuing new shares and offering up to 5,250,000 existing shares for sale. The company plans to use this money to:
- Pay off some debts of ₹120 crore
- Buy equipment for its new Manekpur Facility, which will cost around ₹133.73 crore
- Cover general business expenses
As of fiscal 2023, All Time Plastics is the second-largest player in India’s plastic consumer goods market. With over 13 years of experience, the company specializes in producing everyday plastic items and white-label products for other brands. They also market their own brand, “All Time Branded Products.”
The lead managers for this IPO are DAM Capital Advisors Ltd and Intensive Fiscal Services Private Ltd.
Scoda Tubes IPO
Scoda Tubes plans to raise up to ₹275 crore by issuing new equity shares. The funds will be used to:
- Increase production of seamless and welded tubes and pipes
- Meet additional working capital needs
- Cover general corporate expenses
Scoda Tubes has over 14 years of experience in making stainless steel pipes and tubes. Their products are classified into two main categories: seamless and welded tubes/pipes.
The sole lead manager for this IPO is Monarch Networth Capital.
Dev Accelerator IPO
Dev Accelerator aims to raise funds by issuing up to 24,700,000 equity shares with a face value of ₹2 each. They plan to use the money for:
- Setting up new centres
- Paying off some debts, including redeeming non-convertible debentures
- General business purposes
According to a JLL report, DevX is a leading operator of flexible workspaces in tier 2 cities in India. They provide tailored office solutions and have 25 centres across 11 cities, serving over 230 clients as of August 31, 2024.
Pantomath Capital Advisors Private Ltd is the sole lead manager for this IPO.
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