Calcutta, May 21: Mumbai-based Time Technoplast has entered the capital market to raise Rs 123 crore through an initial public offering.

The company, which manufactures polymer products such as plastic drums, containers and pails, will issue 39 lakh shares.

The issue proceeds will be used to set up manufacturing units at home and abroad.

Part of the money will be used to pick up the 49 per cent stake in Singapore-based Mauser Holding Asia Pte Ltd held by Time Securities Services Ltd, the promoter company.

Mauser Holding is an investment company, floated as a joint venture with Mauser of Germany, to acquire companies outside India.

As on March 31 this year, the promoters hold a 62.44 per cent stake in Time Technoplast, which also has a technical collaboration with Mauser of Germany.

It plans to set up a manufacturing unit at Thane for disposable medical devices and an injection moulding unit in Silivassa.

On the radar is a packaging product manufacturing plant, which will be set up by its wholly owned subsidiary Elan Incorporated, in Sharjah and a plastic auto-component facility by Novo Tech SPZoo, another subsidiary, in Poland.

The Sharjah plant will make plastic drums, pales and containers.

Time Mauser Industries is another joint venture with Mauser in which Time Technoplast holds a 49 per cent stake.

The German partner holds the majority stake.

Time Mauser Industries makes bulk plastic containers of 1,000-litre size.

Last year, the company acquired a 75 per cent stake in Taniwala Polycontainers, a BSE-listed company, with loans from from the IL&FS.

“Part of the issue proceeds (Rs 36 crore) will be used to repay the loan we had taken from IL&FS for the acquisition,” said Bharat Vageria, a promoter-director of Time Technoplast.

The price band for the public issue, which closes on May 23, has been fixed at Rs 290 and Rs 315.