I've never really timed my coats, but probably only 10 min or so depending on the size of the area. On bigger areas, I've just gone right back to the front and started over until I got the coverage and thickness I wanted. Just watch it, you can tell when it's wet, dry, or in between. Try to hit it again when it's in between so it's had a chance to tack up and grab onto the surface/previous coat, but still wet enough to flow out nicely.
I've also noticed with this stuff to not freak out if it looks like it has a lot of orange peel after your last coat. It levels out nicely as it dries.