Platinum Industries IPO price band has been fixed in the range of ₹162 to ₹171 per equity share of face value of ₹10. Platinum Industries IPO lot size is 87 equity shares and in multiples of 87 equity shares thereafter.
Platinum IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.
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Tentatively, Platinum Industries IPO basis of allotment of shares will be finalised on Friday, March 1 and the company will initiate refunds on Monday, March 4, while the shares will be credited to the demat account of allottees on the same day. Platinum IPO shares are likely to be listed on BSE and NSE on Tuesday, March 5.
Also Read: Platinum Industries garners ₹70.59 crore from anchor investors ahead of IPO
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A multi-product firm, Platinum Industries is in the stabiliser manufacturing sector. The business segment of Platinum Industries consists of lubricants, CPVC additives, and PVC stabilisers. Platinum Industries works in the market for specialty chemicals. PVC fittings, PVC profiles, SPC floor tiles, rigid PVC foam boards, electrical lines and cables, packaging materials, and other items are among the uses for the company’s products.
As per the company’s red herring prospectus (RHP), its listed peers are Supreme Petrochem Ltd (with a P/E of 24.39) and Apcotex Industries Ltd (with a P/E of 22.36).
Platinum Industries IPO Subscription Status
Platinum Industries IPO was fully booked within the first hour of its opening led by retail and non institutional investors. Platinum IPO subscription status was 8.06 times, as per BSE data.
Platinum IPO’s retail portion was subscribed 10.26 times, the NII portion was booked 13.60 times, and Qualified Institutional Buyers (QIBs) portion is booked 7%.
Platinum Industries IPO has received bids for 7,76,58,636 shares against 96,32,988 shares on offer, according to data from the BSE.
Platinum Industries IPO details
Platinum Industries IPO, which is worth ₹235.32 crore, completely comprises a fresh issue, and there is no offer-for-sale component.
The company intends to use the net proceeds from the offering for the following purposes: investing in Platinum Stabilisers Egypt LLC, its subsidiary; financing working capital needs; funding capital expenditures required for the establishment of a PVC stabiliser manufacturing facility in Palghar, Maharashtra, India; and general corporate purposes.
The company’s promoters are managing director Krishna Dushyant Rana and executive director Parul Krishna Rana.
Bigshare Services Pvt Ltd is the registrar for the Platinum Industries IPO, while Unistone Capital Pvt Ltd is the book running lead manager.
Also Read: Platinum Industries IPO opens tomorrow; GMP, issue details, 10 key things to know before subscribing to ₹235-cr issue
Platinum Industries IPO GMP today
Platinum IPO GMP today or grey market premium is +100. This indicates Platinum Industries share price were trading at a premium of ₹100 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Platinum Industries share price was indicated at ₹271 apiece, which is 58.48% higher than the IPO price of ₹171.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Platinum Industries IPO Review
Dilip Davda
“The company is a multi-product player in PVC stabilizers, lubricants etc. and has created a niche place with innovative quality products that brings high margins. The company posted growth in its top and bottom lines and the management is confident of maintaining the trends in coming years. Though on the basis of FY24 annualised earnings the issue appears fully priced, it is worth grabbing for the medium to long term rewards considering bright prospects ahead and its timely expansion plans,” said Dilip Davda, the contributing editor at Chittorgarh.
Master Capital Services Ltd
The brokerage claims that Platinum Industries has expanded from its initial two-product line to a multi-product manufacturing business with sales in both domestic and foreign markets. The firm intends to grow its production capabilities in order to reach a wider worldwide market. Through its subsidiary, the corporation is now establishing a new production plant in Egypt. The firm continuously looks for ways to expand the applications of its goods so that it may serve clients from a variety of sectors and grow its market share.
“The company is in the process of establishing another facility at Palghar, Maharashtra to streamline production and increase capacity engaged in the manufacture of non-lead-based stabilisers. Investors looking to invest can invest in this IPO with a medium to long term perspective,” said Vishnu Kant Upadhyay, Assistant Vice President – Research & Advisory at Master Capital Services Ltd.
Also Read: Platinum Industries IPO opens next week. GMP, review, size, other details about upcoming IPO
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 27 Feb 2024, 08:46 AM IST
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