Platinum Industries IPO booked 99 times on last day, check subscription details
Upstox
2 min read • Updated: March 1, 2024, 2:33 PM
Summary
The Qualified Institutional Buyers (QIB) portion was oversubscribed by 151 times. The Non-Institutional Investors' (NII) portion was booked a whopping 142 times. Platinum Industries IPO share allotment status is expected to be finalised on Friday, March 1.
Platinum Industries IPO subscription closed with a strong demand on Thursday, February 29, as the initial public offer was oversubscribed by 99 times on the third and last day of bidding.
The IPO, comprising a fresh issue of 1.38 crore shares, is a book-built issue valued at ₹235.32 crore.
Over the last three days, the initial share sale of Platinum Industries received total bids for 95,35,48,362 shares, which is around 99 times higher than the 96,32,988 shares (net of anchor portion) available for subscription to investors, as per NSE data.
The Qualified Institutional Buyers (QIB) portion was oversubscribed by 151 times. The Non-Institutional Investors' (NII) portion was booked a whopping 142 times, while the retail investors' quota saw strong demand with a bid of 40.5 times.
Out of more than 1.37 crore shares on offer, 27,52,375 shares (20%) were reserved for QIBs while over 20.64 lakh shares (15%) were set aside for NIIs. The retail portion comprised 48,16,429 shares (35%) while 41,28,237 shares (30%) for anchor investors.
On Monday, Platinum Industries raised ₹70.59 crore from anchor investors ahead of the opening of the subscription for public investors.
Platinum Industries IPO share allotment and listing
The allotment of shares to successful bidders is likely to be finalised on Friday, March 1, 2024. The shares are expected to be listed on the BSE and NSE on Tuesday, March 5.
Platinum Industries IPO details
Platinum Industries IPO price band was fixed at ₹162-₹171 per share, with a minimum lot size of 87 shares for retail investors. One lot size required an investment of ₹14,877. For Small Non-Institutional Investors (sNII), the minimum lot size investment was set at 14 lots (1,218 shares), totalling ₹208,278. Unistone Capital Pvt Ltd is the book-running lead manager of the issue. Bigshare Services Pvt Ltd is the IPO registrar.
Platinum Industries Limited is a manufacturer of stabilisers. The company specialises in making PVC stabilisers, CPVC additives and lubricants. Its wide range of products are used in PVC pipes, PVC profiles, PVC fittings, electrical wires and cables, SPC floor tiles, Rigid PVC foam boards, and packaging materials, among others.
Platinum Industries' manufacturing facility is located in Palghar, Maharashtra.