Platinum Industries IPO opens for subscription: Check key details here
Upstox
3 min read • Updated: February 27, 2024, 1:56 PM
Summary
The Platinum Industries IPO price band has been fixed at ₹162-171 per share with a lot size is 87 shares. The IPO received bumper response on Day 1 with overall subscription of 3.9 times.
It’s a busy week for primary markets once again, with as many as six initial public offerings (IPOs) hitting Dalal Street. One of the key public issues to watch out for investors would be the Platinum Industries IPO that is open for subscription on Tuesday, February 27.
If you are planning to subscribe to shares of stabiliser manufacturer Platinum Industries Ltd, here’s a look at all the key details from price to lot size.
Platinum Industries IPO subscription date, issue size and price band
The Platinum Industries IPO will remain open for bidding from February 27 to February 29. The share allocation to anchor investors is slated for February 26, Monday. After the close of bidding, the Platinum Industries IPO share allotment process is likely to be finalised on Friday, March 1.
Shares are expected to be credited in the demat accounts of successful bidders by March 4. The listing of the Platinum Industries stock on both Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) is likely on Tuesday, March 5.
The Platinum Industries IPO is a 100% book-built issue. The ₹235-crore IPO comprises entirely a fresh issuance of 1.38 crore shares of ₹10 face value each, with no offer for sale (OFS) component.
The Platinum Industries IPO price band has been fixed at ₹162-171 per share. The lot size is 87 shares, which means investors can bid for a minimum of 87 equity shares and in multiples thereafter.
This translates into a minimum application amount of ₹14,877 for retail investors, considering the upper end of the price band.
Platinum Industries IPO details
Platinum Industries plans to use the net proceeds from the IPO in its subsidiary Platinum Stabilizers Egypt Llc in order to fund its capex requirements.
A portion of the public issue proceeds will be utilised towards the company’s capital expenditure requirements towards setting up of a manufacturing facility for PVC stabilisers at Palghar, Maharashtra.
Besides that, a part of the IPO proceeds would go towards funding working capital requirements of the company and general corporate purposes.
Notably, the company has already raised ₹14.3 crore in a pre-IPO placement round, during which it allotted 9.1 lakh shares at a price of ₹157 per unit.
Platinum Industries has appointed Unistone Capital Pvt. Ltd as the book-running lead manager of the issue, while Bigshare Services Pvt. Ltd is the official registrar of the IPO.
About Platinum Industries
Incorporated in 2016, Platinum Industries is a leading PVC and CPVC additives manufacturer in India. According to a Crisil report, it is positioned third in the domestic market in terms of sales of PVC stabilisers.
The company manufactures a range of products which include lead-free stabiliser for PVC, hybrid low lead PVC stabiliser, Highstab PVC stabiliser (calcium organic stabilisers, calcium zinc stabilisers), one pack stabilisers for PVC pipe, CPVC additives and lubricants. The company also provides customised products and solutions to its customers. The company’s major clientele includes marquee pipe manufacturers in India.
For the financial year 2023, the company posted consolidated revenue of over ₹234 crore, registering a compounded annual growth rate (CAGR) of 43.8% during FY20-FY23. Its profit after tax (PAT) stood at ₹36.2 crore, with CAGR of 185.6% during FY20-FY23. To know more and apply, click here.