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IPO Centre - IPO News
01-Mar-2024     16:48
Platinum Industries IPO ends with stellar subscription
The initial public offer (IPO) of Platinum Industries received 95,39,60,046 bids for shares as against 96,32,988 shares on offer. The issue was subscribed 99.03 times

The Qualified Institutional Buyers (QIBs) category was subscribed 151 times. The Non Institutional Investors (NIIs) category was subscribed 141.83 times. The Retail Individual Investors (RIIs) category was subscribed 50.99 times.

The issue opened for bidding on 27 February 2024 and it closed on 29 February 2024. The price band of the IPO was fixed at Rs 162 to 171 per share.

The offer comprised fresh issue of 1,37,61,225 equity shares aggregating Rs 235 crore on upper price band.

The company proposed to utilize the net proceeds from the fresh issue towards investment in platinum Stabilizers Egypt for financing its capital expenditure requirements of Rs 67.72 crore to set up the proposed facility in Egypt, funding of capital expenditure of Rs 71.26 crore to set up the proposed facility in Palghar, funding working capital requirements of Rs 30 crore and the balance towards general corporate expenses.

Ahead of the IPO, Platinum Industries on Monday, 26 February 2024 raised Rs 70.59 crore from anchor investors. The board allotted 41.28 lakh shares at Rs 171 each to 7 anchor investors.

Platinum Industries was incorporated in 2016, it is a multi-product company in the business of manufacturing stabilizers. The company's business segment includes PVC (polyvinyl chloride) stabilizers, CPVC (chlorinated polyvinyl chloride) additives and lubricants. It operates in the speciality chemicals industry. Its products find application in PVC pipes, PVC profiles, PVC fittings, electrical wires and cables, SPC (stone plastic composite) floor tiles, rigid PVC foam boards, and packaging materials.

The firm reported a net profit of Rs 22.84 crore and total income of Rs 122.82 crore for the six months ended on 30 September 2023.

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