Platinum Industries Gears Up for ₹235 Crore IPO: Sets Issue Price at ₹162-171 per share

22 Feb 2024 , 09:48 AM

Platinum Industries is all set to launch its Initial Public Offering (IPO) as a book built issue worth ₹235.32 Crores, comprising entirely of fresh issue shares amounting to 1.38 Crore.

• IPO subscription period: February 27, 2024, to February 29, 2024. Allotment expected by March 1, 2024.
• Listing on BSE and NSE: March 5, 2024.
• Price band: ₹162 to ₹171 per share. Minimum lot size: 87 shares, requiring ₹14,877 for retail investors.
• Significant investment thresholds: sNII – 14 lots (1,218 shares) totaling ₹208,278; bNII – 68 lots (5,916 shares) totaling ₹1,011,636.
• Distribution of shares: QIBs up to 50% of net issue, retail investors guaranteed minimum 35%, NII (HNI) investors entitled to at least 15%.
• IPO proceeds allocated for:
  • Investment in subsidiary Platinum Stabilizers Egypt LLC (PSEL) for setting up a manufacturing facility in the Governorate of Suez, Egypt.
  • Capital expenditure for establishing a manufacturing facility for PVC stabilizers in Palghar, Maharashtra, India.
  • Meeting working capital requirements and general corporate purposes.

Established in August 2016, Platinum Industries Limited specializes in the production of stabilizers, with a focus on manufacturing PVC stabilizers, CPVC additives, and lubricants. Its diverse range of products finds application in various sectors including PVC pipes, profiles, fittings, electrical wires, cables, SPC floor tiles, rigid PVC foam boards, and packaging materials. Situated in Palghar, Maharashtra, the company’s manufacturing facility spans across 21,000 sq. ft. of land.

Unistone Capital Pvt Ltd is designated as the book running lead manager for the IPO, with Bigshare Services Pvt Ltd serving as the registrar for the issue.