Platinum Industries IPO oversubscribed in an hour; Check details here

27 Feb 2024 , 11:18 AM

The initial public offering (IPO) of Platinum Industries commenced today and has garnered a subscription of 1.55 times. The IPO will remain open for subscription until February 29. The company has set the IPO price in the range of ₹162-171 per share for its ₹235 crore issue. Investors can bid for a minimum of 87 equity shares in one lot and in multiples thereof. Investors interested in subscribing to the IPO can click here to do so.

On the first day, the issue received bids for 1,49,60,172 equity shares, surpassing the 96,32,988 shares available for subscription within the first hour. The retail portion of the IPO has been oversubscribed by 2.55 times, while the Non-Institutional Investor (NII) portion has received a subscription of 1.99 times. However, the Qualified Institutional Buyer (QIB) portion has not received any subscriptions yet.

Additionally, the company raised ₹14.3 crore in a pre-IPO placement round, allocating 910,700 shares at a price of ₹157 per share.

Established in 2016, Platinum Industries is a multi-product company engaged in manufacturing stabilizers, including PVC stabilizers, CPVC additives, and lubricants. For the period ended September 30, 2023, the company reported a revenue of ₹129 crore, with a net profit of ₹23 crore during the same period.

Unistone Capital Pvt Ltd is serving as the book-running lead manager of the IPO, while Bigshare Services Pvt Ltd is the registrar.