Platinum Industries IPO Records Decent Response, Oversubscribed in Retail and Non-Institutional Categories

27 Feb 2024 , 03:30 AM

The IPO of Platinum Industries Ltd opened for public subscription on February 27 and will close on February 29. Response from investors has been decent, with the retail category oversubscribed by 8.10 times and the non-institutional quota by 8.65 times. The qualified institutional buyer (QIB) category, however, received minimal subscription at 0.02 times. Click here for more information.

Allotment of the IPO is scheduled for March 1, with listing on both NSE SME platforms on March 5. The IPO consists of a fresh issue of 1.38 Crore shares with a price band of ₹162 to ₹171 per share.

Retail investors need a minimum investment of ₹14,877, while small and big non-institutional investors need ₹2,08,278 and ₹10,11,636, respectively.

Unistone Capital Pvt Ltd is the book-running lead manager, and Bigshare Services Pvt Ltd is the registrar for the issue.

Platinum Industries has expanded its product portfolio and sales across India and international markets, focusing on industrial products like PVC Stabilizers and lubricants, supported by strong R&D capabilities.

In FY23, the company’s total income grew by 23% YoY to ₹232 Crore, with net profit increasing by 112% to ₹37.5 Crore. For the six months ended September 2023, total income was ₹123.7 Crore, and profit stood at ₹22.8 Crore.

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