Platinum Industries IPO Secures Rs 70.6 Crore from Anchor Investors

27 Feb 2024 , 08:49 AM

Platinum Industries, a manufacturer of PVC stabilizers, CPVC additives, and lubricants, garnered ₹70.6 Crore from seven anchor investors on February 26th, the day before their public issue opened.

The public offering, opening for subscription on February 27th and closing on February 29th, aims to raise ₹235.32 Crore through a fresh issue of shares, with no offer-for-sale component included. The price band has been set at ₹162-171 per share.

Key takeaways:

• Anchor Investors: Platinum secured investments from Baring Private Equity India AIF 2, Elara India Opportunities Fund, and five other entities.
• Funds Secured: The total investment from anchor investors reached ₹70.6 Crore, allocated across 41,28,237 equity shares at ₹171 per share.
• IPO Funds: The company aims to raise ₹235.32 Crore through the public issue.
• Fund Usage: The proceeds will be used for setting up manufacturing facilities in Egypt and Maharashtra, along with working capital and general corporate purposes.