Platinum Industries IPO Shares Shines on Debut with 33% Premium

5 Mar 2024 , 09:52 AM

Platinum Industries, a leading manufacturer of PVC stabilizers, CPVC additives, and lubricants, made a remarkable debut on the D-Street, with its shares listing at a significant premium of 33%. On the NSE, the shares commenced trading at ₹225, reflecting a premium of 31% from the issue price of ₹171. Similarly, on the BSE, the shares opened at ₹228, marking a premium of 33.33%.

The Platinum Industries IPO witnessed exceptional demand from investors across categories, resulting in a subscription rate of 99.03 times during the period from February 27 to February 29. Qualified institutional buyers subscribed 151 times the allotted quota, non-institutional investors 141.83 times, and retail investors purchased 50.99 times the reserved portion

The public issue, valued at ₹235.32 Crore, comprised solely of a fresh issue of 1.37 Crore shares by the company, offered within a price band of ₹162-171 per share.

Platinum Industries distinguishes itself as a unique player in PVC stabilizers and lubricants, boasting a diverse range of multi-products. The company is actively expanding its domestic operations and embarking on new projects in Egypt. Notably, Platinum Industries achieved an impressive 111.8% year-on-year growth in consolidated net profit, amounting to ₹37.6 Crore for the fiscal year ended March FY23, with revenue witnessing a robust 23% increase to ₹231.5 Crore.

With a comprehensive product portfolio of specialty chemicals catering to the PVC, CPVC, and lubricants segments, Platinum Industries holds the distinction of being the third-largest player in PVC stabilizers by sales volume, capturing a notable 13% market share in the domestic market. The strong market debut underscores investor confidence in Platinum Industries’ growth trajectory and its strategic positioning within the specialty chemicals sector.