Platinum Industries IPO Subscription surges on Day 3

29 Feb 2024 , 04:48 AM

The initial public offering (IPO) of Platinum Industries maintained its momentum on the third day of bidding, drawing significant demand, with subscriptions exceeding the shares that were offered by 98.5 times.

The issuance received bids for 94,88,77,158 shares against the 96,32,988 equity shares that were on sale, valued between ₹162-171, according to data from the stock exchanges.

There was a 141.58-time oversubscription in the Non-Institutional Investors portion and a 50.04-time subscription in the Retail portion. On the other hand, the Qualified Institutional Buyer Portion had a 151 times oversubscription rate.

Tuesday, February 27, 2024, marked the start of the IPO auction, which is expected to end on Thursday, February 29, 2024.

Platinum Industries Ltd was able to successfully raise ₹70.59 Crore from anchor investors prior to the IPO launch.

Bigshare Services Private Limited is the registrar of the offer, while Unistone Capital Private Limited is the only book running lead manager for the IPO.

Within the specialty chemicals industry, Platinum Industries specialises in producing lubricants, CPVC additives, and PVC stabilisers. Its product line includes PVC pipes, electrical wires, and packaging materials, among other things, to serve a variety of sectors.

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