Platinum Industries, a company specializing in the manufacturing of stabilizers, initiated its Initial Public Offering (IPO) on Tuesday, February 27, with a subscription period spanning till February 29, 2024.
As of February 27, 2024, 11:43 am, the IPO has been oversubscribed by 2.13 times. Notably, subscriptions were recorded at 3.05 times in the retail category, 0.00 times in QIB, and 2.84 times in the NII category.
The Platinum Industries IPO is valued at Rs 235.32 crores and comprises solely fresh issue shares, totaling 1.38 crore shares. Commencing its subscription on February 27, 2024, the IPO is slated to conclude on February 29, 2024, with the allotment process anticipated to conclude by Friday, March 1, 2024.
The company intends to list its shares on both the BSE and NSE on Tuesday, March 5, 2024.
Regarding subscription recommendations, Vishnu Kant Upadhyay, Assistant Vice President - Research & Advisory at Master Capital Services Ltd., suggested considering the IPO from a medium to long-term perspective.
Similarly, a report from Master Capital Services Limited endorsed subscribing to the IPO for the long term, citing Platinum Industries' growth trajectory from a two-product portfolio to a multi-product manufacturing entity with a global market presence.
Anand Rathi's report issued a "Subscribe-Long Term" rating to the IPO, factoring in the company's valuation and return on net worth.
The latest Grey Market Premium (GMP) for Platinum Industries IPO stands at Rs 100 as of the last update on February 27th, 2024, at 09:28 AM. With the price band set between Rs 162 to Rs 171 per share, the estimated listing price for Platinum Industries IPO is projected to be Rs 271 (maximum price + today's GMP), indicating a potential gain/loss of approximately 58.48 percent per share.
Key particulars of the IPO include a price band between Rs 162 to Rs 171 per share, necessitating a minimum investment of Rs 14,877 for retail investors, with a minimum lot size of 87 shares. For sNII investors, the minimum lot size is 14 lots (equivalent to 1,218 shares), amounting to Rs 208,278, and for bNII investors, it stands at 68 lots (equivalent to 5,916 shares) totaling Rs 1,011,636.
Unistone Capital Pvt Ltd is serving as the book-running lead manager for the IPO, while Bigshare Services Pvt Ltd is the registrar.
Established in August 2016, Platinum Industries specializes in manufacturing stabilizers, particularly PVC stabilizers, chemical additives that enhance the performance and durability of PVC-based products such as pipes, fittings, electrical wires, and cables. Operating in the specialty chemicals industry, the company boasts a diverse product portfolio, including PVC stabilizers, CPVC additives, and lubricants.
