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Business News/ Markets / Ipo/  Platinum Industries IPO Day 2: Issue subscribed 22.22 times, NIIs, retail portion sees strong demand; check GMP
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Platinum Industries IPO Day 2: Issue subscribed 22.22 times, NIIs, retail portion sees strong demand; check GMP

Platinum Industries IPO, worth ₹235.32 crore, is a fresh issue. Platinum IPO GMP is +100, indicating a premium of ₹100 in the grey market. Anand Rathi recommends a 'Subscribe-Long Term' rating. The IPO saw strong subscription on the second day, with retail and NII portions oversubscribed.

Platinum Industries IPO opens for subscription on Tuesday, February 27, and will close on Thursday, February 29. (https://platinumindustriesltd.com/)Premium
Platinum Industries IPO opens for subscription on Tuesday, February 27, and will close on Thursday, February 29. (https://platinumindustriesltd.com/)

 Platinum Industries IPO continues to pick up momentum on the second day of subscription. Platinum Industries IPO subscription status on day 2 is 22.22 times, as per BSE data. Platinum IPO's retail portion has been subscribed 25.56 times, the NII portion was booked 42.88 times, and Qualified Institutional Buyers (QIBs) portion is booked 90%.

Platinum Industries IPO was fully booked within the first hour of its opening owing to strong response from retail investors and non institutional investors (NIIs). Platinum IPO subscription status was 8.06 times, as per BSE data.

Also Read: Platinum Industries IPO opens today: Check latest GMP, subscription status, review, key dates, more. Apply or not?

Platinum IPO's retail portion was subscribed 10.26 times, the NII portion was booked 13.60 times, and Qualified Institutional Buyers (QIBs) portion is booked 7%.

Platinum Industries IPO has opened for bidding today (Tuesday, February 27), and will close on Thursday, February 29. Platinum IPO raised 70.59 crore from anchor investors on Monday, February 26.

Platinum Industries IPO price band has been fixed in the range of 162 to 171 per equity share of face value of 10. Platinum Industries IPO lot size is 87 equity shares and in multiples of 87 equity shares thereafter.

Platinum IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.

Also Read: Platinum Industries garners 70.59 crore from anchor investors ahead of IPO

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A multi-product firm, Platinum Industries is in the stabiliser manufacturing sector. The business segment of Platinum Industries consists of lubricants, CPVC additives, and PVC stabilisers. Platinum Industries works in the market for specialty chemicals. PVC fittings, PVC profiles, SPC floor tiles, rigid PVC foam boards, electrical lines and cables, packaging materials, and other items are among the uses for the company's products.

Platinum Industries IPO details.
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Platinum Industries IPO details.

Platinum Industries IPO subscription status

Platinum Industries IPO has received bids for 21,40,84,467 shares against 96,32,988 shares on offer, according to data from the BSE.

Platinum IPO retail investors' portion received bids for 12,31,00,737 shares against 48,16,429 shares on offer for this segment.

Platinum Industries IPO's non-institutional investors' portion received bids for 8,85,15,975 shares against 20,64,184 on offer for this segment.

Platinum IPO's QIBs portion have received 24,67,755 shares against 27,52,375 shares on offer for this segment.

Also Read: Platinum Industries IPO : Here are 10 key risks from the RHP you should know before subscribing

Platinum Industries IPO details

Platinum Industries IPO, which is worth 235.32 crore, completely comprises a fresh issue, and there is no offer-for-sale component.

The company intends to use the net proceeds from the offering for the following purposes: investing in Platinum Stabilisers Egypt LLC, its subsidiary; financing working capital needs; funding capital expenditures required for the establishment of a PVC stabiliser manufacturing facility in Palghar, Maharashtra, India; and general corporate purposes.

The company's promoters are managing director Krishna Dushyant Rana and executive director Parul Krishna Rana.

Bigshare Services Pvt Ltd is the registrar for the Platinum Industries IPO, while Unistone Capital Pvt Ltd is the book running lead manager.

Platinum Industries IPO GMP today

Platinum IPO GMP today or Platinum grey market premium is +100. This indicates Platinum Industries share price were trading at a premium of 100 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the Platinum Industries IPO expected listing price was indicated at 271 apiece, which is 58.48% higher than the IPO price of 171.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Platinum Industries IPO Review

Anand Rathi Share and Stock Brokers Ltd

"The Company has grown from commencing from 2 products portfolio to a multi-product manufacturing company with sales across India and in international markets. It is into manufacturing of various important industrial products like PVC Stabilizers, lubricants etc. along with strong R&D capabilities.

At the upper price band company is valuing at P/E of 25.0X, with a market cap of 9,392.1 million post issue of equity shares and return on net worth of 61.26%.

We believe that valuations of the company is fairly priced and recommend a “Subscribe-Long Term" rating to the IPO," the brokerage said.

Also Read: Platinum Industries IPO fully booked in less than an hour of opening; retail, NII portion gets full subscription

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 28 Feb 2024, 12:58 PM IST
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