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Business News/ Markets / Ipo/  Platinum Industries sets price band at 162-171 for its 235 crore IPO
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Platinum Industries sets price band at ₹162-171 for its ₹235 crore IPO

Mumbai-based stabiliser manufacturer Platinum Industries Ltd has set a price band of ₹162-171 per share for its ₹235 crore initial public offering (IPO). The issue will open for subscription on February 27 and close on February 29.

Mumbai-based stabiliser manufacturer Platinum Industries Ltd has set a price band of ₹162-171 per share for its ₹235 crore initial public offering (IPO). The issue will open for subscription on February 27 and close on February 29. (iStock)Premium
Mumbai-based stabiliser manufacturer Platinum Industries Ltd has set a price band of 162-171 per share for its 235 crore initial public offering (IPO). The issue will open for subscription on February 27 and close on February 29. (iStock)

Mumbai-based stabiliser manufacturer Platinum Industries Ltd has set a price band of 162-171 per share for its 235 crore initial public offering (IPO). The issue will open for subscription on February 27 and close on February 29.

The IPO is completely a fresh equity sale of 1.37 crore shares with no offer-for-sale component.

The company has also undertaken a pre-IPO placement of 9,10.700 equity shares at an issue price of 157 apiece amounting to 14.3 crore. Meanwhile, the anchor book of the IPO will open a day before the IPO, on February 26.

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Incorporated in August 2016, Platinum Industries operates in the speciality chemicals industry. The company manufactures PVC stabilizers, CPVC additives and lubricants. The company's products are used in PVC pipes, PVC profiles, PVC fittings, electrical wires and cables, SPC floor tiles, Rigid PVC foam boards, packaging materials and more. The firm does not have listed peers that exclusively undertakes the manufacturing of PVC stabilizers and CPVC additives.

Proceeds from the issue will be used to invest in its arm Platinum Stabilizers Egypt LLC for financing its capital expenditure requirements in relation to the setting up of a manufacturing facility for PVC Stabilizers at SC Zone in Egypt. The firm will also use funding of capital expenditure requirements of the company towards setting up of a manufacturing facility for PVC Stabilizers at Palghar and other working capital requirements.

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Platinum Industries has reserved 50 percent of the net offer for qualified institutional investors (QIBs), while non-institutional investors (NIIs) will have 15 percent of shares reserved for them. Retail investors will have 35 percent of the net issue reserved for them.

The minimum lot size for an application is 87 Shares. Investors can bid for a minimum of 87 shares and in multiples thereof. The minimum amount of investment required by retail investors is 14,877.

In FY23, the company's net profit surged 112 percent year on year (YoY) to 37.5 crore. Meanwhile, its total income increased 23 percent YoY to 232 crore. For the six months ended September 2023, total income stood at 123.7 crore and profit was at 22.8 crore.

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Unistone Capital is the book-running lead manager for the IPO while Bigshare Services is the registrar.

The allotment will be on February 29 and refunds will be on March 4. The shares of the company will be listed on the exchanges on March 5.

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Published: 22 Feb 2024, 01:06 PM IST
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