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Business News/ Markets / Ipo/  Platinum Industries share price makes a positive debut, stock opens with 31.58% premium at 225 on NSE
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Platinum Industries share price makes a positive debut, stock opens with 31.58% premium at ₹225 on NSE

Platinum Industries share price opened at ₹225 per share, 31.58% higher than the issue price of ₹171.

Platinum Industries share price lists on the bourses today. (Platinum Industries Ltd facebook handle)Premium
Platinum Industries share price lists on the bourses today. (Platinum Industries Ltd facebook handle)

Platinum Industries share price made a positive debut on the bourses today. On NSE, Platinum Industries share price opened at 225 per share, 31.58% higher than the issue price of 171. On BSE, Platinum Industries share price today opened at 228 apiece, up 33.33% than the issue price.

Experts anticipated Platinum Industries share price to list in the range of 245 to 259 per share range.

Also Read: Platinum Industries IPO listing date today. GMP, experts see debut of shares at 50% premium

Platinum Industries IPO received positive response. The issue on the first day was fully booked within the first hour of its opening owing to strong response from retail investors and non institutional investors (NIIs).

On the third day, Platinum Industries IPO subscription status was 99.03 times, as per BSE data. Platinum IPO's retail portion was subscribed 50.99 times, the NII portion was booked 141.83 times, and Qualified Institutional Buyers (QIBs) portion was booked 151 times.

Also Read: Platinum Industries IPO allotment status out. GMP jumps as focus shifts on share listing date

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Platinum Industries IPO details.
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Platinum Industries IPO details.

Platinum Industries IPO opened for bidding on Tuesday, February 27, and closed on Thursday, February 29. Platinum IPO raised 70.59 crore from anchor investors on Monday, February 26.

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

It 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 IPO to debut on bourses tomorrow; Here’s what GMP hints ahead of Platinum IPO listing date

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.

Also Read: Platinum Industries IPO oversubscribed on day 3 led by NII, retail investors; check GMP, subscription status, key dates.

Platinum Industries IPO GMP today

Platinum IPO GMP today or Platinum grey market premium is +87. This indicates Platinum Industries share price were trading at a premium of 87 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 258 apiece, which is 50.88% higher than the IPO price of 171.

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

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: 05 Mar 2024, 10:03 AM IST
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