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.
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.
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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.
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 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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