Platinum Industries IPO Allotment Status

Platinum Industries IPO Allotment Status
Platinum Industries IPO Allotment Status

by Tanushree Jaiswal Last Updated: Mar 05, 2024 - 10:15 am 555 Views
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About the Platinum Industries Ltd IPO

The stock of Platinum Industries Ltd has a face value of ₹10 per share and the price band for the book building IPO has been set in the range of ₹162 to ₹171 per share. The IPO of Platinum Industries Ltd will be entirely a fresh issue of shares and no offer for sale (OFS) component in the IPO. The fresh issue tends to bring in fresh funds into the company, but is also EPS and equity dilutive. On the other hand, OFS is just a transfer of ownership. The fresh issue portion of the Platinum Industries IPO comprises the issue of 1,37,61,225 shares (137.61 lakh shares approximately), which at the upper price band of ₹171 per share will translate into a fresh issue size of ₹235.32 crore. Since there is no offer for sale (OFS) portion, the fresh issue size will double up as the overall issue size too. 

Thus, overall IPO of Platinum Industries Ltd will comprise of the issue of 1,37,61,225 shares (137.61 lakh shares approximately) which at the upper end of the price band of ₹171 per share aggregates to total issue size of ₹235.32 crore. The IPO of Platinum Industries Ltd will be listed on the NSE and the BSE on the IPO mainboard. The fresh funds will be used to invest in the subsidiary, Platinum Stabilizers Egypt LLC for capex needs, capex for current Palghar unit, and for funding working capital needs. Promoters currently hold 94.74% in the company, which will get diluted post the IPO to 71.00%. The IPO will be lead managed by Unistone Capital Private Ltd, while Bigshare Services Private Ltd will be the IPO registrar.

If you have applied for the IPO, there are two ways that you can check your allotment status online. You can either check your allotment status on the BSE (Bombay Stock Exchange) website or the on the website of the IPO registrar, Bigshare Services Private Limited. Here are the steps that you need to follow to check allotment status.
Checking the allotment status of Platinum Industries Ltd IPO on BSE website
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. You can still access the allotment status on the website of BSE India as under. Visit the BSE link for the IPO allotment by clicking on the link below 

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow.
    • Under Issue Type – Select Equity Option
    • Under Issue Name – Select Platinum Industries Ltd from the drop down box
    • Enter the Application Number exactly as in the acknowledgement slip
    • Enter the PAN (10-digit alphanumeric) number
    • Once this is done, you need to click on the Captcha to verify that you are not a robot
    • Finally click on the Search Button

In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters. You can either input the application number or you can input your PAN.
Once the data is inputted and the captcha verification is done, the allotment status will be displayed on the screen in front of you informing about the number of shares of Platinum Industries Ltd allotted into your demat account. It is suggested that you take a screenshot of this output page and store for future reference. You can verify the demat credit by the close of 04th February 2024.

Checking the allotment status on the website of Bigshare Services Private Limited (Registrar to IPO)

Visit the Bigshare Services registrar website for IPO status by clicking on the link below:

https://www.bigshareonline.com/ipo_Allotment.html

There are three things to remember. Firstly, you can just click on the hyper link given above and directly go to the allotment checking page. The second option, in case you are not able to click on the link, is to copy the link and paste in your web browser. Thirdly, there also a way to access this page via the home page of Bigshare Services Private Ltd by clicking on the IPO Allotment Status link displayed prominently on the home page. It all works the same.

Here you are given the choice to select 3 servers viz. Server 1, Server 2, and Server 3. There is nothing to be confused, as these are just server backups in case one of the servers is experiencing too much traffic. You can select any of these 3 servers and in case you are finding problems accessing one of the servers, then try the other one. There is no difference, which server you select.

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Platinum Industries Ltd from the dropdown box. The allotment status will be finalized on 01st March 2024, so in this case, you can access the details on the registrar website either late on 01st March 2024 or by middle of 02nd March 2024. Once the company is selected from the dropdown box, you have 3 methods to check the allotment status for the IPO. 

• Firstly, you can access with Application Number / CAF Number. Enter the Application / CAF number and then click on Search Button. Enter the application exactly it is given in the acknowledgement slip.

• Secondly, you can search by Beneficiary ID of your demat account. From the dropdown box, you must first select the depository name where the account is held i.e. NSDL or CDSL. In the case of NSDL, enter the DP id and Client id in separate boxes as provided. In case of CDSL, just enter the CDSL client number. Remember that the NSDL string is alphanumeric while the CDSL string is numeric. After that you can click the Search Button in both cases.

• Thirdly, you can also search by Income Tax PAN number. Once you select PAN from the dropdown menu, enter your 10-digit PAN number, which is an alphanumeric code. The PAN number will be available on your PAN card or on top of your income tax returns filed. Once you enter the PAN, click on the Search Button.
The IPO status with number of shares of Platinum Industries Ltd allotted will be displayed on the screen. You can save a screenshot of the screen for future reference. Once again, you can verify the demat credit by the close of 04th March 2024. The stock of Platinum Industries Ltd will appear in the demat account under the ISIN Number (INE0PT501018).

Subscription status for the Platinum Industries Ltd IPO

One of the key determinants of your allotment is the extent of subscription for various categories. Here is the final subscription status of the Platinum Industries Ltd IPO as at close on 29th February 2024, at 18.00 hours.

Category Subscription Status
Qualified Institutional Buyers (QIB) 151.00 Times
S (HNI) ₹2 lakhs to ₹10 lakhs 148.49
B (HNI) Above ₹10 lakhs 138.46
Non Institutional Investors (NII) 141.80 Times
Retail Individuals 50.92 Times
Employees Not Applicable
Overall Subscription 98.99 times

The issue was open for QIBs (qualified institutional buyers), retail investors and for the HNI / NIIs. There was a broad quota designed for each of the segments viz. the QIBs, the retail and the HNI NII. The table below captures the allocation reservation done for each of the categories.

Category of Investors Allocation of shares under IPO
Anchor Allocation 41,28,237 shares (30.00%)
QIB Shares Offered 27,52,375 shares (20.00%)
NII (HNI) Shares Offered 20,64,184 shares (15.00%)
Retail Shares Offered 48,16,429 shares (35.00%)
Total Shares Offered 1,37,61,225 shares (100.00%)

The response to the IPO of Platinum Industries Ltd was strong overall, and it was also quite strong for the retail portion and the HNI portions. The retail subscription of 50.92 times gives a rather low opportunity of allotment in the IPO. However, the investors can still be hopeful since the SEBI norms on retail IPO allotment focuses on trying to allot the basic lot size to as many unique investors as possible. The same can be checked using the allotment checking modus operandi explained above. You just need to wait for the basis of allotment to be finalized on 01st March 2024 and then the actual picture will be clear to you.

Next steps after the closure of the Platinum Industries Ltd IPO

The issue opened for subscription on 27th February 2024 and closed for subscription on 29th February 2024 (both days inclusive). The basis of allotment will be finalized on 01st March 2024 and the refunds will be initiated on 04th March 2024. In addition, the demat credits are expected to also happen on 04th March 2024 and the stock will list on 05th March 2024 on the NSE and the BSE. Platinum Industries Ltd will test the appetite for such industrial support stocks in India. The credits to the demat account to the extent of shares allotted will happen by the close of 04th March 2024 under ISIN (INE0PT501018).

Investors would do well to remember that the level of subscription is very material as it determines the chances of getting allotment. Normally, higher the subscription ratio, lower the chances of allotment and vice versa. In this case, the subscription levels have been very high in the IPO; both in the Retail segment and also in the HNI / NII segment. Investors in the IPO need to assess their chances of allotment accordingly. The final status will be known once the basis of allotment is finalized and uploaded for you to check. You can apply the above allotment checking process flow after the basis of allotment is finalized.

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.

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Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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