Platinum Industries IPO Lists at 31.58% Premium Over Issue Price

Platinum Industries IPO Lists at 31.58% Premium Over Issue Price
Platinum Industries IPO Lists at 31.58% Premium Over Issue Price

by Tanushree Jaiswal Last Updated: Mar 05, 2024 - 01:17 pm 523 Views
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Strong listing for Platinum Industries IPO

Platinum Industries Ltd is a leading manufacturer of PVC stabilizers, CPVC additives and lubricants witnessed a robust debut on the stock exchanges today. The company's shares opened at impressive premiums on National Stock Exchange and the Bombay Stock Exchange indicating strong investor interest. On NSE Platinum Industries shares began trading at ₹225 per share marking a remarkable 31.58% increase over the issue price of ₹171. Similarly, on BSE the stock opened at ₹228 per share reflecting a 33.33% surge compared to the issue price. Market experts had anticipated Platinum Industries' share price to debut in the range of ₹245 to ₹259 per share underlining the high expectations surrounding the company's IPO.

Platinum Industries IPO Subscription and IPO Details

During the IPO period which concluded recently Platinum Industries IPO witnessed overwhelming demand from investors. The subscription status on the third day stood at an impressive 99.03 times as per data from the BSE. Retail portion was subscribed 50.99 times while non institutional investors (NIIs) showed remarkable interest with a subscription rate of 141.83 times. Qualified Institutional Buyers (QIBs) also demonstrated strong confidence with their portion being oversubscribed by 151 times.

Check out complete details on Platinum Industries IPO Subscription Status

Platinum Industries IPO comprised a fresh issue of 1.37 crore shares at a price band of ₹162-171 per share. The company's decision to enter the capital market received a positive response with the IPO fully booked within the first hour of opening driven by enthusiastic participation from retail and non institutional investors.

The company has laid out strategic plans for utilizing the funds raised through the IPO. A portion amounting to ₹67.72 crore will be allocated towards establishing a manufacturing facility for PVC stabilizers in Egypt through its subsidiary Platinum Stabilizers Egypt LLC. And ₹71.26 crore will be used to establish a new manufacturing facility for PVC stabilizers in Maharashtra. A further ₹30 crore will be earmarked to meet working capital requirements ensuring smooth operations and growth initiatives.

Read more about Platinum Industries IPO

Platinum Industries specializes in the production of PVC stabilizers, CPVC additives and lubricants which find extensive application in various industries such as PVC pipes, electrical wires and cables, PVC fittings and more. With a manufacturing unit already established in Palghar, Maharashtra the company is poised to expand its footprint and cater to the growing demand for its products.

To Summarize

Platinum Industries' successful stock market debut coupled with its robust subscription figures during the IPO highlights investor confidence in the company's growth prospects and strategic initiatives. As it moves forward with its expansion plans and product diversification all eyes will be on Platinum Industries as it seeks to capitalize on emerging opportunities in the market.
 

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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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