Platinum Industries IPO Day 2: Subscriptions Status, GMP And Other Details

Platinum Industries IPO opened for bidding on Tuesday and was fully subscribed within hours of opening. The ₹235.32 crore IPO continues to see robust interest on Day 2 as well.

Platinum IPO Subscription Status

As of 1:06 pm on the second day of the Platinum Industries IPO, the retail segment was oversubscribed by 17.81 times, while the NII section saw an oversubscription of 24.23 times. The qualified institutional buyers segment has seen subscriptions of 0.10 times.

50% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 35% is for retail investors.

Platinum IPO GMP

Platinum Industries IPO GMP is currently reported at around ₹91. It is a slight dip from the ₹98 reported on Tuesday, when the bidding opened. Considering the upper price band of ₹171, shares of the company could list at ₹262, around 53% premium. It’s important to note that while IPO GMPs can offer insights into market sentiment regarding an IPO, they shouldn’t taken as the sole determinant of the stock’s performance upon listing.

See Also: Exicom IPO GMP, Subscription Status And Other Details

Platinum IPO Details

Platinum Industries IPO is a book-built issue comprising entirely of a fresh issue of 1.38 crore shares. The IPO bidding opened for subscription on February 27, and is scheduled to close on February 29. The Platinum Industries IPO price band is set at ₹162 to ₹171.

Allotments for the Platinum Industries IPO are anticipated to be finalised by Friday, March 1. The IPO is slated to list on both BSE and NSE, with a tentative listing date set for Tuesday, March 5.

Retail investors looking to participate in the IPO must apply for a minimum lot size of 87 shares, requiring a minimum investment of ₹14,877.

Prior to the IPO, the company secured ₹70.6 crore from anchor investors on February 26. Notably, Baring Private Equity India AIF 2 emerged as the largest investor, acquiring 14.62 lakh shares worth ₹25 crore, followed by Elara India Opportunities Fund, which purchased 10.28 lakh shares for ₹17.6 crore.

Platinum Industries, specializing in the manufacturing of PVC stabilizers, CPVC additives, and lubricants, plans to allocate ₹67.72 crore towards establishing a manufacturing facility for PVC stabilizers in Egypt and ₹71.3 crore for a similar unit in Maharashtra’s Palghar. Additionally, ₹30 crore will be earmarked for working capital, with the rest allocated for general corporate purposes.

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Posted In: NewsIPOsPlatinum Industries