Platinum Industries IPO Witnesses Strong Response from Investors

The Platinum Industries IPO has opened for subscription, drawing in a robust response from investors in the market. The company managed to raise ₹70.59 crore from anchor investors ahead of the official opening.

Platinum Industries has set a price band for its IPO, aiming to offer shares in the range of ₹162 to ₹171 per equity share. The lot size for the IPO is set at 87 equity shares with multiples thereafter.

The public issue has reserved portions for different categories of investors – 50% for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Investors.

Tentatively, the allotment of shares for the Platinum Industries IPO is expected to be finalized and refunds initiated in early March, followed by the listing on the NSE and BSE.

Platinum Industries operates in the stabilizer manufacturing sector, with a diversified product range that includes lubricants, CPVC additives, and PVC stabilizers for various applications.

Notable listed peers of Platinum Industries include Supreme Petrochem Ltd and Apcotex Industries Ltd, providing insights into the company’s positioning within the industry.

The IPO subscription status indicates a strong interest from retail and non-institutional investors, with the retail portion being subscribed over 6 times and the NII portion 6.19 times.

The IPO proceeds will be utilized for expanding the company’s subsidiary, financing working capital needs, setting up manufacturing facilities, and general corporate purposes.

Experts and analysts, including Dilip Davda and Vishnu Kant Upadhyay, have shared positive views on the IPO, highlighting the company’s growth potential and strategic expansion plans.