Platinum Industries..

Platinum Industries IPO subscribed 22.22 times on Day 2

The Initial Public Offering of Platinum Industries Limited was subscribed 22.22 times on the second day of bidding.

The issue received bids of 21,40,84,467 shares against the offered 96,32,988 equity shares, at a price band of ₹162-171, according to the data available on the stock exchanges.

Non-Institutional Investors Portion was subscribed 42.88 times, Retail Portion was subscribed with 25.56 times, whereas Qualified Institutional Buyer Portion subscribed 0.90 times. The issue kicked off for subscription on Tuesday, February 27, 2024 and will close on Thursday, February 29, 2024.

A day prior to the opening of the issue, Platinum Industries Ltd had raised Rs 70.59 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor were Baring Private Equity India AIF 2, Elara India Opportunities Fund, Saint Capital Fund, Antara India Evergreen Fund Ltd, Nav Capital VCC - NAV Capital Emerging Star Fund, Astorne Capital VCC Arven, Leading Light Fund VCC - The Triumph Fund.

Leading brokerage firms like Ventura Securities, BP Wealth, AnandRathi and Hensex have given a “Subscribe” rating to Platinum Industries Ltd, given its varied and specialized product portfolio catering to diversified industries, in-house R&D capabilities and consistent financial performance. They are the third largest player of PVC stabilizer in terms of sales with an ~13.00% market share for the financial year 2022-23 in the domestic market.

Platinum is also expanding its global market reach by establishing a new manufacturing facility in Egypt and trying to increase its market share both in its domestic and global markets.

Dependence of revenue from few customers, lack of long-term arrangements and an inability to effectively utilize their expanded manufacturing capacities are pointed out as key risks of the company by the brokers.

Unistone Capital Private Limited is the sole book running lead manager and Bigshare Services Private Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

PLATINUM INDUSTRIES LIMITED Last updated on 28 Feb 2024 | 05:00:00 PM Sr.No. Category No.of shares offered / reserved No. of shares bid for No. of times of total meant for the category 1 Qualified Institutional Buyers (QIBs) 27,52,375 24,67,755 0.90 1(a) Foreign Institutional Investors (FIIs) - 4,872 - 1(b) Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) - 13,311 - 1(c) Mutual Funds - - - 1(D) Others - 24,49,572 - 2 Non Institutional Investors(NIIS) 20,64,184 8,85,15,975 42.88 2.1 Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) 13,76,123 4,75,73,079 34.57 2.1(a) Corporates - 5,41,749 - 2.1(b) Individuals (Other than RIIs) - 4,22,38,935 - 2.1(c) Others - 47,92,395 - 2.2 Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) 6,88,061 4,09,42,896 59.50 2.2(a) Corporates - 78,213 - 2.2(b) Individuals (Other than RIIs) - 3,65,84,109 - 2.2(c) Others - 42,80,574 - 3 Retail Individual Investors (RIIs) 48,16,429 12,31,00,737 25.56 3(a) Cut Off - 10,89,15,735 - 3(b) Price Bids - 1,41,85,002 - 4 Employee Reserved - - - 4(a) Employee (Cut off) - - - 4(b) Employee (Price) - - - 5 Reservation PortionShareholder - - - 5(a) RPS (Cut off) - - - 5(b) RPS (Price) - - - Total 96,32,988 21,40,84,467 22.22