The initial public offering (IPO) of Platinum Industries will open for bidding on Tuesday, February 27. Investors can subscribe to the issue by bidding in the range of Rs 162-171 apiece.
Read More: Juniper Hotels IPO: Check latest subscription, GMP
Investors can subscribe to the issue by bidding for a minimum of 87 equity shares and its multiples thereafter until Thursday, February 29.
Platinum Industries, incorporated in August 2016, specializes in producing stabilizers. The company manufactures PVC stabilizers, CPVC additives and lubricants. The company’s products are used in PVC pipes, PVC profiles, PVC fittings, electrical wires and cables, SPC floor tiles, Rigid PVC foam boards, packaging materials and more.
The company is looking to raise a total of Rs 235.32 crore via IPO route, which is entirely a sale of 1,37,61,225 fresh shares. The company, in consultation with BRLMs, have undertaken a pre-IPO placement of Rs 9,10.700 equity shares at an issue price of Rs 157 apiece amounting to Rs 14.3 crore. Anchor book for the issue shall open on Monday, February 26.
Read More: Orient Technologies files for IPO. All you need to know
The net proceeds from the issue shall be utilized towards Investment in the subsidiary, Platinum Stabilizers Egypt; funding of capital expenditure requirements of the company towards setting up of a manufacturing facility for PVC Stabilizers at Palghar, Maharashtra, India; funding working capital requirements; and general corporate purposes.
The manufacturing facility of Platinum Industries is situated in Palghar, Maharashtra, which is spread across 21,000 square feet of land. The company has twelve distribution centres spread across India as of July 2023.
Platinum Industries has reserved 50 per cent of the net offer for qualified institutional investors (QIBs), while non-institutional investors (NIIs) will have 15 per cent of shares reserved for them. Retail investors will have 35 per cent of the net issue reserved for them.
Read More: GPT Healthcare IPO Opens For Subscription From Today: Key Points To Know
Unistone Capital is the sole book running lead manager of the Platinum Industries IPO, while Bigshare Services is the registrar for the issue. Shares of the company will be listed at both BSE and NSE with March 5, Tuesday as the tentative date of debut.
