Platinum Industries Ltd.'s initial public offering was subscribed 8.04 times on the first day on Tuesday.
The IPO, which was launched to raise up to Rs 235.3 crore, comprises a fresh issue of 1.37 crore shares and has allotted a pre-IPO placement of 9.1 lakh equity shares by way of a private placement at an issue price of Rs 157 apiece.
The price band is set at Rs 166 to Rs 171 per share, with a minimum application lot size of 87 shares. The three-day issue will close on Thursday.
The book-running lead manager for the issue is Unistone Capital Pvt. and the shares will be listed on the National Stock Exchange and the BSE.
The company mopped up Rs 70.6 crore from anchor investors a day before its IPO. The company allotted 41.2 lakh equity shares to seven funds at Rs 171 apiece.
Issue Details
Issue opens: Feb. 27.
Issue closes: Feb. 29.
Total issue size: Rs 235.3 crore.
Face value: Rs 10 apiece.
Fixed price band: Rs 166–171 per share.
Minimum lot size: 87 shares.
Listing: NSE and BSE.
Use Of Proceeds
The net proceeds from the issue will be utilised towards:
Proceeds worth Rs 67.72 will be invested in Platinum Stabilizers Egypt LLC for financing its capital expenditure requirements in relation to the setting up of the proposed facility.
Proceeds worth Rs 71.2 will be invested in funding of capital expenditure requirements of the company towards setting up of the proposed second facility in Palghar, Maharashtra.
Proceeds worth Rs 30 crore will be used for funding working capital requirements.
Business
Platinum Industries operates in the speciality chemicals industry and is engaged in manufacturing stabilisers with the business segments of PVC stabilisers, CPVC additives and lubricants.
The company's products find application in PVC pipes, PVC profiles, PVC fittings, electrical wires and cables, SPC floor tiles, rigid PVC foam boards, packaging materials.
It has its manufacturing facility in Palghar and it is spread across an aggregate parcel of land admeasuring about 21,000 sq. ft.
Subscription Status: Day 1
The IPO was subscribed 8.04 times as of 5 p.m. on Tuesday.
Institutional investors: 0.07 times or 7%.
Non-institutional investors: 13.58 times.
Retail investors: 10.21 times.
Also Read: RK Swamy To Launch IPO On Mar 4
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