Platinum Industries IPO Was Subscribed 22.19 Times On Day 2
The IPO was subscribed 22.19 times as of 5:00 p.m. on Wednesday.
Platinum Industries Ltd.'s initial public offering entered its second day on Wednesday after it was subscribed 8.04 times on the previous day.
The IPO, which was launched to raise up to Rs 235.3 crore, comprises a fresh issue of 1.37 crore shares. The company 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 PVC & CPVC additives manufacturer has set a price band of 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 67.7 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 capex requirements 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 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, profiles and fittings; electrical wires and cables; SPC floor tiles, rigid PVC foam boards, packaging materials.
Its manufacturing facility is in Palghar, and it is spread across an aggregate parcel of land measuring about 21,000 sq. ft.
Subscription Status: Day 2
The IPO was subscribed 22.19 times as of 5:00 p.m. on Wednesday.
Institutional investors: 0.90 times or 90%.
Non-institutional investors: 42.85 times.
Retail investors: 25.50 times.
