Platinum Industries IPO opens tomorrow; GMP, issue details, 10 key things to know before subscribing to ₹235-cr issue

The company’s promoters are managing director Krishna Dushyant Rana and executive director Parul Krishna Rana.

Also Read:  Platinum Industries sets price band at ₹162-171 for its ₹235 crore IPO

The production plant of Platinum Industries is situated in Palghar, Maharashtra, and has an area of around 21,000 square feet.

Furthermore, the business is now constructing a new manufacturing plant in Palghar. It will employ people to produce PVC stabilisers (which are not lead-based) and will occupy an area of land of around 14,800 square metres.

Through its subsidiary Platinum Stabilisers Egypt LLC, the company plans to start a PVC stabiliser production project in Egypt. The project will be distributed across an approximate 10,000 square metre total land area.

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As per the company’s red herring prospectus (RHP), its listed peers are Supreme Petrochem Ltd (with a P/E of 24.39) and Apcotex Industries Ltd (with a P/E of 22.36).

Between March 31, 2022, and March 31, 2023, Platinum Industries Limited’s profit after tax (PAT) climbed by 111.76% while its revenue increased by 22.89%.

Also Read: Platinum Industries IPO opens next week. GMP, review, size, other details about upcoming IPO

Here are the 10 key things to know about Platinum Industries IPO: 

Platinum Industries IPO date: Platinum IPO opens for subscription on Tuesday, February 27, and closes on Thursday, February 29.

Platinum Industries IPO price band: Platinum IPO price band has been fixed in the range of ₹162 to ₹171 per equity share of face value of ₹10.

Platinum IPO lot size: Platinum Industries IPO lot size is 87 equity shares and in multiples of 87 equity shares thereafter.

Anchor investors: The allocation to anchor investors for Platinum Industries IPO is scheduled to take place today (Monday, February 26).

Platinum IPO details: Platinum Industries IPO, which is worth ₹235.32 crore, completely comprises a fresh issue, and there is no offer-for-sale component.

Platinum Industries IPO objectives: The company intends to use the net proceeds from the offering for the following purposes: investing in Platinum Stabilisers Egypt LLC, its subsidiary; financing working capital needs; funding capital expenditures required for the establishment of a PVC stabiliser manufacturing facility in Palghar, Maharashtra, India; and general corporate purposes.

Also Read: TPEML IPO: Tata Electric Vehicle Unit eyes $1-2 billion IPO in FY25-26, says report

Platinum IPO listing date and allotment details: Tentatively, Platinum Industries IPO basis of allotment of shares will be finalised on Friday, March 1 and the company will initiate refunds on Monday, March 4, while the shares will be credited to the demat account of allottees on the same day. Platinum IPO shares are likely to be listed on BSE and NSE on Tuesday, March 5.

Lead Manager and Registrar of Platinum Industries IPO: Bigshare Services Pvt Ltd is the registrar for the Platinum Industries IPO, while Unistone Capital Pvt Ltd is the book running lead manager.

Platinum Industries IPO reservation: Platinum IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.

Platinum Industries IPO GMP today: Platinum IPO GMP today or grey market premium is +101. This indicates Platinum Industries share price were trading at a premium of ₹101 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Platinum Industries share price was indicated at ₹272 apiece, which is 59.06% higher than the IPO price of ₹171.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Also Read: Mukka Proteins IPO: Price band set at ₹26-28 apiece, check issue size, key dates, more

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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Published: 26 Feb 2024, 05:53 PM IST