Platinum Industries, a company engaged in manufacturing stabilisers, made its Initial Public Offering (IPO) public on Tuesday, February 27.

The IPO of Platinum Industries is valued at Rs 235.32 crores, comprising entirely fresh issue shares amounting to 1.38 crore shares. Opening for subscription on February 27, 2024, the IPO will close on February 29, 2024.

The allotment process is expected to be finalised on Friday, March 1, 2024, with a tentative listing date on BSE and NSE scheduled for Tuesday, March 5, 2024.

With a price band set between Rs162 to Rs 171 per share, the minimum lot size for the application is 87 shares, requiring a minimum investment of Rs14,877 for retail investors. For sNII investors, the minimum lot size is 14 lots (equivalent to 1,218 shares) amounting to Rs 208,278, and for bNII investors, it stands at 68 lots (equivalent to 5,916 shares) and totals Rs 1,011,636.

Unistone Capital Pvt Ltd is acting as the book running lead manager for the IPO, while Bigshare Services Pvt Ltd is the registrar.

The latest Grey Market Premium (GMP) for Platinum Industries IPO stands at Rs 100, as of the last update on February 27th, 2024, at 09:28 AM. With the price band set at Rs 171.00, the estimated listing price for Platinum Industries IPO would be Rs 271 (maximum price + today’s GMP). This suggests a potential gain/loss of approximately 58.48 per cent per share.

Platinum Industries has garnered Rs. 70.59 crores from anchor investors, allocating 41,28,237 equity shares at Rs. 171 per share on Monday, February 26, 2024.

Among the participating anchor investors 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, and Leading Light Fund VCC – The Triumph Fund.

Established in August 2016, Platinum Industries is a multi-product company focused on manufacturing stabilisers, particularly PVC stabilisers. These chemical additives enhance the performance and durability of PVC-based products like pipes, fittings, electrical wires, cables, and more. The company operates in the speciality chemicals industry and boasts a diverse product portfolio including PVC stabilisers, CPVC additives, and lubricants.

Operating out of a manufacturing facility in Palghar, Maharashtra, spanning 21,000 sq. ft., Platinum Industries has 12 distribution centres across India as of July 2023.

The proceeds from the IPO are intended for various purposes including investment in subsidiaries, funding capital expenditure requirements for manufacturing facilities, working capital needs, and general corporate purposes.