Platinum Industries sets price band at ₹162-171 for its ₹235 crore IPO
₹162-171 per share for its ₹235 crore initial public offering (IPO). The issue will open for subscription on February 27 and close on February 29. The IPO is completely a fresh equity sale of 1.37 crore shares with no offer-for-sale component.
The company has also undertaken a pre-IPO placement of ₹9,10.700 equity shares at an issue price of ₹157 apiece amounting to ₹14.3 crore. Meanwhile, the anchor book of the IPO will open a day before the IPO, on February 26. Incorporated in August 2016, Platinum Industries operates in the speciality chemicals industry.
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 firm does not have listed peers that exclusively undertakes the manufacturing of PVC stabilizers and CPVC additives.
Proceeds from the issue will be used to invest in its arm Platinum Stabilizers Egypt LLC for financing its capital expenditure requirements in relation to the setting up of a manufacturing facility for PVC Stabilizers at SC Zone in Egypt. The firm will also use funding of capital expenditure requirements of the company towards setting up of a manufacturing facility for PVC Stabilizers at Palghar and other working capital requirements. Platinum Industries has reserved 50 percent of the net offer for qualified institutional investors (QIBs), while non-institutional investors (NIIs) will have 15 percent of shares reserved for them.
Retail investors will have 35 percent of the net issue reserved for them. The minimum lot size for an application is 87 Shares. Investors can bid for a minimum of 87 shares and in
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