The Platinum Industries IPO is scheduled to make its debut on the stock market tomorrow, March 5. The share allotment for the IPO was finalized on March 1, and today, March 4, shares will be credited to demat accounts for those who were allotted shares. For those who didn’t get any shares, the refund process will also happen today.
Investors showed a lot of interest in the Platinum Industries IPO during the three days it was open for bidding. By the end of Day 3, the subscription status was an impressive 99.03 times, according to BSE data.
The IPO opened for bidding on February 27 and closed on February 29. Platinum Industries raised ₹70.59 crore from anchor investors on February 26.
The Grey Market Premium (GMP) for Platinum Industries IPO today is +85, meaning shares are trading at a premium of ₹85 in the grey market, according to investorgain.com. This suggests that the expected listing price could be ₹85 higher than the IPO price of ₹171, indicating a 49.71% increase.
Looking at the last 35 sessions of grey market activities, today’s GMP is on an upward trend, hinting at a strong listing. The GMP ranges from ₹0 to ₹100, according to analysts at investorgain.com.
The ‘Grey Market Premium’ essentially shows investors’ willingness to pay more than the issue price.
Platinum Industries IPO, valued at ₹235.32 crore, consists entirely of a fresh issue with no offer-for-sale component. The company plans to use the net proceeds for various purposes, including investing in its subsidiary, Platinum Stabilisers Egypt LLC, and funding capital expenditures for a PVC stabilizer manufacturing facility in Palghar, Maharashtra, India.
The IPO price band was set between ₹162 to ₹171 per equity share with a lot size of 87 equity shares, and multiples of 87 thereafter. The public issue reserved not more than 50% of shares for Qualified Institutional Buyers (QIB), at least 15% for Non-Institutional Investors (NII), and a minimum of 35% for Retail Investors. The promoters of Platinum Industries are Krishna Dushyant Rana and Parul Krishna Rana. Bigshare Services Pvt Ltd is the IPO registrar, and Unistone Capital Pvt Ltd is the book running lead manager.
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