Shares Platinum Industries Ltd made a less-than-expected listing at Dalal Street on Tuesday as the stock debuted at a premium of 33.33 per cent to Rs 228 on the BSE. However, the street was expecting a better listing pop as signaled by the grey market market, where it was commanding a premium of Rs 85-90 per share suggesting about 50 per cent upside to the investors. Platinum Industries debuted at Rs 225 on the NSE, up 31 per cent from its issue price of Rs 171 apiece. Platinum Industries sold its IPO with a price range of Rs 162-Rs 171 per share. The bidding process ran from February 27 to February 29. The company raised a total of Rs 235.32 crore through its primary offering, which consisted entirely of fresh share sales, totaling 1,37,61,225 equity shares. The IPO received strong interest, subscribing 99.03 times, led by robust bidding from qualified institutional bidders (QIBs), whose quota was subscribed 151 times. The non-institutional investor (NII) quota was subscribed 141.83 times, while the portion set aside for retail investors was subscribed 50.99 times. Platinum Industries was incorporated in August 2016 and it specialises in the production of stabilisers. The company manufactures PVC stabilisers, CPVC additives, and lubricants, which find applications in various industries such as PVC pipes, profiles, fittings, electrical wires and cables, SPC floor tiles, rigid PVC foam boards, packaging materials, and more.
Brokerage firms largely had a positive outlook on the issue. Unistone Capital served as the sole book running lead manager for the Platinum Industries IPO, while Bigshare Services is enacted as the registrar for the issue.