Platinum Industries IPO allotment status: Check application, latest GMP and listing date

Platinum Industries is scheduled to finalise the basis of allotment of its shares most likely on Friday, March 1. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate over the extended weekend or by Monday. The stabilizers had received a robust response from the investors.

Platinum Industries sold its IPO in the price band of Rs 162-171 per share with a lot size of 87 shares, which was open for bidding between February 27 and February 29. The company aimed to raise around Rs 235.32 crore from its primary offering, which was entirely a fresh share sale of 13,761,225 equity shares.

The issue was overall subscribed a solid 99.03 times, thanks to strong bidding from qualified institutional bidders (QIBs), whose allocation was booked a whopping 151 times. The quota for non-institutional investors (NIIs) was subscribed 141.83 times, and the portion of retail investors was subscribed 50.99 times during the bidding process.

Grey market premium (GMP) of Platinum Industries has seen some correction since the bidding for the has closed. Last heard, the company was commanding a premium of Rs 88-90 per share in the unofficial market, suggesting a listing pop of 50-52 per cent for the investors. However, the premium  stood at Rs 100 apiece  before the bidding commenced.
 

Platinum Industries, which was incorporated in August 2016, specializes in producing stabilizers. 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.

Brokerage firms, tracking the issue were mostly positive on the issue of electrical appliances and products, which has been able to fetch 'subscribe' ratings on the back of its strong growth potential, expansion in the global markets, reasonable valuations and sound track record over the years.
 

Unistone Capital is the sole book running lead manager of the Platinum Industries IPO, while Bigshare Services is the registrar for the issue. Shares of the company will be listed at both BSE and NSE with March 5, Tuesday as the tentative date of debut on the bourses.

Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity
3) Under the issue name, select Platinum Industries Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit

Investors can also check the allotment status on the online portal of Bigshare Services Limited (https://ipo.bigshareonline.com/IPO_Status.html), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.

1) Go to the web portal of Bigshare Services Private Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You shall be required to select either one of the three modes: Application number/CAF No, Beneficiary ID, or PAN ID.
4) Enter the details of the mode you selected in Step 2
5) For security purposes, fill the captcha accurately
6) Hit Search to know your allotment status.

 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.