Platinum Industries IPO Launching Soon!
Mumbai-based stabilizer manufacturer Platinum Industries is all set to launch its IPO. The price band for this IPO has been set. The IPO will open for subscription on February 27th, with anchor investors opening on February 26th. Only new shares will be issued under this IPO.
The ₹235.32 crore IPO of Platinum Industries will be open for subscription from February 27th to 29th. The price band for this IPO has been set at ₹162-171. The lot size is 87 shares. The IPO is reserved for 50% qualified institutional buyers (QIB), 35% non-institutional investors (NII), and 15% retail investors.
After the success of the IPO, the allocation of shares will be finalized on March 1st. The company’s shares will be listed on the BSE and NSE on March 5th. A total of 1,37,61,225 new shares will be issued under the IPO.
The funds raised through the IPO will be used for investment in Platinum Stabilizers in Egypt, setting up manufacturing facilities for PVC stabilizers in Palghar, meeting working capital requirements, and general corporate purposes.
Platinum Industries specializes in the chemical industry. The company manufactures PVC stabilizers, CPVC additives and lubricants, PVC fittings, electrical wires and cables, SPVC floor tiles, rigid PVC foam boards, and packaging materials. Currently, there is no company listed in the domestic market that manufactures PVC stabilizers and CPVC additives.
The promoters hold a 94.74% stake in the company. The financial health of the company is continuously improving. The net profit for FY21 was ₹4.82 crore, which increased to ₹17.75 crore in FY22 and ₹37.58 crore in FY23. During this period, the company’s revenue also increased to ₹232.56 crore, with a CAGR of over 61% in the financial year 23.
In the first half of the current financial year 2023-24, the company has posted a net profit of ₹22.84 crore and revenue of ₹123.73 crore.
Get ready to invest in the Platinum Industries IPO! 🚀💰📈
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