Platinum Industries jumps on debut

Shares of Platinum Industries were currently trading at Rs 221.10 at 10:23 IST on the BSE, representing a premium of 29.3% as compared with the issue price of Rs 171.

The scrip was listed at Rs 228, exhibiting a premium of 33.33% to the issue price.

So far, the stock has hit a high of 237 and a low of 219. On the BSE, over 2.73 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Platinum was subscribed 99.03 times. The issue opened for bidding on 27 February 2024 and it closed on 29 February 2024. The price band of the IPO was fixed at Rs 162 to 171 per share.

The offer comprised fresh issue of 1,37,61,225 equity shares aggregating Rs 235 crore on upper price band.

The company proposed to utilize the net proceeds from the fresh issue towards investment in platinum Stabilizers Egypt for financing its capital expenditure requirements of Rs 67.72 crore to set up the proposed facility in Egypt, funding of capital expenditure of Rs 71.26 crore to set up the proposed facility in Palghar, funding working capital requirements of Rs 30 crore and the balance towards general corporate expenses.

Platinum Industries was incorporated in 2016, it is a multi-product company in the business of manufacturing stabilizers. The company's business segment includes PVC (polyvinyl chloride) stabilizers, CPVC (chlorinated polyvinyl chloride) additives and lubricants. It operates in the speciality chemicals industry. Its products find application in PVC pipes, PVC profiles, PVC fittings, electrical wires and cables, SPC (stone plastic composite) floor tiles, rigid PVC foam boards, and packaging materials.

The firm reported a net profit of Rs 22.84 crore and total income of Rs 122.82 crore for the six months ended on 30 September 2023.

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