The Rs 235.32-crore Platinum Industries IPO was subscribed 4.93 times on February 27, the first day of bidding. The retail portion was booked 6.9 times and high net-worth individuals picked 6.93 times their allotted quota of shares.
The price band for the offer, purely a fresh issue of 1.37 crore shares, has been fixed at Rs 162-171 a share.
About 50 percent of the offer, the second to open for subscription along with that of Exicom Tele-Systems, is reserved for qualified institutional buyers, 15 percent for non-institutional investors and the remaining 35 percent for retail investors.
Also Read: Platinum Industries IPO: 10 things to know before subscribing to the Rs 235-cr issue
Platinum Industries, which manufactures PVC stabilizers, CPVC additives, and lubricants, will spend Rs 67.72 crore to set up a manufacturing facility for PVC stabilisers in Egypt, and Rs 71.3 crore for a similar unit in Maharashtra's Palghar.
A sum of Rs 30 crore will be set aside as working capital and the remaining for general corporate purposes, the company has said.
Unistone Capital Pvt Ltd is the book-running lead manager of the Platinum Industries IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.
Ahead of the IPO, the company mobilised Rs 70.6 crore from seven anchor investors on February 26. Baring Private Equity India AIF 2 was the biggest investor in the anchor book, buying 14.62 lakh shares worth Rs 25 crore, followed by Elara India Opportunities Fund which picked 10.28 lakh shares for Rs 17.6 crore.
Also Read: Platinum Industries IPO | Institutional investors pick Rs 71 crore worth shares via anchor book
Saint Capital Fund, Leading Light Fund VCC - The Triumph Fund, Antara India Evergreen Fund, NAV Capital Emerging Star Fund, and Astorne Capital VCC Arven were the other buyers in the anchor book, investing Rs 28 crore in Platinum Industries.
Platinum Industries is a specialised firm focusing on the production of stabilisers. Its products are used in PVC pipes, PVC profiles, PVC fittings, electrical wires and cables, SPC floor tiles, Rigid PVC foam boards, packaging materials, etc.
The bidding will close on February 29.
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