Platinum Industries Shares End At 29% Premium Over IPO Price

Shares of Platinum Industries Ltd. ended on the BSE on Tuesday at Rs 220.9 per share, a premium of 29.18% over the IPO price of Rs 171 apiece.

On the National Stock Exchange, the stock ended at Rs 221.5 apiece, a premium of 29.5%.

The shares were listed at Rs 228 apiece on the BSE, a premium of 33.3% over their IPO price. On the NSE, the stock debuted at Rs 225, a 31.5% premium.

The Rs 235.3-crore IPO was subscribed 2.08 times on its third and final day. Bids were led by institutional investors (151 times), retail investors (50.99 times), and non-institutional investors (141.83 times).

Platinum operates in the speciality chemicals industry and is engaged in manufacturing stabilisers with the business segments of PVC stabilisers, CPVC additives and lubricants.

The company's products find application in PVC pipes, profiles and fittings; electrical wires and cables; SPC floor tiles, rigid PVC foam boards, packaging materials.

Its manufacturing facility is in Palghar, and it is spread across an aggregate parcel of land measuring about 21,000 sq. ft.

"We are extremely positive about how the company is taking the industry ahead," Krishna Rana, chairperson of Platinum Industries, told NDTV Profit in an interview. "There are no peers that are listed. We will be the first movers in the industry to take this step going forward with a public issue."

The PVC industry is witnessing a phenomenal demand with government support and schemes, Rana said. He is very bullish on the growth of the company as the demand for the product will only increase.

The company will clock in a 11–14% PAT returns going forward, Rana said.