PVC & CPVC additives maker’s issue subscribed 8 times on Day 1
MUMBAI, Feb 27 (The CONNECT) – The Initial Public Offering of PVC & CPVC additives maker Platinum Industries Limited, which opened today, was subscribed 8.05 times.
The company is the third largest player of PVC stabilizer in terms of sales with an ~13.00% market share for the financial year 2022-23 in the domestic market, according to the CRISIL Report mentioned in the offer document
The issue received bids of 7,75,29,006 shares against the offered 96,32,988 equity shares, at a price band of ₹162-171, according to the data available on the stock exchanges.
Non-institutional investors portion was subscribed 13.59 times and retail segment 10.23 times. Qualified Institutional Buyers just started chipping in for the issue that will close on Thursday, February 29, 2024.
The company raised Rs 70.59 crores from anchor investors yesterday. Foreign and domestic institutions which participated in the anchor were Baring Private Equity India AIF 2, Elara India Opportunities Fund, Saint Capital Fund, Antara India Evergreen Fund Ltd, Nav Capital VCC – NAV Capital Emerging Star Fund, Astorne Capital VCC Arven, Leading Light Fund VCC – The Triumph Fund.
Leading brokerage firms such as Ventura Securities, BP Wealth, AnandRathi and Hensex have given a “Subscribe” rating to issue, based on Platinum Industries’ varied and specialized product portfolio catering to diversified industries, in-house R&D capabilities and consistent financial performance.
Platinum is also expanding its global market reach by establishing a new manufacturing facility in Egypt and trying to increase its market share both in its domestic and global markets.
Unistone Capital Private Limited is the sole book running lead manager and Bigshare Services Private Limited is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.
Platinum Industries, a multi-product company engaged in the business of manufacturing stabilizers, which includes PVC stabilizers, CPVC additives and lubricants, operates in the speciality chemicals industry. Its product range serves various applications in PVC pipes, PVC profiles, PVC fittings, electrical wires and cables, SPC floor tiles, Rigid PVC foam boards, packaging materials, etc.
The Company’s has a business model aimed at consistently expanding its product portfolio by introducing new products to cater to multiple end-use applications. With a strong emphasis on product quality and a robust distributor network, the company has established a reputable brand image, facilitating penetration into new product segments.
PVC stabilizers and CPVC additives are chemical substances used in the production of polyvinyl chloride (PVC) and chlorinated polyvinyl chloride (CPVC) based products, respectively. PVC stabilizers enhance the performance and durability of PVC materials, while CPVC additives improve heat and chemical resistance, enabling CPVC to withstand higher temperatures and exposure to various chemicals and corrosive substances.
