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Updated March 5th, 2024 at 11:46 IST

Platinum Industries makes strong market debut, lists at 33% premium

Platinum Industries shares were in very high demand during the three-day share sale which ended on February 29.

Reported by: Business Desk
Platinum Industries IPO
Platinum Industries IPO | Image:Unsplash
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Platinum Industries listing: Platinum Industries shares made a strong stock market debut on Tuesday. The stock opened for trading at Rs 228 on the BSE against issue price of Rs 171, marking an upside of 33 per cent. On the National Stock Exchange, Platinum Industries shares opened at Rs 225, marking an upside of 31.57 per cent.

After staging a strong opening, Platinum Industries shares rose as much as 38 per cent to hit an intraday high of Rs 237.

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Platinum Industries shares were in very high demand during the three-day share sale which ended on February 29. The IPO was subscribed a whopping 99 times with all the categories of investors oversubscribing to the issue.

Portion of shares set aside for qualified institutional buyers (QIBs) which include large investors like banks, mutual funds and foreign investors was booked 151 times, pie set aside for non-institutional investors was booked 142 times and shares set aside for retail investors was booked 51 times, data from stock exchanges showed.

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The company sold shares in price band of Rs 162-171 per share and a retail investor was allowed to bid for minimum one lot of 87 shares up to maximum of 13 lots. One lot of Platinum Industries shares at the upper end was priced at Rs 14,877.

Platinum Industries is a company that specialises in producing stabilizers. The company manufactures PVC stabilizers, CPVC additives and lubricants. The company's products are used in PVC pipes, PVC profiles, PVC fittings, electrical wires and cables, SPC floor tiles, Rigid PVC foam boards, packaging materials, etc.

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The manufacturing facility of the company is situated in Palghar and spreads across 21,000 sq. ft. of land.

As of 11:41 am, Platinum Industries shares traded 33 per cent higher from IPO price at Rs 226 on the BSE.
 

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Published March 5th, 2024 at 11:46 IST

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