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Platinum Industries IPO is a book-built issue of Rs 235.32 crores. The issue is entirely a fresh issue of 1.38 crore shares.
The IPO opens for subscription on February 27, 2024, and closes on February 29, 2024, and the price band is set at ₹162 to ₹171 per share. The minimum lot size for an application is 87 shares.
Company Summary
This company is a multi-product company engaged in the business of manufacturing stabilizers. The business segment includes PVC stabilizers, CPVC additives, and lubricants.
They operate in the specialty chemicals industry where their products are applied in PVC pipes, PVC profiles, PVC fittings, electrical wires and cables, SPC floor tiles, Rigid PVC foam boards, packaging materials, etc.
The Manufacturing Facility is located at Palghar, Maharashtra which is spread across an aggregate parcel of land measuring about 21,000 square feet and is strategically situated near JNPT (Nhava Sheva) Port, Maharashtra (JNPT) from where they receive the supply of imported raw materials as well as export out finished goods to the international market.
As of May 31st, 2023, the production unit has 71 employees and 17 workers and as of July 2023, the company has twelve distribution centers spread across India.
Company Strengths
According to the CRISIL Report, they are the third largest player in PVC stabilizers in terms of sales with a ~13.00% market share for the financial year 2022-23 in the domestic market.
Amongst the considered peers in the industry, this Company in fiscal 2023 has recorded the highest Revenue CAGR (FY20-FY23) of 48.8%
They have an in-house R&D facility measuring about 3,351.82 square feet situated at village Dhansar, Palghar, Maharashtra with modern equipment and instrumentation including XRF machine, lab extruder, lab mixer, Rheometer, outdoor weathering station, static stability oven, hydraulic press and two-roll mill, that is focused on developing innovative products to suit their customer needs and market demands.
For Fiscal 2023, Fiscal 2022, and Fiscal 2021, the PVC stabilizers product segment generated revenues of ₹1,191.12 million, ₹775.95 million, and ₹520.41 million which represents about 50.89%, 42.09%, and 58.38% of their total revenue from operations for respective periods.
Company Financials
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 137.72 | 121.17 | 84.48 | 32.26 |
| Revenue | 123.73 | 232.56 | 189.24 | 89.53 |
| Profit After Tax | 22.84 | 37.58 | 17.75 | 4.82 |
| Net Worth | 85.04 | 61.88 | 22.34 | 4.47 |
| Reserves and Surplus | 44.86 | 21.80 | 21.28 | 3.53 |
| Total Borrowing | 11.46 | 17.43 | 24.24 | 3.26 |
Amount in ₹ Crore | ||||
Objectives of the issue
The Net Proceeds from the Issue are proposed to be utilized by our Company for the following objects:
- Investment in our Subsidiary, Platinum Stabilizers Egypt LLC, for financing its capital expenditure requirements for setting up a manufacturing facility for PVC Stabilizers at SC Zone, Governorate of Suez, Egypt.
- Funding of capital expenditure requirements of our Companytowards setting up of a manufacturing facility for PVC Stabilizers at Palghar, Maharashtra, India
- Funding working capital requirements of our Company
- General corporate purposes
Promoters of the company:
The Promoters of this company are Krishna Dushyant Rana and Parul Krishna Rana. The Promoters collectively hold an aggregate of 38,987,030 Equity Shares equivalent to 94.72% of the issued, subscribed, and paid-up pre-issue Equity Share capital of the Company
IPO details
| IPO Date | February 27, 2024 to February 29, 2024 |
| Listing Date | Tuesday, March 5, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹162 to ₹171 per share |
| Lot Size | 87 Shares |
| Total Issue Size | 13,761,225 shares (aggregating up to ₹235.32 Cr) |
| Fresh Issue | 13,761,225 shares (aggregating up to ₹235.32 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 87 | ₹14,877 |
| Retail (Max) | 13 | 1131 | ₹193,401 |
| Small-HNI(Min) | 14 | 1218 | ₹208,278 |
| small-HNI(Max) | 67 | 5829 | ₹996,759 |
| Large-HNI (Min) | 68 | 5916 | ₹1,011,636 |
Allotment Schedule
| Basis of Allotment | Friday, March 1, 2024 |
| Initiation of Refunds | Monday, March 4, 2024 |
| The credit of Shares to Demat | Monday, March 4, 2024 |
| Listing Date | Tuesday, March 5, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 29, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
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