Platinum Industries IPO | Institutional investors pick Rs 71 crore worth shares via anchor book

Stabilizers producer Platinum Industries mobilised Rs 70.6 crore from seven anchor investors on February 26, a day before the issue opening.

The public issue will be opening for subscription on February 27, and the final day for subscription will be February 29.

The company informed exchanges that it has finalised the allocation of 41,28,237 equity shares to anchor investors for Rs 171 per equity share.

Baring Private Equity India AIF 2 was the biggest investor in the anchor book of the company, buying 14.62 lakh shares worth Rs 25 crore, followed by Elara India Opportunities Fund which picked 10.28 lakh shares worth Rs 17.6 crore.

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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 other buyers in the anchor book, investing Rs 28 crore in Platinum Industries.

The company aims to raise Rs 235.32 crore through its public issue which comprises only a fresh issue with no offer-for-sale (OFS) component. The price band for the issue has been fixed at Rs 162-171 per share.

Platinum Industries which manufactures PVC stabilizers, CPVC additives, and lubricants will spend Rs 67.72 crore for setting up a manufacturing facility for PVC stabilizers in Egypt, and Rs 71.3 crore for setting up a manufacturing facility for PVC stabilizers at Palghar, Maharashtra.

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Further, Rs 30 crore will be used for working capital requirements, and the remaining will be kept for general corporate purposes.