Platinum Industries garners ₹70.59 crore from anchor investors ahead of IPO

Platinum Industries, which is a multi-product company engaged in the business of manufacturing stabilizers, said on Monday that it has garnered ₹70.59 crores from anchor investors ahead of its initial public offering that opens for public subscription on Tuesday, February 27, 2024. 

The company informed the bourses, in an exchange filing, that it allocated 41,28,237 equity shares at 171 per share on Monday, February 26, 2024, to seven anchor investors.

Also read: Platinum Industries IPO opens tomorrow; GMP, issue details, 10 key things to know before subscribing to ₹235-cr issue

Foreign and Domestic Institutions who 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. 

Platinum Industries IPO details

The issue consists of a fresh issue of equity shares up to 13.76 million with no offer for sale (OFS) component.

The company is proposing to open its initial public offering of equity shares on Tuesday, February 27, 2024, and closes on Thursday, February 29, 2024. The price band for the Issue has been determined at ₹162 – ₹171 per equity share.

Also read: Platinum Industries IPO opens next week. GMP, review, size, other details about upcoming IPO

The IPO will fetch ₹235.32 crore at the upper end of the price band.

Investors can bid for a minimum of 87 equity shares and in multiples of 87 equity shares thereafter.

The issue is being made through the book building process, wherein not more than 50 percent of the Issue shall be available for allocation to Qualified Institutional Buyers, not less than 15 percent of the issue shall be available for allocation to Non-Institutional Bidders and not less than 35 percent of the issue shall be available for allocation to retail individual bidders.