Platinum Industries IPO Day 2: Check Subscription Status, GMP Today

Platinum Industries IPO: The initial public offering of Platinum Industries Ltd, which was opened for public subscription on Tuesday, has received a decent response from investors. Till 5:25 pm on the second day of bidding on Wednesday, February 28, the Rs 235.32-crore IPO received 22.27 times subscription, garnering bids for 21,45,51,744 shares as against 96,32,988 shares on offer.

The Platinum Industries IPO will be closed on February 29.

The retail category has received 25.64 times subscription and the non-institutional quota got 42.92 times subscription. The qualified institutional buyer (QIB) category received 0.90 times subscription.

The allotment of the Platinum Industries IPO will take place on March 1, while its listing will take place on the NSE SME on March 5.

Platinum Industries IPO GMP Today

According to market observers, unlisted shares of Platinum Industries Ltd are trading Rs 91 higher in the grey market as compared with its issue price. The Rs 91 grey market premium or GMP means the grey market is expecting a 53.22 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Platinum Industries IPO Details

The Platinum Industries IPO is entirely a fresh issue of 1.38 crore shares. The price band of the IPO has been fixed at Rs 162 to Rs 171 per share.

The minimum lot size for an application is 87 shares. The minimum amount of investment required by retail investors is Rs 14,877. The minimum lot size investment for small NII is 14 lots (1,218 shares), amounting to Rs 2,08,278, and for big NII, it is 68 lots (5,916 shares), amounting to Rs 10,11,636.

Unistone Capital Pvt Ltd is the book-running lead manager of the Platinum Industries IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.