Platinum Industries makes an impressive debut on the exchange; lists at 33.33% premium
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Shares of Platinum Industries made an impressive debut on the exchange by listing at a premium of 33.33%, higher than the issue price of Rs 171.
The scrip listed Rs 228 per share on BSE and Rs 225 per share on NSE, at a premium of 33.33% and 31.58% respectively. The company's share price closed at Rs 220.90 per share on the BSE, a 29.18% premium, and at Rs 221.50 per share on the NSE, a 29.53% premium.
As per NSE, the total quantity traded stood at 54.01 lakh shares, on BSE the total Quantity stood at 4.07 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 131.62 crore.
Mr. Krishna Dushyant Rana, CMD – Platinum Industries Limited, said "We extend our heartfelt gratitude to all our investors for their unwavering support as we embark on this significant milestone of debuting on the exchange. Your confidence in our vision and dedication has been instrumental in bringing us to this momentous occasion. We look forward to continuing this journey together, and create long term value for all shareholders. Thank you for believing in us."
The Market Capitalization of the Company at today’s closing price stood at Rs. 1,213.29 Crore as per BSE and Rs. 1,216.58 Crore as per NSE.
The Initial Public Offering of Platinum Industries Limited was subscribed 98.71 times. Qualified Institutional Buyer Portion subscribed 151 times, Non-Institutional Investors Portion was subscribed 141.68 times, whereas Retail Portion was subscribed with 50.41 times.
Platinum Industries Limited is multi-product company engaged in the business of manufacturing stabilizers. Their business segment includes PVC stabilizers, CPVC additives and lubricants & it operates in the speciality chemicals industry. Its products find their application in PVC Pipes, PVC Profiles, PVC Fittings, Electrical Wires and Cables, SPC Floor Tiles, Rigid PVC Foam Boards, Packaging Materials, etc.
According to the CRISIL Report, Platinum Industries is third largest player of PVC stabilizer in terms of sales with an 13% market share for the financial year 2022-23 in the domestic market. They have Technical Collaboration Agreement with HMS Concept E.U., a concern of Dr. Horst Michael Schiller, who is an internationally renowned scientist with over three decades of experience in the PVC industry. In addition to manufacturing facilities at Palghar, Maharashtra they also have a dedicated in-house R&D facility located at village Dhansar, Palghar, and Maharashtra.
In the fiscal 2023, Platinum Industries recorded the highest Revenue CAGR (FY20-FY23) of 48.8%, Gross profit increased with a CAGR of 92.4%, EBITDA margin of 145.5%, PAT margin of 185.60%, respectively. The gross margin improved significantly between fiscals 2020 and 2023, from 15.6% to 37.5%, thereby recording the highest gross margin vis-à-vis all peers in fiscal 2023. Debt to Equity ratio has reduced to 0.13 from 0.73, which indicates the debt portion is reduced considerably and the Balance sheet is further strengthened. Also, the Current Ratio has improved to 2.52 from 1.04.
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