The public offerings of Platinum Industries and Exicom Tele-Systems received blockbuster response from all category of investors. The former was subscribed 99 times and the latter even better at 130 times.
The ₹235.32-crore initial public offering of Platinum Industries came out with a price band of ₹162-171. The IPO received bids for 95.35 crore shares, against 96.33 lakh shares (net of anchor portion). The entire offer (about 1.38 crore shares) is a fresh issue. The portion allocated for non-institutional investors was subscribed 141.8 times, while that of retail investors’ by 50.91 times. The quota for qualified institutional buyers fetched 151 times subscription.
As part of the IPO exercise, Platinum Industries on Monday raised ₹70.59 crore to seven anchor investors — 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 and Leading Light Fund VCC - The Triumph Fund.
The company intends to use the net proceeds from the offering for investing in Platinum Stabilisers Egypt LLC, its subsidiary; financing working capital needs; funding capital expenditure required for the establishment of a PVC stabiliser manufacturing facility in Palghar, Maharashtra; and general corporate purposes. Platinum Industries is in the stabiliser manufacturing sector.
The ₹429-crore IPO received bids for 236.03 crore shares, as against 1.82 crore shares (net off anchor portion) on offer with retail investors portion subscribing 119.49 times and HNIs by 153.20 times. The portion reserved for QIBs was subscribed 121.80 times.
- Also read: IPO screener: Exicom Tele issue closes today
Proceeds from the IPO — fresh issue worth ₹329 crore — will be used towards setting up production lines at the manufacturing facility in Telangana, investment in R&D as well as product development, and payment of debt to support working capital requirements and for general corporate purposes.
Ahead of the IPO, it garnered ₹178 crore from anchor investors from marquee investors such as Maybank Asiapac Ex-Japan Equity I Fund, Nepean Long Term Opportunities Fund, Abakkus Diversified Alpha Fund, Quant Mutual Fund, JM Financial Mutual Fund, Aditya Birla Sun Life Trustee and SBI General Insurance Company.
Exicom Tele-Systems is a power management solutions provider and operates under two business verticals — EV (Electrical Vehicle) charger solutions business and power solutions business.