Platinum’s Industries Shares Price Surges 33% on BSE Opening

Business View
4 Min Read

Platinum Industries went public on Tuesday, 5th March 2024. The share price of the company made a positive debut as the stock opened at 31,58%. On NSE, the share price of Platinum Industries opened at Rs. 225 per share which is comparatively higher than the issue price which is Rs 171. Whereas, on BSE, the share price of Platinum Industries opened on Tuesday at the price of Rs 228 which is again 33.3% higher than the issue price. According to the experts, it is expected that Platinum Industries’ share price will be listed in the range between Rs 245 to Rs 259. However, no official words have come out yet regarding it so wait for it. 

As anticipated, Platinum Industries’ initial public offerings (IPO) received a positive and strong response from the side of the primary market investors. The reports state that the issue on the first day was entirely booked within the first hour of its opening owing to a strong response from retail investors and non-institutional investors (NIIs). The share price of Platinum Industries started trading at 10:00 AM. Earlier the BSE notice stated that “Trading Members of the Exchange are hereby informed that effective from Tuesday, 5 March 2024, the equity shares of Platinum Industries Limited shall be listed and admitted to dealings on the Exchange in the list of ‘T’ Group of Securities. Further in terms of SEBI circular No. CIR/MRD/DP/02/2012 date January 20. 2012; the script will be in the Trade-for-Trade segment for 10 trading days.”

Market Response To Platinum Industries IPO

As expected, the Platinum IPO got a response on the positive side. Even the secondary market mood is also starting on a positive note. After monitoring the market response, experts forecasted up to 50% return. Speaking about Platinum Industries IPO Grey Market Premium (GMP) on Tuesday is Rs 86 implying that the GMP is expecting the listing price of PI IPO would be around Rs 257 around 50 % on the higher side as compared to the IPO price band which would be range into Rs 162 to Rs 171 per equity share. 

Besides, according to BSE data, on the 3rd day, the subscription status of Platinum Industries IPO was 99.03 times. The retail portion of the Platinum IPO was subscribed to 50.99 times, the NII portion was booked 141.83 times, and the Qualified Institutional Buyers (QIBs) portion was booked 151 times. 4

Also Read:- Elon Musk Criticizes Google’s Gemini AI Chatbot for Misgendering Caitlyn Jenner

When Was The Platinum Industries IPO Opened For Bidding?

The company opened for bidding on Tuesday, 27 February 2024 and closed on Thursday, 29 February 2024. Moreover, on Monday, 25 February 2024, the Platinum IPO raised Rs 70.59 crore from anchor investors. Initially, the price band of the Platinum Industries IPO was fixed in the range between Rs 162 to Rs 171 per equity share of face value of Rs 10. PI IPO will be totally a fresh issue of shares and no offer for sale (OFS) component in the IPO. 

Share This Article