Platinum Industries IPO Allotment Status Announced. GMP rises as focus shifts to listing date

Platinum Industries IPO: After the announcement of the allotment status, the bidders are eagerly waiting for the IPO date of Platinum Industries. Since the T+3 rule has become mandatory for listing from December 1, 2023, Platinum Industries' listing date is most likely March 5, 2024, which is Tuesday next week. Meanwhile, the gray market has become extremely optimistic about the public issue following the announcement of Platinum Industries' IPO allotment status. According to stock market observers, Platinum Industries' IPO is at GMP (grey market premium) today. ₹102, which is about 60 percent of Platinum Industries' IPO price range ₹162 to ₹171 per share.

Platinum Industries IPO GMP today

As mentioned above, Platinum Industries' IPO GMP today is 102 per share ₹22 higher than Friday's GMP ₹80. Market observers said the rise in gray market sentiment was due to strong response from primary market investors to the public issue and strong bullish trend on Dalal Street. They said the book-build issue offered almost 100 times its offer, while the Indian stock market rose sharply on Friday on the back of good sentiment in the global market. They expect this strong gray market bias to continue as global market trends are expected to continue to drive the Indian primary and secondary markets.

Also read: Allotment for Platinum Industries IPO completed. Latest GMP, steps to check quota status online

Platinum Industries listing price

Market watchers added that Platinum Industries' IPO today is GMP ₹102, meaning the gray market expects Platinum Industries' IPO listing price to be around 102 ₹273 ( ₹171+ ₹102), which is around 60 percent above Platinum Industries' IPO price range ₹162 to ₹171 per share. After the announcement of Platinum Industries' IPO allotment status, the gray market signals a stock market gain of around 60 percent for the lucky allotment recipients.

Infographic: Courtesy of mintgenie

However, stock market investors believed that the gray market premium should be taken seriously as it is unregulated and has no connection to the company's financials. They said the gray market affects even those who have a high interest in public affairs. They advised fellows to hold fast to the beliefs they had developed at the time of applying for the Book Build edition.

Here's your comprehensive three-minute summary of everything Finance Minister Nirmala Sitharaman said in her Budget speech: Click here to download!

Topics that might interest you