The money from the IPO will be used for incremental working capital requirement and expansion of HP Adhesives
Representational image. News18
The Initial Public Offering of HP Adhesives opened today, 15 December and has already been subscribed 1.80 times till date. The company aims to raise Rs 126 crore via its initial public issue. Investors can subscribe to the three-day issue till 17 December.
Against the 25,28,500 shares on offer, the company has received bids for 40,71,450 shares.
As per MoneyControl, the portion set aside for retail investors has been subscribed 9.90 times while the HP Adhesives portion reserved for qualified institutional buyers (QIBs) is yet to be subscribed. The portion set aside for non-institutional investors has been booked 0.01 percent times, as per IPOWatch.
The shares of HP Adhesives are in the price band of Rs 262-274 apiece. Investor can bid for a minimum lot of 50 shares, and multiples of 50 after that.
The IPO of the multi-product, multi-category consumer adhesives and sealants company consists of an offer for sale of 4.57 lakh shares by promoter Anjana Haresh Motwani as well a fresh issue of 41.4 lakh equity shares. The company has managed to raise Rs 56.68 crore from anchor investors ahead of its IPO.
The money from the IPO will be used for incremental working capital requirement and expansion of HP Adhesives.
The company is one of the biggest manufacturers in the consumer segment for the PVC solvent cement category of the adhesive industry. HP Adhesives offers a wide range of sealants and consumer adhesives such as cPVC, uPVC solvent cement, PVC, PVA adhesives, silicone sealant, gasket shellac, PVC pipe lubricant, acrylic sealant, synthetic rubber adhesive, and other sealants across the country.
HP Adhesives has a multi-product manufacturing facility located close to the Jawaharlal Nehru Port Trust (JNPT), near Narangi in Maharashtra’s Raigad. In the fiscal year 21, it sold products in 21 countries including the UK, USA, Bangladesh, Greece, Kuwait, Iraq, Mauritius, Bahrain and Ghana.
HP Adhesives will be the second-largest company in the adhesives segment, after Pidilite Industries, to list on the stock market.
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