The price band of the adhesives and sealants company was Rs 262-274 per shares and investors were required to bid a minimum of 50 shares, or its multiples later on
The shares of HP Adhesives made a decent debut at the stock market today, 27 December. According to Business Standard, the stock listed at Rs 319, marking a 16 percent premium over its issue price of Rs 274. On the National Stock Exchange (NSE), the shares opened at Rs 315, marking a rise of 15 percent on its issue price.
At 11:04 am, HP Adhesive was priced at Rs 330.75 per share on the NSE, marking a rise of 20.71 percent. The total market cap of the company was Rs 60,775.14 lakhs. On the BSE, HP Adhesives was trading at a price of Rs 334.95 at 11:04 am, marking a rise of 22.24 percent over its issue price.
The scrip will be in the Trade-for-Trade segment for 10 trading days, as per reports. The HP Adhesives shares were listed in the ‘T’ group of BSE in the pre-open session.
In the adhesives segment, HP Adhesives is the second largest company, after Pidilite Industries, to list on the stock market.
The initial public offering (IPO) of HP Adhesives opened for subscription from 15 to 17 December. The public issue was subscribed 20.96 times, with the portion reserved for retail investors being bid on 81 times. The shares set aside for qualified institutional buyers were subscribed 1.82 times and non-institutional investors (NII) bid 19 times on the issue reserved for them.
The price band of the adhesives and sealants company was Rs 262-274 per shares and investors were required to bid a minimum of 50 shares, or its multiples later on.
The company aimed to raise Rs 126 crore through its public issue to fund the expansion of the company as well as its working capital requirements. The HP Adhesives IPO consisted of an offer for sale (OFS) of Rs 12.52 crores as well as a fresh issue of Rs 113.43 crores. The company had already raised Rs 56.68 crores from anchor investors ahead of its public issue.
HP Adhesives offers a wide range of consumer adhesives and sealants, including acrylic sealant, synthetic rubber adhesive, cPVC, PVA adhesives and so on. In the fiscal year ’21, the company sold products in 21 countries including Greece, Kuwait, Iraq, USA and Mauritius.