Shares of HP Adhesives got listed at ₹315 per share on the NSE on Monday, a premium of around 15% as compared to its IPO issue price of ₹274 apiece. On BSE, HP Adhesives shares started trading at ₹319 per share with the stock surging further to ₹334.9.
HP Adhesives Limited’s initial public offering (IPO), which was open for public subscription from 15 to 17 December, was booked 20.96 times. The offer received bids for 5,29,89,650 shares against 25,28,500 shares on offer. The initial share sale of up to 45,97,200 equity shares had a price range of ₹262-274 per share.
The public issue received bids for 5,29,89,650 shares against 25,28,500 shares on offer. The category for Retail Individual Investors (RIIs) was subscribed 81.24 times, non institutional investors 19.04 times, and Qualified Institutional Buyers (QIBs) received 1.82 times subscription.
The initial share sale of the adhesives and sealants company consisted of a fresh issue of up to 4.14 million shares and an offer for sale of up to 457,000 shares by its promoter Anjana Haresh Motwani. Established in 1978 by the Motwani family, HP Group business streams range from Adhesive, Plumbing Accessories, Textile, Logistics, Real Estate and Engineering.
HP Adhesives aims to use the proceeds of the issue to fund capital expenditure for proposed expansion, and to support incremental working capital requirements.
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