HP Adhesives Limited’s first public offering was subscribed for 20.96 times on the third and final day of issue, according to stock exchange data. The IPO received bids for 5,29,89,650 shares against 25,28,500 shares offered, according to NSE data.
The private individual investor (RII) category was subscribed 81.24 times on Friday – the highest of the three investor groups. The portion reserved for non-institutional investors has been subscribed 19.04 times and the portion for qualified institutional buyers (QIBs) is currently subscribed 1.82 times.
HP Adhesives’ first public offering (IPO) was subscribed to 3.48 times on Wednesday following a strong response from retail investors. The IPO of up to 45,97,200 shares had a price range of Rs 262-274 per share.
The public issuance of HP Adhesives of Rs 126 crore included a new issue of Rs 113.43 crore and a sell offer of Rs 12.52 crore by shareholder Anjana Haresh Motwani.
HP Adhesives Limited manufactures a wide range of consumer adhesives and sealants such as PVC, cPVC and uPVC solvent cement, synthetic rubber adhesive, PVA adhesives, silicone caulk, acrylic sealant, gasket shellac, other PVC pipe sealants and lubricants .
These adhesives and products have applications in multiple industries such as plumbing and plumbing, drainage and water distribution, woodwork, footwear, automotive, foam furniture, among others.