The initial public offering (IPO) of HP Adhesives Limited was subscribed 8.03 times on Thursday at 5:00 p.m., the BSE data showed. According to the information, offers for 25.28.500 shares were received at about the same time on the second day of the opening of the public offer for 2.03.03.100 shares.
The private investors carried forward the subscription single-handedly, as the RIIs quota was subscribed 40.29 times at the same time.
The quota of non-institutional investors (NIIs) attracted 1.9 percent of the bids.
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The HP Adhesives IPO was fully subscribed within an hour of the opening day on Wednesday. The issue was posted 3.48 times on Wednesday at 5 p.m. For 25,28,500 shares offered, offers for 87,96,050 shares were received on the first day at 5:00 p.m.
The three-day offering ends December 17, 2021. HP Adhesives Limited, one of the fastest growing multi-product, multi-category consumer adhesives and sealants in its segment, has set the price range at Rs 262-274 per share.
According to the company, around 4.6 million shares will be offered in the issue of Rs 126 billion. The IPO includes a new offering of 4.14 million shares for 113.4 billion rupees and a sale offer of approximately 457,000 shares by shareholder Anjana Haresh Motwani for a total amount of up to 12.5 billion rupees.
On Tuesday, December 14th, HP Adhesives raised Rs.56.68 billion from three anchor investors ahead of its initial public offering (IPO).
The company offers a wide range of consumer adhesives and sealants such as PVC, cPVC and uPVC solvent adhesives, synthetic rubber adhesives, PVA adhesives, silicone sealants, acrylic sealants, sealing shellac, other sealants and PVC pipe lubricants that are sold all over India. The company also sells ancillary products such as ball valves, thread seals and other tapes, as well as GRP products for drainage and architectural solutions, which are sold together with its products.
“As of September 30, 2021, the company’s sales network comprised 4 depots in Delhi, Kolkata, Bengaluru and Indore as well as more than 750 distributors who supply more than 50,000 dealers in India,” said Marwadi Shares and Finance Ltd.