INSUBCONTINENT EXCLUSIVE:
HP Adhesives' IPO will conclude on December 17.New Delhi: The initial public offering (IPO) of HP Adhesives opened for subscription on
Wednesday and received a massive response from retail investors on the first day of bidding
The initial share sale attracted bids for 65.29 lakh equity shares against the IPO size of 25.28 lakh shares, subscribed 2.58 times (257 per
cent).Retail individual investors' portion was oversubscribed 14.15 times, and non-institutional investors' category was subscribed 0.04
times.The three-day public offer, with a price band of Rs 262-274 a share, will conclude on December 17.Investors can bid for a minimum of
50 equity shares and in multiples of 50 shares thereafter
Retail investors can invest a minimum of Rs 13,700 for one lot, and a maximum of Rs 1,91,800 for 14 lots.The IPO consists of a fresh offer
of 4.14 million shares for Rs 113.4 crore and an offer for sale of about 4.57 lakh shares by shareholder Anjana Haresh Motwani aggregating
up to Rs 12.5 crore.Of the net issue, 75 per cent is reserved for qualified institutional buyers, 15 per cent for non-institutional bidders,
and 10 per cent for retail investors.The company said it will use the proceeds from the issue for working capital requirements and capacity
expansion at its manufacturing facility at Narangi village of Raigad district in Maharashtra and an additional unit on an adjacent plot.It
will also expand installed capacities at existing product lines and add products to its portfolio.HP Adhesives is a multi-product,
multi-category consumer adhesives and sealants company
