HP Adhesives IPO got great subscription on first day of its issueNew Delhi: Strong need from retail financiers resulted in the initial public offer (IPO) of HP Adhesives Limited getting subscribed 3.48 times on the first day of its concern on Wednesday.The IPO of the adhesives and sealants company received bids for 87,96,050 shares versus 25,28,500 shares placed on offer under 3 classifications, according to an update on the National stock exchange.The classification for retail financiers was subscribed 18.57 times and those for non-institutional investors 38 per cent.The business is providing to 45,97,200 equity shares in the rate series of Rs 262-274 per share.Unistone Capital is the supervisor to the deal.
The concern will close on December 17, 2021.
Financiers 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 problem, 75 per cent is reserved for qualified institutional purchasers, 15 percent for non-institutional bidders, and 10 per cent for retail investors.The business said it will utilize the profits from the problem for working capital requirements and capacity expansion at its production facility at Narangi village of Raigad district in Maharashtra and an extra system on a surrounding plot.It will likewise expand set up capabilities at existing product lines and include products to its portfolio.