The initial public offer (IPO) of HP Adhesives Limited was subscribed 8.03 times at 05:00 pm on Thursday, showed the BSE data. As per the data, against 25,28,500 shares on offer, the issue received bids for 2,03,03,100 shares around the same time on the second day of the opening of the public offer.  

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The retail investors have been single-handedly carrying forward the subscription as the RIIs quota was subscribed whooping 40.29 times at the same time.  

The Non-Institutional Investors (NIIs) quota attracted 1.9 per cent bidding.  

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HP Adhesives IPO was fully subscribed within an hour of opening of the issue on Day 1 on Wednesday. The issue was booked 3.48 times at 5 pm on Wednesday. Against 25,28,500 shares on offer, bids for 87,96,050 shares were received at 5:00 pm on the first day.  

The three-day offer will close on December 17, 2021. One of the fastest growing multi-products, multi-category consumer adhesives and sealants company in its segment, HP Adhesives Limited has fixed the price band at Rs 262 to Rs274 per equity share.  

As per the company, around 4.6 million shares will be offered in the Rs 126 crore issue. The IPO comprises a fresh offer of 4.14 million shares for Rs 113.4 crore and an offer for sale of about 457,000 shares by shareholder Anjana Haresh Motwani aggregating up to Rs 12.5 crore.  

Earlier on Tuesday, December 14, HP Adhesives mopped up Rs 56.68 crore from three anchor investors, ahead of its initial public offering (IPO).  

The company offers wide range of consumer adhesives and sealants such as PVC, cPVC and uPVC solvent cement, synthetic rubber adhesive, PVA adhesives, silicone sealant, acrylic sealant, gasket shellac, other sealants and PVC pipe lubricant which are sold across India. The company also sells ancillary products like ball valves, thread seal and other tapes and FRP products for drainage and architectural solutions that are distributed along with their products.  

"As of September 30, 2021, the company’s distribution network comprised of 4 depots situated in Delhi, Kolkata, Bengaluru and Indore and more than 750 distributors who cater to more than 50,000 dealers in India," as per Marwadi Shares and Finance Ltd.