HP Adhesives IPO Subscription Status Day 3: Issue booked nearly 21 times; retail portion sees 81.24 times subscription on final day

The initial public offer of HP Adhesives Limited was subscribed nearly 21 times at 5:00 pm on Friday. The issue received bids for 5,29,89,650 shares against reserved quota of 25,28,500 shares on the final day of the public offer.  

The Retail Individual Investors (RIIs) were the lead subscribers with whooping 81.24 times subscription, followed by the Non-Institutional Investors, who subscribed the issue 19.04 times, and the QIBs portion that was also subscribed almost twice.  

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The initial public offer was subscribed 8.03 times at 5 pm on Thursday, while the issue was fully subscribed within an hour of opening on Day 1 on Wednesday.  

HP Adhesives Limited has fixed the price band at Rs 262 to Rs274 per equity share.

One of the fastest growing multi-products, multi-category consumer adhesives and sealants company in its segment, the company has offered around 4.6 million shares 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.  

HP Adhesives has already mopped up Rs 56.68 crore 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 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.