HP Adhesives Limited IPO listing today: Shares to list in in Rs 325-375 range to issue price of Rs 274, says Anil Singhvi

Shares of HP Adhesives Limited are all set to be listed on the exchanges – NSE and BSE – on Monday, December 27, 2021. The initial public offer of HP Adhesives Limited was subscribed nearly 21 times on the last day of the IPO. 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.   

The company had fixed a price of Rs 262-274 per equity share to raise up to Rs 125.9 crore from the primary market. The issue comprised of a fresh issue of 41,40,000 equity shares worth Rs 113.44 crore and an offer for sale (OFS) of 4,57,200 equity shares worth Rs 12.5 crore. 

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Ahead of Adhesives Limited IPO listing, Zee Business Managing Editor Anil Singhvi on Monday said shares of Adhesives Limited are expected to list in Rs 325-375 range against issue price of Rs 274.  

"Hold shares with strict stop loss of the issue price," suggested the Market Guru. 

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.