HP Adhesives Limited Initial Public Offering (IPO), which was open for public subscription from 15 to 17 December, was booked 20.96 times. Bids were received for 5,29,89,650 shares as against 25,28,500 shares on offer. The price limit for the initial share sale of 45,97,200 equity shares was 262-274 per share.
The finalization of the basis for allotment of shares of HP Adhesives IPO has been completed and the credit of shares in the demat account of the allottees is expected on Friday, December 24. The company’s shares are likely to be listed on Monday, December 27 next week. Major stock exchanges NSE and BSE.
As per market observers, HP Adhesive Share Premium (GMP) has risen to Rs. Compared to 80-85 in gray market today 60 tomorrow. Gray market is an unofficial platform where trading starts after the announcement of IPO price band till the listing of shares.
The public issue received bids for 5,29,89,650 shares as against 25,28,500 shares on offer. The retail individual investors (RIIs) category was subscribed 81.24 times, non-institutional investors 19.04 times, and qualified institutional buyers (QIBs) 1.82 times.
The IPO consisted of a fresh issue of 4.14 million shares and an offer for sale of 457,000 shares by its promoter Anjana Haresh Motwani. The company aims to use the proceeds to fund capital expenditures for the proposed expansion and to support incremental working capital requirements. Unistone Capital was the manager of the offer.
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