HP Adhesives IPO To Open Tomorrow. Read Details Here
Leading manufacturer of consumer adhesives and sealants, HP Adhesives Limited will come out with its initial public offer (IPO) on Wednesday, December 15. The issue will close on December 17.
The shares will be offered at Rs 262-274 each, at a face value Rs 10 each. About 4.6 million shares will be offered in the Rs 126 crore issue.
The IPO consists of 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.
Of the net issue, 75 percent is reserved for qualified institutional buyers, 15 percent for non-institutional bidders, and 10 percent for retail investors.
The company will use the proceeds from the fresh issue for working capital requirements and capacity expansion at its manufacturing facility at Narangi village of Raigad district in Maharashtra and an additional unit on an adjacent plot. The company will also expand installed capacities at existing product lines and add products to its portfolio.
Investors 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 a single lot and their maximum investment is Rs 1,91,800 for 14 lots.
HP Adhesives is a multi-product, multi-category consumer adhesives and sealants company. It is one of the leading manufacturers in the consumer segment of the adhesive industry for its largest product category – PVC solvent cement – in India.
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