HP Adhesives Ltd.'s initial public offer was fully subscribed within the first hour of opening on Wednesday, led by demand from retail investors.
The IPO comprises a fresh issue worth Rs 113.44 crore and an offer for sale of Rs 12.53 crore, according to its red herring prospectus. The price band has been fixed at Rs 262-274 apiece.
The company aims to use the proceeds from the fresh issue for working capital needs and to expand capacity of its manufacturing facility at Narangi village of Raigad district, Maharashtra. It also aims to expand the current capacities at existing product lines and add new products to its portfolio.
The IPO will close on Dec. 17.
Subscription Details: Day 1
The IPO was subscribed 3.48 times as of 5 p.m on Dec. 15.
Institutional investors: 0 times.
Non-institutional investors: 0.38 times.
Retail investors: 18.57 times.
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