Shares of HP Adhesives Ltd. gained on market debut after its initial public offering was subscribed more than 20 times.
The adhesives and sealants maker's stock listed at Rs 315 apiece, a 15% premium to its IPO price of Rs 274, on the National Stock Exchange. The stock hit an intraday high of Rs 330.75 and closed at the same level, up 20% over the issue price.
The IPO—comprising a fresh issue worth Rs 113.44 crore and an offer for sale of Rs 12.53 crore—was subscribed 20.96 times.
The company has a wide portfolio in adhesives and sealants with a pan-India distribution network of over 750 distributors in 23 states and four union territories. It caters to more than 50,000 dealers.
The firm offers solvent chemicals, silicone sealants, contact adhesives, white glue/polyvinyl acetate, drainage solutions and plumbing accessories.
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