22 Dec , 2021 By : Kanchan Joshi
HP Adhesives Limited's three-day initial public offering (IPO) was subscribed 20.96 times on the last day of subscription on Friday. The IPO received bids for 5,29,89,650 shares against 25,28,500 shares on offer. HP Adhesives IPO was open for public subscription from 15 to 17 December, 2021.
The finalization of basis of share allotment of HP Adhesives IPO is expected to take place today, December 22, 2021 and if allotted, then the credit of shares to demat account of bidders will be done on December 24. The registrar for this IPO is Bigshare Services Pvt Ltd, therefore the allotment application status can be checked on its website here or on the BSE website here.
The initial share sale of the adhesives and sealants company consisted of a fresh issue of up to 4.14 million shares and an offer for sale of up to 457,000 shares by its promoter Anjana Haresh Motwani. The company aims to use the proceeds to fund capital expenditure for proposed expansion, and to support incremental working capital requirements.
According to market observers, HP Adhesives shares have been commanding Rs75 premium (GMP) in the grey market. The company's shares are expected to list next week on Monday, December 27 on the leading stock exchanges NSE and BSE.
The IPO of up to 45,97,200 equity shares had a price range of Rs262-274 per share. The category for Retail Individual Investors (RIIs) was subscribed 81.24 times, non institutional investors 19.04 times, and Qualified Institutional Buyers (QIBs) received 1.82 times subscription.
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