1 min read.Updated: 23 Dec 2021, 12:57 PM ISTLivemint
HP Adhesives IPO: The initial share sale of up to 45,97,200 equity shares had a price range of ₹262-274
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HP Adhesives Limited's initial public offering (IPO), which was open for public subscription from 15 to 17 December, was booked 20.96 times. The offer received bids for 5,29,89,650 shares against 25,28,500 shares on offer. The initial share sale of up to 45,97,200 equity shares had a price range of ₹262-274 per share.
The finalization of basis of share allotment of HP Adhesives IPO has been completed and the credit of shares to demat account of allottees is expected to be done on Friday, December 24. The company's shares are likely to list next week on Monday, December 27 on the leading stock exchanges NSE and BSE.
According to market observers, HP Adhesives shares premium (GMP) have surged to ₹80-85 in the grey market today as compared to ₹60 yesterday. The grey market is an unofficial platform, wherein 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 against 25,28,500 shares on offer. 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.
The IPO 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. Unistone Capital was the manager to the offer.