HP Adhesives, the multi-category consumer adhesives and sealants company’s shares will debut on the stock exchanges tomorrow on Monday, December 27.
According to analysts, the grey market premium (GMP) of the company was Rs 80 on December 25 and it is expected that the listing gains could be in the range of 20 per cent to 30 per cent on December 27 at the bourses.
HP Adhesives’ shares will list both on the national stock exchange (NSE) and Bombay stock exchange (BSE).
The initial public offer (IPO) of the company, which had opened for subscription on December 15 and had closed on December 17, was 20.96 times.
It garnered bids for 5.29 crore equity shares against an IPO size of 25.28 lakh units. Retail investors showed the maximum interest in the issue as their reserved portion was subscribed 81.24 times.
Non-institutional investors’ portion was booked 19.04 times, and a part set aside for qualified institutional buyers saw 1.82 times subscription.
The issue fetched the company Rs 126 crore at the upper price band of Rs 274 per share.
The company manufactures a wide range of consumer adhesives and sealants such as PVC, cPVC and uPVC solvent cement, synthetic rubber adhesive, PVA adhesives, silicone sealant, acrylic sealant, gasket shellac, other sealants and PVC pipe lubricant.