HP Adhesives Listing: The shares of HP Adhesives, a company that makes adhesives and sealants, were listed at a premium today.
HP Adhesives Listing: The shares of HP Adhesives, a company that makes adhesives and sealants, were listed at a premium today. Its shares were listed at a premium of about 16 per cent against the issue price of Rs 274. Its shares started at Rs 319 on BSE and Rs 315 on NSE. As the business progressed, its shares became stronger and now it has reached a premium of about 22.24 percent i.e. Rs 334.95. The money raised through the issue will be used to meet working capital requirements, expansion of production capacity of the existing manufacturing facility in Maharashtra and funding for an additional unit.
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Issue was subscribed 21 times
The Rs 126 crore IPO of HP Adhesives, a company that makes adhesives and sealants, was open for subscription between December 15-17. The price band for this IPO was fixed at Rs 262-274 per share. It received an overwhelming response from investors and the issue was subscribed 20.96 times. The share reserved for the highest number of retail investors was subscribed.
The share reserved for retail investors was subscribed 81.24 times, qualified institutional buyers (QIBs) 1.82 times and non-institutional investors 19.04 times. Under this issue, new shares worth Rs 113 crore have been issued. Adhesives and sealants are used in a variety of industries including plumbing and sanitary, drainage and water distribution, construction of buildings, footwear, foam furnishing and many more.
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Company related details
- HP Adhesives is an Adhesives and Sealants company. It manufactures a wide variety of consumer adhesives and sealants and PVC pipe lubricants. These adhesives and sealants are used in a variety of industries including plumbing and sanitary, drainage and water distribution, construction of buildings, footwear, foam furnishing and many more.
- As per the data available till 30 September 2021, the company has a distribution network of 4 depots located in Delhi, Kolkata, Bangalore and Indore and more than 750 distributors serving 50,000 dealers across the country.
- Talking about the financials of the company, its net profit (Profit After Tax) has increased. The company had a net profit of Rs 4 crore in the financial year but in the next financial year 2020, there was a loss of Rs 4.67 crore. However, after this the company’s business recovered from the shocks of Corona and in the financial year 2021, there was a net profit of Rs 10.06 crore.
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