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HP Adhesives sets IPO price band at Rs 262-274

HP Adhesives, makers of adhesives and sealants will open its IPO on December 15 and it has set the price band of Rs 262- Rs 274 per share.

HP Adhesives sets IPO price band at Rs 262-274
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HP Adhesives sets IPO price band at Rs 262-274

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Hyderabad HP Adhesives, makers of adhesives and sealants will open its IPO on December 15 and it has set the price band of Rs 262- Rs 274 per share. The issue closes on Friday, December 17, 2021.

With a pan-Indian presence, the company also distributes to international markets and has a network of 750 distributors across India, who serve more than 50,000 dealers. On the export front, it sold its products in 21 countries last year.

The IPO constitutes 25.02 per cent of the post-offer paid-up equity share capital of the company, comprising a fresh issue of up to 41,40,000 equity shares and an offer for sale of up to 4,57,200 equity shares amounting to a total issue size of Rs 125.96 crore. Of the total issue size, the company plans to use Rs 25.51 crore for capex purposes and Rs 54.00 crore towards working capital requirements.

Investors will be able to bid for a minimum of 50 shares amounting to Rs 13,700 at the upper price band, and in multiples of 50 shares thereafter. Retail investors will be able to bid for a maximum of 14 lots or 700 shares amounting to Rs 1,91,800 at the upper price band. Unistone Capital Private Limited is the Book Running Lead Manager to the issue.

The company is led by Anjana Motwani, Chairperson and Executive Director, who has more than four decades of experience in this industry. Karan Motwani, Managing Director, has played a key role by introducing new products and expanding the sales network. Suresh Mehta, a qualified CA and CS, is a Non-executive and Independent Director, and has over three decades of experience. Ajeet Walavalkar and Rajendra Kumar Jain are two other Non-executive & Independent Directors of the company.

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