HP Adhesive IPO made a strong debut at the stock market, listing at Rs 319 on BSE, a 16.42% premium to its issue price of Rs 274, a strong start for the defence sector trade. The counter was floated at Rs 315 on the National Stock Exchange (NSE). The share was trading at a premium of Rs 90-100 a share on the grey market a day before its debut on the bourses, indicating a decent listing boom. Between December 15 and 17, HP Adhesives' initial public offering was open for subscription. The company raised Rs 125.96 crore by selling shares at a price between Rs 262-274 per share.
Investors had a mixed reaction to the issue, which was oversubscribed 21 times. Institutional bidders received less than twice the quota, but HNI bidders received 19 times the quota. The retail component received 81 subscriptions. The company has a distribution network of four facilities in Delhi, Kolkata, Bengaluru, and Indore, as well as over 750 distributors that serve over 50,000 dealers across India. The company's products were offered in 21 different nations.
PVC, cPVC, and uPVC solvent cement, synthetic rubber adhesive, PVA adhesives, silicone sealant, acrylic sealant, gasket shellac, various sealants, and PVC pipe lubricants are among the products produced by the company. It is an adhesives and sealants firm based in India. Mr Haresh Motwani started the Solvent Cement company. With roots in India and a rising presence in foreign markets, the company now boasts a diverse portfolio of adhesives and sealants with applications in a variety of industries.
The Sensex is down 35.52 points, or 0.06 %, at 57088.79, and the Nifty is down 19.30 points, or 0.11 %, at 16984.50 as of 11 a.m. today. The biggest gainers are Tech Mahindra, Cipla, and Sun Pharma, while the top losers are IndusInd Bank, Hindalco Industries, and Eicher Motors. Oil and gas, FMCG, metals, and banks are all under pressure, while pharma is on the rise. The midcap index is down, while the smallcap index is unchanged.
NSE India posted on Twitter saying, "The NSE Bell has been rung in celebration of HP ADHESIVES LIMITED listing on the Exchange! #NSE #Listing #HpAdhesivesLimited #NSEIndia".
The NSE Bell has been rung in celebration of HP ADHESIVES LIMITED listing on the Exchange!#NSE #Listing #HpAdhesivesLimited #NSEIndia pic.twitter.com/W8HPR4cukE