Last day to apply for HP Adhesives’ IPO that has been subscribed 8 times so far

• Today is the last day to subscribe to the Mumbai-based consumer adhesives and sealants player’s IPO that is looking to raise ₹126 crore through the public issue.
• So far, the IPO has been subscribed 8.03 times by investors.
• HP Adhesives manufactures a wide range of products such as solvent cements, silicone sealants, contact adhesives, white glue, plumbing accessories and FRP manhole covers.

Today, December 17, is the last day to subscribe to Mumbai-based adhesives and sealants manufacturer HP Adhesives’ initial public offering (IPO).

The company is looking to raise ₹126 crore through the public issue wherein fresh issue is of ₹113 crore and offer for sale is of ₹12.53 crore.

HP Adhesives manufactures a wide range of products such as solvent cements, silicone sealants, contact adhesives, white glue, plumbing accessories and manhole covers.

So far the IPO has received good response from investors given it has been subscribed 8.03 times. Besides, shares of the company seem to have not created a demand in the grey market yet and hence there is no premium or discount at present on its shares.

The aforesaid adhesives and sealant products have applications in multiple industries such as plumbing and sanitary, drainage and water distribution, general purpose building/construction and interior operations as well as for glazing operations, woodwork, footwear, automotive, foam-furnishing and other varied industries.

The proceeds from the IPO will be used for working capital and capital expenditure at its manufacturing facility in Narangi, Maharashtra and at the additional unit.

The company has delivered a profit of ₹10 crore after incurring a loss of nearly ₹5 crore last year.

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