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Adhesives and sealants company HP Adhesives made a strong market debut, closing at the day’s high with 22 percent gains, helped by positive market sentiment and a strong response to its initial public offering.
It opened at the day's low of Rs 319, rising 16.4 percent over the issue price of Rs 274 and settled at Rs 334.95 on the BSE. The stock was locked in a 5 percent upper circuit. Given the small issue size—below Rs 250 crore—the circuit limit is 5 percent on the higher and lower side compared to the opening tick.
On the National Stock Exchange, the stock rallied 20.71 percent to close at Rs 330.75, the day's high, after opening at the day's low of Rs 315.
HP Adhesives traded with volumes of 7.31 lakh equity shares on the NSE, and 1.95 lakh shares on the BSE.
The company garnered Rs 126 crore through its public issue that comprised a fresh issue of Rs 113.4 crore and an offer for sale of Rs 12.5 crore.
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The price band for the offer, which closed on December 17, was Rs 262-274 a share.
HP Adhesives 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 lubricants.
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HP Adhesives had posted a profit of Rs 10.06 crore in FY21 as against a loss of Rs 4.67 crore in the previous year. Revenue during the same period rose to Rs 118.16 crore from Rs 95.47 crore.
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Profit in the six months ended September 2021 stood at Rs 3.1 crore, up from Rs 2.93 crore in the corresponding period last year. Revenue jumped to Rs 70.51 crore in the first half of FY22, up from Rs 44.92 crore in the first half of FY21.
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HP Adhesives Makes An Impressive Debut, Closes With 22% Gains
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