India's HP Adhesives jumps 20% in market debut

HP Adhesives

27/12/2021 07:01

** Shares of the adhesives and sealants company  HPAD.NS 
rise as much as 20.7% to 330.75 rupees in market debut 
    ** HPAD opened trading at 315 rupees vs offer price of 274
rupees, a 15% premium
    ** Co's 1.26 bln rupee ($16.78 mln) IPO earlier this month
was subscribed about 21 times 
    ** IPO consisted of a fresh issue of 4.1 mln shares and an
offer for sale of 457,200 shares
    ** HPAD to use proceeds to fund capex and expansion

($1 = 75.0680 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))