HP Adhesives IPO
HP Adhesives Limited (HPAL) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 27 December 2021.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +3.5% (likely range -8% to +18%), day's high +7.2%, chance of a gain 50%. Actual: +15.0% at the open, +20.7% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 13,79,200 | 25,13,150 | 1.82x | |
| NII (HNI) total | 6,89,580 | 1,31,26,950 | 19.0x | |
| Retail | 4,59,720 | 3,73,49,550 | 81.2x | |
| Total | 25,28,500 | 5,29,89,650 | 21.0x |
Bids on NSE and BSE together, as published by NSE. Shares offered exclude the anchor portion. 53% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to HP Adhesives's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| NurecaFeb 2021 | 3.10x | 31.6x | 167x | 39.9x | ₹101 Cr | +53.8% | +61.4% |
| Stove KraftJan 2021 | 8.02x | 32.7x | 26.0x | 18.0x | ₹413 Cr | +29.4% | +29.4% |
| Exxaro TilesAug 2021 | 17.7x | 5.36x | 40.1x | 22.7x | ₹161 Cr | +5.0% | +10.2% |
| Apex Frozen FoodsAug 2017 | 1.91x | 7.82x | 8.53x | 6.14x | ₹152 Cr | +15.4% | +21.2% |
| Windlas BiotechAug 2021 | 24.4x | 15.7x | 24.3x | 22.5x | ₹401 Cr | -5.0% | -1.7% |
| Shriram PropertiesDec 2021 | 1.85x | 4.82x | 12.7x | 4.60x | ₹627 Cr | -23.7% | -9.8% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Unistone Capital | 13 | +47.7% | 100% |
Offer documents (NSE)
Frequently asked
What is the HP Adhesives IPO price band and lot size? ₹262–274 per share, with a lot of 50 shares, so the smallest retail bid is ₹13,700.
How many times has it been subscribed? 21.0x overall: QIB 1.82x, NII 19.0x, retail 81.2x.
How did it list? It opened at ₹315, +15.0% against the issue price of ₹274, and closed its first day +20.7%.
