HP Adhesives IPO Review: HP Adhesives initial public offer (IPO) will open for subscription on December 15th, 2021, and close on December 17th, 2021. The Maharashtra based company is looking to raise Rs. 125.96 crores through the IPO. In this article, we take a closer look at the HP Adhesives  Ltd IPO Review and its possible future prospects. Keep Reading to find out!

About the Company 

Founded in 1978, HP Adhesives is part of the HP Group. The HP Group has businesses present in various sectors ranging from  Adhesive, Plumbing Accessories, Textile, Logistics, Real Estate and Engineering. Amongst these HP Adhesives remains the flagship company of the group. 

The company produces products in the consumer adhesives and sealants category. These include PVC, cPVC, and uPVC solvent cement, synthetic rubber adhesive, PVA adhesives, silicone sealant, acrylic sealant, gasket shellac, other sealants, and PVC pipe lubricants. Its most successful product is its PVC solvent cement.

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HP Adhesives is the largest manufacturer of solvent cement in Asia. In addition o this the company also manufactures products for select large PVC pipe manufacturing firms under co-branding,  private label, and on an order basis. The company’s other products include ball valves, thread seals and other tapes and FRP products for drainage and architectural solutions.

Taking a look at HP Adhesives latest financials it earned a profit of Rs 10.06 crore for the FY21. This was an increase in comparison to a loss of Rs. 4.67 crores last year. Its revenues increased from Rs. 95.47 crore to Rs. 118.16 for the same period. 


The company’s multi-product manufacturing facility is present in Narangi, Raigad (Maharashtra). The company also has over a distribution network of 4 depots. These are present in Delhi, Kolkata, Bengaluru and Indore. In addition to this, they also have more than 750 distributors who cater to more than 50,000 dealers in India. 

HP Adhesives products have application in various industries like 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. 

Key IPO Information

Anjana Haresh Motwani and Karan Haresh Motwani are the promoters of the company. They have appointed Unistone Capital as the lead manager to the issue. Bigshare Services has been appointed as the registrar to the issue.

IPO Size₹125.96 Cr
Fresh Issue₹113.44 Cr
Offer for Sale (OFS)₹12.53 Cr
Opening dateDec 15, 2021
Closing dateDec 17, 2021
Face Value₹10 per equity share
Price BandRs 262-274
Lot Size50 Shares
Minimum Lot Size1
Maximum Lot Size14
Listing DateDec 27, 2021

Purpose of the IPO

The proceeds of the IPO will be used for 

  • Funding capital expenditure at its existing manufacturing facility in Maharashtra. 
  • Funding working capital requirements 


In Closing 

In this article, we covered the HP Adhesives IPO Review. The Initial Public Offering opens on December 14th and closes on December 16th.  For investors, it can be a good opportunity to look into the company and apply for the IPO after analysing the prospects and strengths. Let us know what you think about the HP Adhesives IPO review in the comments below? Happy Investing!

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