HP Adhesives has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share sale. The initial public offer (IPO) comprises fresh issuance of 41.40 lakh equity shares and an offer of sale of 4,57,200 equity shares by promoter Anjana Haresh Motwani, draft red herring prospectus (DRHP) filed with Sebi showed.
Proceeds from the fresh issue would be used to fund capital expenditure for existing and proposed expansion, support the incremental working capital requirement of the company, and general corporate purposes.
HP Adhesives manufactures a wide range of consumer adhesives and sealants products such as PVC, solvent cement, synthetic rubber adhesive, PVA adhesives, silicone sealant, acrylic sealant, gasket shellac, other sealants, and PVC pipe lubricant.
The company has appointed Unistone Capital as the merchant banker to advise the company on the IPO. The company’s equity shares will be listed on BSE and NSE.