HP Adhesives raised Rs 56.68 crore from 3 Anchor Investors

Mumbai based HP Adhesives on December 14 raised Rs 56.68 crore from three anchor investors, ahead of its IPO.

The IPO of the company will open for subscription from December 15-17.

The company in its BSE filing has informed it has finalised allocation of 20,68,700 equity shares to anchor investors at Rs 274 per equity share eg. the upper price band.

Names of the Investors :
Coeus Global Opportunities Fund : 5,47,500 equity shares,
3 Sigma Global Fund : 9.66 lakh equity shares, and
AG Dynamic Funds :  5,55,200 equity shares .

The Company plans to raise Rs 125.95 crore through its public issue. The public offer of 45.97 lakh equity shares comprises a fresh issue of 41.40 lakh equity shares and an offer for sale of 4.57 lakh equity shares by selling shareholder Anjana Haresh Motwani.

The company will utilise fresh issue proceeds for working capital requirements, and expansion of production capacity at the existing manufacturing facility at Village Narangi in Raigad, Maharashtra and at an additional unit on the adjacent plot.

The fresh issue money will also get utilised for expansion of existing installed capacities for existing product lines; and addition of new products to the existing product portfolio