HP Adhesives Limited

HP Adhesives Limited manufactures a broad range of adhesives and sealants for consumer and industrial use, including PVC, CPVC and UPVC solvent cements, synthetic rubber adhesives, PVA based adhesives, silicone and acrylic sealants, gasket shellac compounds and PVC pipe lubricants. Its products serve plumbing and sanitary systems, drainage and water distribution networks, general construction and interior work, glazing, woodworking, footwear, automotive assembly and foam furnishing applications. The company operates a manufacturing facility at Narangi village in Raigad, Maharashtra, and its registered office is in Andheri East, Mumbai. It distributes through a network of roughly 750 distributors reaching more than 50,000 dealers across India, supported by four regional depots in Delhi, Kolkata, Bengaluru and Indore, and it also exports to more than twenty countries. HP Adhesives positions itself among the established manufacturers in India's consumer adhesives segment, competing on the breadth of its product range and distribution reach. Its stated growth plans centre on expanding production capacity at its existing plant and supporting a growing dealer network with additional working capital, with revenue growing steadily through FY2019 to FY2021 alongside a return to profitability in FY2021 ahead of its public listing.

Ahead of the issue, anchor investors including Coeus Global Opportunities Fund, 3 Sigma Global Fund and AG Dynamic Funds together subscribed for shares worth approximately Rs 56.68 crore, allotted at the upper price band of Rs 274 per share.