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IPO

Sealants maker HP Adhesives files IPO papers

Economic Times  

HP Adhesives has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share sale. The IPO comprises fresh issuance of 41.4 lakh equity shares and an offer for sale of 4.57 lakh shares by promoter Anjana Haresh Motwani. Proceeds from the fresh issue will be used to fund capital expenditure for existing and proposed expansion, and support the incremental working capital requirement of the company. The company has appointed Unistone Capital as the merchant banker for the IPO. HP Adhesives manufactures consumer adhesives and sealants such as PVC, solvent cement, synthetic rubber adhesive, PVA adhesives, silicone sealant, acrylic sealant, gasket shellac, other sealants, and PVC pipe lubricant.