HP Adhesives IPO listing likely on Monday; $13 billion raised so far this year
Initial public offerings (IPOs) around the world raised a record $594 billion in 2021, riding the coattails of stock market rallies. In India, 63 corporates raised over $13.33 billion through main-board IPOs this year so far.
HP Adhesives, which launched its initial public offer (IPO) last week, is expected to be listed for dealings on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Monday (December 27). The IPO was launched for three days - December 15-17 - and had seen good response.
Livemint reported that grey markets have started giving response to the stock. As per the market observers, shares of HP Adhesives are trading at a premium of ₹80 in the grey market on Saturday, according to Livemint report.
This is ₹15 more than Friday’s premium of ₹65.
HP Adhesives IPO was subscribed 20.96 times on the last day of subscription on December 17. The IPO received bids for 5,29,89,650 shares against 25,28,500 shares on offer, according to data from NSE.
The IPO was subscribed 3.48 times on the first day of the offer on December 15 following a strong response from retail investors.
The IPO of up to 45,97,200 equity shares had a price range of ₹262-274 per share. Unistone Capital was the manager to the offer.
Initial public offerings (IPOs) around the world raised a record $594 billion in 2021, riding the coattails of stock market rallies, news agency Reuters reported. There were, however, some disappointments with their subsequent stock performance.
Companies ranging from technology start-ups to blank-check acquisition firms flooded the market with offerings, capitalising on investors' willingness to place speculative bets as low interest rates and the re-opening of economies thanks to Covid-19 vaccines fuelled their appetite for risk.
Among the biggest offerings in 2021 was electric-vehicle maker Rivian Automotive Inc, which raised over $12 billion in its market debut in November, making it the largest US IPO since Alibaba Group Holding Ltd in 2014.
Other major ones included Chinese online video company Kuaishou Technology, with $5.4 billion in proceeds, and Korean e-commerce giant Coupang Inc, which raised $4.6 billion.
In India, 63 corporates raised over $13.33 billion through main-board IPOs this year so far. This is nearly 4.5 times more than the $3.47 billion raised through 15 issues in 2020.