The flagship company of the HP Group, and also the largest manufacturer of Solvent Cement in Asia,  HP Adhesives Pvt Ltd has filed draft red herring prospectus (DRHP) papers with capital markets regulator Sebi to raise funds through an initial public offer (IPO). As per DRHP, the 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.

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 conglomerate 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.

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