New Delhi, Dec 15 (PTI) The initial public offer of HP Adhesives Limited was subscribed 3.48 times on the first day of the offer on Wednesday following a strong response from retail investors.

The IPO of the adhesives and sealants company received bids for 87,96,050 shares against 25,28,500 shares put on offer under three categories, according to an update on the NSE.

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The category for Retail Individual Investors (RIIs) was subscribed 18.57 times and those for non-institutional investors 38 per cent.

The company is offering up to 45,97,200 equity shares in the price range of Rs 262-274 per share.

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Unistone Capital is the manager to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)