HP Adhesives Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32

HPAL · price

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Price reaction · full curve 14 horizons · vs prior close

-2.6%1-day move

₹35.50

prior close

₹35.16

base price

In-mkt

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AI summary

HP Adhesives Limited has submitted its quarterly statement of fund utilization for the IPO proceeds raised in December 2021. The company raised Rs. 1259.63 million through its Initial Public Offer (IPO). As of March 31, 2026, the company has fully utilized the IPO proceeds across three heads: Working Capital (Rs. 540 million), Capex (Rs. 255.09 million), and General Corporate Purposes (Rs. 171.82 million). While there was no deviation in the amounts utilized against original allocations, there was a delay in Capex utilization compared to the timeline mentioned in the Prospectus. The company has approximately Rs. 4.6 crore lying in the monitoring agency account, representing accrued interest, which will be used for growth purposes.

Likely market impact

No deviation in fund utilization provides positive assurance to investors that IPO proceeds were deployed as intended. The delay in Capex spending may have implications for asset creation timeline but does not indicate misuse of funds.