Fire protection equipment manufacturer HD Fire Protect Ltd. IPO opened on Tuesday, October 13 and will close today, October 15. The company has fixed a price band of Rs 258-271 per share. The public issue is entirely an offer for sale (OFS) of 2.63 crore equity shares by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi.
Since the issue comprises only an OFS, the company will not receive any IPO proceeds. At the upper end of the price band, the company is valued at around Rs 4,750 crore. HD Fire Protect raised Rs 213.11 crore from anchor investors on Monday.
Bajaj Life Insurance and Axis Max Life Insurance, Allianz Global Investors Fund and several mutual funds, including Kotak Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Aditya Birla Sun Life MF, Mirae Asset MF, Bandhan MF and UTI MF participated in the anchor round, according to a circular uploaded on stock exchanges.
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Domestic mutual funds accounted for a significant portion of the anchor allocation, with nine mutual funds receiving 56.52 lakh shares, representing 71.88% of the total allocation, through 17 schemes.
The company's shares are expected to list on the BSE and NSE on October 21.
HD Fire Protect Subscription Status Day 2
The initial public offer of fire protection equipment manufacturer HD Fire Protect Ltd was subscribed 16.50 times on the second day of bidding on Wednesday. The Rs 712-crore IPO received bids for 30,38,47,390 shares against 1,84,20,492 shares on offer, as per NSE data.
The category for non-institutional investors received 48.70 times subscription, while the portion for retail investors was subscribed 11.33 times. The quota for qualified institutional buyers (QIBs) received 1.49 times subscription.
HD Fire Protect Subscription Status Day 3
HD Fire Protect subscription will start at 10:00 am
HD Fire Protect Day 3: GMP
HD Fire Protect IPO latest Grey Market Premium (GMP) is Rs 89 as of October 15, at 7:30 am. With an upper price band of Rs 271.00, the estimated listing price for HD Fire Protect IPO is Rs 360. This indicates an expected listing gain for HD Fire Protect IPO of 32.84%, as per Investorgain.
About The Company
Mumbai-based HD Fire Protect designs and manufactures fire protection equipment and systems, including water-, foam- and gas-based fire suppression solutions. It operates two manufacturing facilities in Maharashtra and serves sectors such as oil and gas, refining, petrochemicals, power, pharmaceuticals, aerospace, data centres and warehousing.
The company has supplied fire protection equipment for several prominent projects, including India's new Parliament building, the country's largest refinery in Jamnagar and installations at the space launch facility in Sriharikota.
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