HD Fire Protect shares list at 24% premium on BSE, NSE

The grey market premium (GMP) had indicated a potential listing gain of around 25% on the morning of October 21, according to Investorgain. The HD Fire Protect's Rs 712.13-crore IPO witnessed strong investor demand, with the issue subscribed 131.70 times by the close of bidding on October 15, according to exchange data. Investors bid for 2,42,59,86,475 shares against 1,84,20,492 shares on offer. Qualified Institutional Buyers (QIBs) led the demand, subscribing to their reserved portion 256.65 times.

The Non-Institutional Investors (NIIs) category was subscribed 203.20 times, while the Retail Individual Investors (RIIs) portion received 30.49 times subscription. Read Also: Tonbo Imaging India IPO allotment today; GMP at 73% — check status on BSE, NSE and registrar The IPO opened for subscription on October 13 and closed on October 15. The company fixed the price band at Rs 258-271 per share, with a lot size of 55 shares.

At the upper end of the price band, retail investors had to invest a minimum of Rs 14,905 to apply for one lot. The public issue was entirely an offer for sale (OFS) of 2,62,84,500 equity shares, aggregating to approximately Rs 712.13 crore. There was no fresh issue component. Under the OFS, promoters and existing shareholders sold their stakes in the company. Consequently, HD Fire Protect will not receive any proceeds from the IPO, as the money, after applicable expenses, will go to the selling shareholders.

The issue reserved 50% of the net offer for QIBs, 15% for NIIs and 35% for retail investors. Ambit, Anand Rathi Advisors and IIFL Capital Services acted as the book-running lead managers for the issue, while MUFG Intime India was the registrar. About HD Fire Protect HD Fire Protect designs, manufactures and supplies fire protection equipment and integrated fire safety systems for industrial, commercial and institutional customers.

Its product portfolio includes fire sprinklers, valves, foam-based firefighting equipment and fire detection systems. The company operates manufacturing facilities in Maharashtra and caters to sectors such as oil and gas, power generation, manufacturing and infrastructure. The company's products are used in fire protection applications across industrial and commercial facilities, where fire safety systems form an important part of risk management and regulatory compliance.