HD Fire Protect Ltd’s initial public offering (IPO) was fully subscribed on day one of subscription on Tuesday, October 13, getting a whopping 4.62 times bidding.
According to data on NSE, The Rs 712 crore IPO received bids for 8,50,40,395 shares against 1,84,20,492 total offered shares, according to NSE data. The massive bidding interest has a reflection in the grey market, as HD Fire Projects IPO GMP remained higher over 30 per cent.
The IPO will close on Thursday, October 15. The company has fixed a price band of Rs 258-271 per share.
HD Fire Protect IPO Subscription Status Day 1
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Non-institutional investors: 11.38 times subscription
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Retail investors: 3.78 times subscription
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Qualified Institutional Buyers (QIBs): 1.04 times subscription
HD Fire Project IPO GMP
HD Fire Protect IPO latest grey market premium (GMP) was Rs 91-last updated at 6:02:01 PM on InvestoGain, a grey market tracker. The GMP is showing a potential listing at Rs 362, up 33.58 per cent as compared to the IPO price band of Rs 271.
IPO Details
- Offer For Sale: It is entirely an offer for sale (OFS) of 2.63 crore equity shares by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi.
- Valuation: At the upper end of the price band, the valuation of the company is estimated at around Rs 4,750 crore.
- HD Fire Protect raised Rs 213.11 crore from anchor investors on Monday.
About The Company
Mumbai-based HD Fire Protect is engaged in designing and manufacturing firefighting equipment and systems, including water, foam and gas-based firefighting solutions. It operates two manufacturing facilities in Maharashtra and serves sectors such as oil and gas, refining, petrochemicals, energy, pharmaceuticals, aerospace, data centres and warehousing.