Overview
- The IPO was subscribed 4.62 times on Tuesday, Oct 13, with non‑institutional investors bidding 11.38x, retail investors 3.78x and qualified institutional buyers 1.04x, according to exchange data.
- Promoters put up 2.63 crore shares in a pure offer‑for‑sale, and 78.64 lakh shares were sold to 25 anchor investors at Rs 271 each, raising Rs 213.11 crore before the public offer opened.
- HD Fire Protect is a Mumbai‑based designer and maker of water, foam and gas fire‑suppression systems that serves oil and gas, refining, power, pharmaceuticals, aerospace and data centres.
- At the upper price band of Rs 271 the implied market cap is about Rs 4,750 crore and brokers broadly recommend subscribing while warning of a high P/E (~40.7x), promoters’ pre‑IPO payouts and customer and project concentration risks.
- The public bid closes on Oct 15 with a tentative listing on Oct 21, and because the company receives no fresh capital the transaction primarily shifts promoter holdings and will likely shape early trading and investor sentiment at listing.