HD Fire Protect Limited made a strong debut on the stock market on Wednesday, listing at a premium of 23% to its IPO price. The stock opened at Rs 335 on the NSE which is a 23.61% rise from the IPO price of Rs 271. On the BSE, it began trading at Rs 334.40 per share which marks a 23.39% premium.
The initial public offer of fire protection equipment manufacturer HD Fire Protect Ltd was subscribed 131.70 times on the final day of bidding on Thursday. The company’s Rs 712-crore IPO received bids for 2,42,60,01,270 shares against 1,84,20,492 shares on offer, as per NSE data.
The quota for Qualified Institutional Buyers (QIBs) garnered 256.65 times subscription. The category for non-institutional investors received 203.21 times subscription and the portion for retail investors was subscribed 30.49 times.
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Fire protection equipment manufacturer HD Fire Protect Ltd. IPO opened on Tuesday, October 13 closed on 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.
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.
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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