HD Fire Protect IPO subscribed 131.70 times on final day

New Delhi, Oct 15 (PTI) 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.

HD Fire Protect raised Rs 213.11 crore from anchor investors on Monday.

The company has fixed a price band of Rs 258-271 per share for the offering.

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.

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.

The company’s shares are expected to list on the BSE and NSE on October 21. PTI SUM SUM VHI

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