HD Fire Protect IPO subscribed 4.62 times on Day 1

New Delhi, Oct 13 (PTI) The initial public offer of fire protection equipment manufacturer HD Fire Protect Ltd was subscribed 4.62 times on the first day of bidding on Tuesday.

The Rs 712-crore IPO received bids for 8,50,40,395 shares against 1,84,20,492 shares on offer, according to NSE data.

The category for non-institutional investors garnered 11.38 times subscription, while the quota for retail investors was subscribed 3.78 times. The portion for Qualified Institutional Buyers (QIBs) received 1.04 times subscription.

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

The IPO will close 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.

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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