The IPO of HD Fire Protect was open for bidding between October 13-15 as the company raised a total of Rs 712 crore from its primary offering, which was entirely an offer-for-sale (OFS) of up to 2,62,84,500 equity shares. The company sold its shares in the range of Rs 258-271 apeice, with a lot size of 55 equity shares.
According to the data, the IPO of Rajputana Stainless was subscribed a solid 131.70 times during the bidding process, fetching bids for 65,750 crore through 47.55 lakh applications. On an individual basis, qualified institutional bidders' (QIB) portion was booked 256.65 times, while non-institutional investors' quota was subscribed 203.21 times. Retail portion was booked 30.49 times.
Incorporated in April 1997, Mumbai-based HD Fire Protect is an Indian manufacturer and supplier of fire protection equipment and systems, offering water, foam and gas-based fire suppression solutions. It offers a comprehensive portfolio across eight product categories. It develops a majority of its products in-house and focuses on proprietary designs meeting national and global standards.
Brokerage firms were mostly positive on the issue, suggesting to subscribe it for both listing gains and long-term basis. Ambit, Anand Rathi Advisors and IIFL Capital Services were the book running lead managers of HD Fire Protect IPO and MUFG Intime India served as the registrar of the issue.
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