HD Fire Protect IPO raises Rs 213.11 crore from anchor investors ahead of October 13 opening

HD Fire Protect Ltd raised Rs 213.11 crore from anchor investors on Monday. The fund raise came ahead of the company’s initial public offering. The IPO will open for public subscription on Tuesday. A stock exchange circular listed the anchor investors and allotment details.

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The company allotted 78.64 lakh equity shares to 25 funds at Rs 271 each. The price of Rs 271 was the top end of the price band. Bajaj Life Insurance and Axis Max Life Insurance joined the anchor round. Allianz Global Investors Fund also participated, as per the circular.

HD Fire Protect IPO schedule and price band

The Rs 712-crore IPO will open on October 13 and close on October 15. HD Fire Protect has set a price band of Rs 258-271 per share. The company’s shares are expected to list on the BSE and NSE on October 21. At the upper price, the valuation is around Rs 4,750 crore.

HD Fire Protect IPO offer for sale and promoters

The public issue is entirely an offer for sale of 2.63 crore equity shares. The selling shareholders are promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi. Since it is only an OFS, the company will not receive any IPO proceeds. The structure also means proceeds go to the selling promoters.

HD Fire Protect anchor investors and mutual funds

Several mutual funds participated in the anchor round, the filing showed. These included Kotak Mutual Fund MF, HDFC MF, ICICI Prudential MF, and Aditya Birla Sun Life MF. Mirae Asset MF, Bandhan MF and UTI MF also took part. The anchor list also included other investors named in the circular.

Domestic mutual funds took a large share of the anchor allocation. Nine mutual funds received 56.52 lakh shares through 17 schemes. This formed 71.88 per cent of the total anchor allotment. The allocation split showed mutual funds as the biggest category in the anchor book.

HD Fire Protect business, plants and projects

Mumbai-based HD Fire Protect designs and manufactures fire protection equipment and systems. Its products include water-, foam- and gas-based fire suppression solutions. The company operates two manufacturing facilities in Maharashtra. It supplies to industries like oil and gas, refining, and petrochemicals, along with power and pharmaceuticals.

The company also serves aerospace, data centres and warehousing clients. It has supplied fire protection equipment for India’s new Parliament building. It also worked on the country’s largest refinery in Jamnagar. Supplies also went to installations at the space launch facility in Sriharikota.

The anchor fund raise sets the stage for the October 13 IPO opening. The issue remains a complete offer for sale by the two promoters. HD Fire Protect will not receive funds from the public issue. Trading is expected to begin with the planned October 21 listing on the BSE and NSE.

With inputs from PTI