HD Fire Protect Garners Rs 213 Cr From Anchor Investors Ahead of IPO

New Delhi: Fire protection equipment manufacturer HD Fire Protect Ltd on Monday raised Rs 213.11 crore from anchor investors ahead of its initial public offering (IPO), which will open for public subscription on Tuesday.

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.

The company allotted 78.64 lakh equity shares to 25 funds at Rs 271 per share, the upper end of the price band, it showed.

Domestic mutual funds accounted for a significant portion of the anchor allocation, with nine mutual funds receiving 56.52 lakh shares, representing 71.88 per cent of the total allocation, through 17 schemes.

The Rs 712-crore IPO will open on October 13 and 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.

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