India’s primary market will see two more public issues open for subscription next week, with fire protection equipment manufacturer HD Fire Protect Ltd and AI-powered customer experience solutions provider Fusion CX Ltd looking to raise a combined ₹1,414 crore.
While HD Fire Protect’s ₹712.13-crore IPO is entirely an offer for sale (OFS), Fusion CX plans to raise ₹702 crore through a combination of a fresh issue and an OFS. The two issues will give investors exposure to businesses operating in fire safety systems and technology-led customer experience solutions, respectively.
Let’s take a look at grey market premium (GMP) trends
HD Fire Protect IPO GMP today
HD Fire Protect IPO GMP today, or grey market premium, is +75. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of HD Fire Protect share price was indicated at ₹346 apiece, which is 27.68% higher than the IPO price of ₹271.
Over the past five sessions, the IPO’s GMP has remained relatively stable, with a limited movement of ₹5 and a GMP range of ₹17. The current GMP stands at ₹75, indicating steady grey market sentiment. Based on the latest premium, the estimated listing price is around ₹346, against the issue price of ₹271, according to market estimates.
HD Fire Protect IPO price band has been fixed at ₹258– ₹271 per share for its ₹712.13-crore IPO. The issue will open for subscription on 13 October and close on 15 October, while bidding by anchor investors is scheduled for 12 October.
At the upper end of the price band, the company is valued at around ₹4,750 crore. At the lower end, the issue size works out to approximately ₹678 crore.
The IPO comprises an offer for sale of 2.63 crore equity shares by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi. Since the issue is entirely an OFS, the company will not receive any proceeds from the IPO, with the money going to the selling shareholders.
Mumbai-based HD Fire Protect designs and manufactures fire protection equipment and systems, offering water-, foam- and gas-based fire suppression solutions. It operates two manufacturing facilities in Maharashtra and serves a wide range of industries, including heavy engineering, aerospace, oil and gas, refining and petrochemicals, power and energy, pharmaceuticals, data centres, and warehousing.
Fusion CX IPO GMP today
Fusion CX IPO GMP today, or grey market premium, is +53. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Fusion CX share price was indicated at ₹342 apiece, which is 18.34% higher than the IPO price of ₹289.
Over the past three sessions, the IPO’s GMP has remained relatively stable, with a net movement of ₹2. The current GMP stands at ₹53, indicating steady grey market sentiment. Based on the latest premium, the estimated listing price is around ₹342, compared with the issue price of ₹289, implying a potential listing gain of approximately 18.3%, according to market estimates.
Fusion CX IPO price band has been fixed at ₹275– ₹289 per share for its ₹702-crore IPO. The issue will open on 14 October and close on 16 October, with the anchor investor bidding scheduled for 13 October.
At the upper end of the price band, Fusion CX is expected to command a post-issue market capitalisation of more than ₹4,170 crore.
The IPO comprises a fresh issue of equity shares worth up to ₹500 crore and an OFS of shares aggregating up to ₹202 crore by existing shareholders P N S Business Pvt Ltd and Rasish Consultants Pvt Ltd. The company had initially planned to raise up to ₹1,000 crore through the IPO, according to its draft red herring prospectus filed with Sebi in May 2025, but later reduced the proposed issue size.
Fusion CX plans to use ₹275 crore from the fresh issue proceeds to repay or prepay certain outstanding borrowings of the company and its subsidiaries. Another ₹61 crore will be invested in its step-down subsidiaries, Omind Technologies Inc and Omind Technologies Pvt Ltd, to upgrade IT tools, including Arya and MindVoice.
The remaining proceeds will be used for acquisitions, other strategic initiatives and general corporate purposes.
Fusion CX provides AI-powered customer experience solutions. Over the past three years, the company has acquired six businesses across the US, Australia, and Belize, including Skycom Group and Scribe.ology LLC, Sequential Technologies LLC, S4 Communications LLC, VA Platinum Offshoring Pty Ltd and Ready Call Center Ltd.
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