HD Fire Protect shares list at nearly 24% premium; here's how much investors made per lot

The stock listed at ₹335 per share on the National Stock Exchange (NSE). This reflects a premium of 23.62% over the IPO issue price of ₹271 per unit.

On the BSE, it started trading at ₹334.40 apiece, up 23.39% from the issue price.

HD Fire Protect share price: Here's how much investors made per lot

A lot consisted of 55 shares and cost ₹14,905. Investors who received the HD Fire Protect IPO allotment made ₹3,520 per lot, taking the value of their investment to ₹18,425, as per the listing price on the NSE.

The public issue was entirely an offer for sale (OFS) of 2.63 crore shares aggregating to ₹712.13 crore by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi.

Since there was no fresh issuance of equity shares, the company will not get any proceeds from the issue. The funds generated will go to selling promoters.

"Our company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity and a public market for the equity shares in India," the company said in its red herring prospectus (RHP).

The initial public offering was subscribed a whopping 131.70 times, as it got bids for 2,42,60,01,270 shares against 1,84,20,492 shares on offer, as per the data on the NSE website.

Qualified institutional buyers (QIBs) led the bidding as they subscribed their part 256.65 times. The category for non-institutional investors was subscribed 203.21 times and the portion for retail individual investors was booked 30.49 times.

Before the IPO, the company mobilised ₹213.11 crore from anchor investors, including Axis Max Life Insurance, Allianz Global Investors Fund, Bajaj Life Insurance, Kotak Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Mirae Asset MF, UTI MF, Aditya Birla Sun Life MF and Bandhan MF.

Mumbai-based HD Fire Protect is engaged in manufacturing and supplying fire protection equipment and systems, offering water-, foam- and gas-based fire suppression solutions.