Shares of HD Fire Protect, a manufacturer of fire protection equipment, made a strong debut on the bourses today, listing at a premium of nearly 24 per cent over the issue price of Rs 271 apiece. The stock opened at Rs 335 on the National Stock Exchange (NSE), marking a premium of 23.62 per cent. On the BSE, the shares debuted at Rs 334.40, up 23.39 per cent over the issue price. It gained further to hit a high of Rs 338, before profit booking and falling to the intraday low of Rs 301, down Rs 33.4 or 9.98 per cent from the opening level.
Following the listing, the company’s market capitalisation stood at Rs 5,284.06 crore on the NSE and Rs 5,276.18 crore on the BSE.
HD Fire Protect raised 213 crore from anchor investors
Ahead of the IPO, the fire protection equipment manufacturer raised Rs 213.11 crore from anchor investors. 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.
What does the company do?
Mumbai-based HD Fire Protect designs and manufactures fire protection equipment and systems, including water-, foam- and gas-based fire suppression solutions.
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. It operates two manufacturing facilities in Maharashtra and serves sectors such as oil and gas, refining, petrochemicals, power, pharmaceuticals, aerospace, data centres and warehousing.
Meanwhile, equity benchmark indices Sensex and Nifty rallied up to 1 per cent in early trade on Wednesday, rebounding from the previous session’s sharp losses as buying in IT stocks, Reliance Industries and firm global cues lifted investors’ sentiment.
The 30-share BSE Sensex jumped 822.64 points, or 1.11 per cent, to 74,675.54 in the morning trade. The 50-share NSE Nifty advanced 217.65 points, or 0.95 per cent, to 23,106.60.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)