HD Fire Protect’s initial public offering (IPO) is commanding a grey market premium (GMP) of nearly 32 percent ahead of its opening for public subscription on October 13.
The Mumbai-based fire protection equipment manufacturer aims to raise Rs 712.1 crore through the public issue, which will close on October 15.
According to market tracking platform InvestorGain, the grey market premium for HD Fire Protect stood at nearly 32 percent on the morning of October 12. However, grey market premiums are unofficial indicators based on speculative trading and do not guarantee listing gains.
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The company’s IPO comprises an offer for sale (OFS) of 2.62 crore equity shares, with no fresh issue component. Promoters Harish Narshi Dharamshi and his wife, Kusum Dharamshi, will sell their shares through the offering.