HD Fire Protect, a manufacturer of fire protection equipment and systems, has raised Rs 213.11 crore through its anchor book ahead of the opening of its initial public offering (IPO) for public subscription.
The Rs 712-crore IPO, comprising an offer for sale (OFS) by the promoters, will open for subscription on October 13 and close on October 15. The price band has been fixed at Rs 258–271 per share.
The company has allocated 78.64 lakh equity shares to 16 institutional investors via anchor book at the upper end of the price band on October 12.
Of the total anchor allocation, 56,52,331 equity shares were allotted to nine domestic mutual funds, including SBI Mutual Fund, HDFC Asset Management Company, ICICI Prudential Asset Management Company, Aditya Birla Sun Life Asset Management Company, PGIM India, Bandhan Mutual Fund, and Mirae Asset.
As the IPO is entirely an offer for sale, the net proceeds, after accounting for offer-related expenses, will go to the promoters, Harish Narshi Dharamshi and his wife, Kusum Dharamshi. The company will not receive any proceeds from the issue.