India’s primary market is set to see two new public issues next week, with HD Fire Protect Ltd and Fusion CX Ltd planning to raise a combined ₹1,414.13 crore. HD Fire Protect manufactures fire protection equipment and systems, while Fusion CX provides AI-powered customer experience solutions.
HD Fire Protect plans to raise ₹712.13 crore entirely through an offer for sale (OFS). Fusion CX, meanwhile, is targeting ₹702 crore through a combination of a fresh issue of shares and an OFS.
Investors will be watching the subscription schedules, price bands and grey market premium (GMP) trends of both IPOs. However, grey market premiums are unofficial indicators and do not guarantee the listing price or returns.
HD Fire Protect IPO: Price Band, Dates and GMP
HD Fire Protect has fixed its IPO price band at ₹258–₹271 per share. The ₹712.13-crore issue will open for subscription on October 13 and close on October 15, 2026. Bidding by anchor investors is scheduled for October 12.
At the upper end of the price band, the company is valued at approximately ₹4,750 crore. The issue size at the lower end of the price band works out to around ₹678 crore.
The IPO consists entirely of an OFS of approximately 2.63 crore equity shares by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi. As a result, the company will not receive proceeds from the share sale; the money will go to the selling shareholders.
According to the grey market figures provided, HD Fire Protect’s GMP stands at ₹75. Based on the upper price band of ₹271, this indicates an estimated listing price of ₹346 per share, representing a potential premium of approximately 27.68%.
The reported GMP remained relatively stable over the preceding five sessions, with a net movement of ₹5 and a range of ₹17. These figures reflect unofficial market sentiment and should not be treated as a prediction of actual listing performance.
Mumbai-based HD Fire Protect designs and manufactures fire safety equipment, including water-, foam- and gas-based fire suppression systems. It operates two manufacturing facilities in Maharashtra and serves industries such as heavy engineering, aerospace, oil and gas, refining and petrochemicals, power and energy, pharmaceuticals, data centres and warehousing.
Fusion CX IPO: Price Band, Dates and GMP
Fusion CX has set a price band of ₹275–₹289 per share for its ₹702-crore IPO. The issue will open on October 14 and close on October 16, 2026, with anchor investor bidding scheduled for October 13.
At the upper end of the price band, Fusion CX is expected to have a post-issue market capitalisation of more than ₹4,170 crore.
The IPO includes a fresh issue of shares worth up to ₹500 crore and an OFS worth up to ₹202 crore by existing shareholders P N S Business Pvt Ltd and Rasish Consultants Pvt Ltd. The company had initially proposed raising up to ₹1,000 crore through the IPO in its draft red herring prospectus filed with the Securities and Exchange Board of India (SEBI) in May 2025. The proposed issue size was subsequently reduced.
Fusion CX’s GMP is reported at ₹53. Using the upper price band of ₹289, the implied estimated listing price is ₹342 per share, suggesting a potential premium of approximately 18.34%.
The reported premium remained relatively steady over the previous three sessions, with a net movement of ₹2. As with HD Fire Protect, the GMP is an unofficial market indicator and does not assure a particular listing price or gain.
How Fusion CX Plans to Use IPO Proceeds
Fusion CX intends to use ₹275 crore from the fresh issue proceeds to repay or prepay certain outstanding borrowings of the company and its subsidiaries.
A further ₹61 crore is earmarked for investments in its step-down subsidiaries, Omind Technologies Inc and Omind Technologies Pvt Ltd. The funds will support upgrades to IT tools, including Arya and MindVoice.
The remaining proceeds are intended for acquisitions, other strategic initiatives and general corporate purposes.
Fusion CX provides technology-led, AI-powered customer experience solutions. Over the past three years, it has acquired six businesses across the United States, Australia and Belize. These include Skycom Group, Scribe.ology LLC, Sequential Technologies LLC, S4 Communications LLC, VA Platinum Offshoring Pty Ltd and Ready Call Center Ltd.
What Investors Should Know Before Applying
Both IPOs offer exposure to different business segments, but investors should assess the companies’ financial performance, valuation, business risks and issue structure before making an investment decision.
The distinction between a fresh issue and an OFS is also important. In a fresh issue, the company receives the proceeds for its stated purposes. In an OFS, the proceeds go to the shareholders selling their shares.
GMP figures can change quickly and are not an official measure of an IPO’s likely listing performance. Investors should review the final offer documents and consider their own financial objectives and risk tolerance before applying.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to apply for either IPO. Grey market premiums are unofficial, can fluctuate and do not guarantee listing gains. Investors should verify the latest issue details through official documents and consult a qualified financial adviser before making investment decisions.
