Archive · 11 Oct 2026
HD Fire Protect, Fusion CX IPOs Show Different GMPs
Two companies in India plan to sell shares to the public next week.
HD Fire Protect makes equipment that helps fight fires.
Fusion CX provides customer support services that use artificial intelligence.
Together, the companies aim to raise ₹1,414 crore.
HD Fire Protect’s IPO is made up only of shares being sold by its promoters, so the company will not receive the sale proceeds.
Fusion CX will issue new shares as well as sell existing shares.
It plans to use some of the new-share money to repay debt and invest in technology.
Grey market estimates suggest both shares could list above their IPO prices, but those estimates are not guaranteed outcomes.
HD Fire Protect and Fusion CX plan to raise a combined ₹1,414 crore through IPOs opening next week.
HD Fire Protect’s ₹712.13-crore issue is entirely an offer for sale; its reported GMP is ₹75.
Fusion CX’s ₹702-crore IPO combines a fresh issue of up to ₹500 crore with an offer for sale of up to ₹202 crore; its reported GMP is ₹53.
Based on the reported GMPs and upper price bands, market estimates indicate possible listing prices of ₹346 for HD Fire Protect and ₹342 for Fusion CX.
HD Fire Protect’s issue is scheduled for 13–15 October, while Fusion CX’s is scheduled for 14–16 October; the articles do not specify the year for these dates.
- Who
- HD Fire Protect Ltd and Fusion CX Ltd.
- What
- The companies plan IPOs totaling ₹1,414 crore, with reported grey market premiums of ₹75 and ₹53 respectively.
- When
- HD Fire Protect’s issue is scheduled for 13–15 October and Fusion CX’s for 14–16 October; the year is not specified for these dates.
- Where
- India’s primary market.
- Why
- HD Fire Protect’s IPO is an offer for sale by its promoters. Fusion CX is raising funds through a fresh issue and an offer for sale, with fresh proceeds earmarked partly for debt repayment and technology investment.
- Combined planned issue size
- ₹1,414 crore
- HD Fire Protect IPO
- ₹712.13 crore; entirely an offer for sale of 2.63 crore equity shares
- HD Fire Protect price band
- ₹258–₹271 per share
- HD Fire Protect reported GMP
- ₹75; estimated listing price around ₹346 at the upper price band
- Fusion CX IPO
- ₹702 crore, comprising up to ₹500 crore in fresh shares and up to ₹202 crore in an offer for sale
- Fusion CX price band
- ₹275–₹289 per share
- Fusion CX reported GMP
- ₹53; estimated listing price around ₹342 at the upper price band
- Fusion CX planned uses of proceeds
- ₹275 crore for debt repayment or prepayment and ₹61 crore for investment in step-down subsidiaries’ IT tools; remaining proceeds for acquisitions, strategic initiatives and general corporate purposes