It’s a busy week for IPO fans. Two mainboard companies, HD Fire Protect and Fusion CX, open for bidding this week, along with two smaller SME issues. And next week, all eyes will be on the Jio Platforms IPO.
Here’s a quick, simple guide to this week’s issues.
HD Fire Protect IPO
- Dates: October 13 to October 15
- Price band: ₹258 to ₹271 per share
- Issue size: about ₹712 crore
- Lot size: 55 shares (about ₹14,905 at the upper band)
- Expected listing: October 21
Important: this is a pure offer for sale. That means existing shareholders are selling their shares, and the company itself will not get any of the money raised.
The grey market premium (GMP) was around ₹72–73 late last week, according to IndiaIPO and other trackers.
Fusion CX IPO
- Dates: October 14 to October 16
- Price band: ₹275 to ₹289 per share
- Issue size: ₹702 crore (₹500 crore of new shares and ₹202 crore offer for sale)
- Lot size: 51 shares (about ₹14,739 at the upper band)
- Allotment: October 19
- Expected listing: October 22
Grey market numbers for Fusion CX are all over the place. One tracker showed ₹55 on October 9, while a more recent one showed just ₹22 on October 12, according to Upstox and other sources.
SME IPOs this week
Two smaller SME issues, Ravita Engineering Services and Vaibhav Vyapaar, also open this week. SME IPOs are riskier, have bigger minimum investments and trade with less volume, so they are not for beginners.
Don’t rely only on the GMP
The grey market premium is an unofficial number from an unregulated market. It can change sharply in a day and often turns out wrong on listing day. Before you apply:
- read the company’s red herring prospectus (RHP), especially its debt and profit history;
- check how many times the issue is subscribed, especially by big institutions (QIBs);
- remember that the market is volatile right now, with foreign investors selling and the rupee under pressure.
Read our latest on the rupee’s sharp jump after RBI’s new rules.
Questions to think about
- How much weight should investors give to the grey market premium?
- Does it matter to you whether an IPO raises fresh money or is only an offer for sale?
- Are SME IPOs worth the extra risk for regular investors?
Sources: Upstox, Angel One, IndiaIPO and IPO Market, as of October 12, 2026. GMP figures are unofficial and change daily. This is not investment advice.
