Activity in Dalal Street's primary market is poised to pick up substantial momentum next week, with four new initial public offerings scheduled to accept investor subscriptions between October 13 and October 16. The slate features a healthy mix of market tiers, dividing evenly between two mainboard offerings and two small and medium enterprise offerings. On the mainboard front, Fusion CX and HD Fire Protect are gearing up to tap market liquidity, while Ravita Engineering Services and Vaibhav Vyapaar will bring their shares to the SME platform.
Together, these four fundraising events bring varied avenues for retail and institutional market participants who are tracking fresh listings. The two mainboard candidates represent sizeable capital raises, with Fusion CX seeking Rs. 702 crore and HD Fire Protect launching a slightly larger Rs. 712.31 crore offering. Alongside them, the two smaller issues will look to make their debut on the dedicated National Stock Exchange SME platform.
Breakdown And Timeline For Fusion CX Public Offer
The Fusion CX issue is structured as a book-built public offer valued at Rs. 702 crore. Its overall composition contains both fresh equity issuance and an offloading of existing equity. The fresh issue component consists of 1.73 crore shares that aggregate to Rs. 500 crore, ensuring that the bulk of proceeds will flow directly into company reserves for operations. The remaining segment is an offer for sale comprising 69.90 lakh equity shares worth Rs. 202 crore, sold by current shareholders.
According to the official schedule, bidding for Fusion CX will commence on October 14 and wrap up on October 16. Share allotment is anticipated to be concluded on October 19. Following the completion of refunds and transfer of allotted shares to demat accounts, the equity shares are tentatively set to list on both the NSE and the BSE on October 22.
The price range for Fusion CX shares has been placed at Rs. 275 to Rs. 289 per equity share. With a lot size of 51 shares, any retail participant seeking an allocation at the upper limit of Rs. 289 will have to commit an initial investment of Rs. 14,739 per application lot.
HD Fire Protect Offering Details And Capital Terms
Another prominent transaction scheduled for the upcoming week is the HD Fire Protect public offer, which stands at an aggregate size of Rs. 712.31 crore. In contrast to Fusion CX, this transaction is entirely an offer for sale, meaning the operating business will not receive fresh proceeds. Instead, pre-existing shareholders are selling 2.63 crore shares directly to the investing public.
The subscription window for HD Fire Protect will become active on October 13 and close on October 15. The allotment status is scheduled to be finalized on October 16, paving the way for a tentative secondary market debut on the NSE and BSE on October 21. Market intermediaries managing the transaction include Ambit acting as the book-running lead manager, whereas MUFG Intime India has taken on registrar duties.
Interested participants can place their orders within the fixed price band of Rs. 258 to Rs. 271 per share. The minimum application requirement stands at 55 shares per lot, which translates into a minimum capital commitment of Rs. 14,905 per lot when applying at the upper price mark of Rs. 271.
SME Offerings Led By Ravita Engineering Services
Targeting the NSE SME segment, Ravita Engineering Services is launching a Rs. 116.05 crore transaction. Reversing the structure used by HD Fire Protect, this entire SME offering consists of fresh capital generation, with the enterprise floating 1.04 crore newly issued shares.
Bidding for Ravita Engineering Services starts on October 13 and concludes on October 15, 2026. The allotment of shares is projected to finish on October 16, with tentative listing slated for October 21 on the NSE SME board. The valuation band has been specified at Rs. 105 to Rs. 112 per share, featuring a lot size of 1,200 shares.
Given the regulatory framework around SME lot packaging, the minimum application threshold for retail bidders is pegged at 2,400 shares, demanding a total capital outlay of Rs. 2,68,800 at the upper price band. High net worth investors must apply for at least three lots, corresponding to 3,600 shares and a financial commitment of Rs. 4,03,200.
Vaibhav Vyapaar Completes The Weekly Lineup
Rounding out the four forthcoming offerings is Vaibhav Vyapaar, which represents the smallest public issue of the week with an aggregate size of Rs. 42.10 crore. The firm plans to raise this entire amount through a fresh equity offering of 77.96 lakh shares.
The subscription timeline for Vaibhav Vyapaar mirrors the other early week debuts, opening its doors on October 13 and drawing to a close on October 15. Allotment calculations are expected to wrap up on October 16, after which the shares are tentatively scheduled to start trading on the NSE SME platform on October 21. The price band has been positioned between Rs. 51 and Rs. 54 per share, with the lot size established at 2,000 shares per application.
