IPO Subscription 14 Oct: HD Fire 9.7x Day 2, Fusion CX Opens
The primary market is buzzing at midday on Wednesday, 14 October 2026. Four IPOs are open for subscription — two mainboard and two SME. HD Fire Protect is racing ahead at nearly 10x on Day 2, while Fusion CX and Ravita Engineering opened for bidding this morning. Here is the complete midday subscription update with unofficial grey market premiums and key dates.
HD Fire Protect IPO — Day 2: ~9.7x by midday
HD Fire Protect's ₹712.1 crore mainboard IPO (a pure offer for sale of 2.62 crore shares) is the standout of the week. As of ~12:45 PM on Day 2, the issue is subscribed ~9.66 times, with bids worth roughly ₹4,822 crore against a net offer of about ₹499 crore.
| Category | Subscription (midday, ~12:43 PM) | Day 1 close |
|---|---|---|
| Non-Institutional Investors (NII) | ~26.4x | ~11.4x |
| Retail Individual Investors | ~7.4x | ~3.8x |
| Employees | ~5.2x | ~2.9x |
| Qualified Institutional Buyers | ~1.06x | ~1.04x |
| Total | ~9.7x | 4.62x |
NII demand has more than doubled since Day 1, jumping from ~11.4x to over 26x, while retail bids crossed 7x. QIB participation remains measured at ~1.06x so far — institutional bids typically pick up on the final day. An earlier NSE snapshot at 11:16 AM had the issue at 7.72x (NII 20.96x, retail 5.89x), showing steady momentum through the morning.
The unofficial grey market premium is holding at ₹91–93 (about 34%), implying an estimated listing around ₹362 against the ₹271 upper band. GMP is unofficial market chatter and does not guarantee listing gains.
The price band is ₹258–271 with a 55-share lot (minimum ₹14,905). The company had raised ₹213.11 crore from 25 anchor funds ahead of the issue. Bidding closes tomorrow, 15 October; allotment is expected on 16 October and listing on 21 October. Read our HD Fire Protect IPO deep-dive for the full review.
Fusion CX IPO — Day 1: slow start at ~0.17x
The ₹702 crore Fusion CX mainboard IPO opened for subscription this morning and, as expected for a first day, bidding is building gradually — ~0.17x by midday, with retail leading at ~0.7x, NII at ~0.15x and QIBs yet to bid.
| Detail | Value |
|---|---|
| Issue size | ₹702 crore (₹500 cr fresh + ₹202 cr OFS) |
| Price band | ₹275–289 per share |
| Lot size | 51 shares (min. ₹14,739) |
| Open / Close | 14 Oct – 16 Oct 2026 |
| Allotment / Listing | 19 Oct / 22 Oct 2026 (BSE + NSE) |
| Anchor book | ₹315 cr at ₹289 — 77.8% via domestic MFs |
| GMP (unofficial) | ~₹31–33 (~11%), est. listing ~₹320 |
The anchor book of ₹315 crore, allotted at the top of the band, saw six domestic mutual funds take 85.09 lakh shares through 15 schemes. Brokerage views are mixed — SBI Securities has recommended 'Subscribe' citing AI-led CX growth, while Swastika Investmart is Neutral and Capital Market has advised avoiding the issue, flagging customer concentration and valuation. See our Fusion CX IPO deep-dive for financials and the full review.
Ravita Engineering IPO — Day 1 (SME): 0.11x, retail leads
Ravita Engineering Services' ₹116.05 crore NSE Emerge SME IPO also opened today. Early Day 1 numbers (as of ~11:15 AM) show 0.11x total subscription, with retail at 0.17x leading, followed by small HNIs at 0.10x and big HNIs at 0.09x; QIB bids had not arrived at that snapshot. The company raised ₹33.02 crore from anchor investors on 13 October.
The issue is a pure fresh issue of 1.04 crore shares at ₹105–112, with a 1,200-share lot and a minimum application of 2,400 shares (~₹2,68,800). It closes on 16 October, with allotment expected on 19 October and listing on NSE Emerge on 22 October. The unofficial GMP is modest at ₹2–4 (about 2–3.5%). The engineering services firm reported FY26 revenue of ₹277.63 crore and PAT of ₹28.04 crore, up sharply from FY25.
Vaibhav Vyapaar IPO — Day 2 (SME): 0.26x by midday
The ₹42.10 crore Vaibhav Vyapaar SME IPO, open from 13–15 October, remains sluggish at ~0.26x by midday on Day 2 (HNI 0.46x, individuals 0.32x, QIB 0), up marginally from 0.19x on Day 1. The unofficial GMP is ₹0. The price band is ₹51–54 with a 2,000-share lot (minimum 4,000 shares, ₹2,16,000). Bidding closes tomorrow, 15 October; allotment on 16 October and NSE Emerge listing on 21 October. Read our Vaibhav Vyapaar IPO deep-dive.
What to watch next
Tomorrow, 15 October, is a big day: HD Fire Protect and Vaibhav Vyapaar close, and five new IPOs open — Tonbo Imaging, Zetwerk, Bonfiglioli Transmissions and Sahajanand Medical on the mainboard, plus Shellz India on BSE SME.
Unofficial GMP trackers this morning are quoting Tonbo Imaging at roughly ₹500 (~71%) and Bonfiglioli Transmissions at roughly ₹170 (~29%), with Zetwerk (~₹22, ~15%) and Sahajanand Medical (~₹40, ~12%) more modest. These are unofficial dealer quotes that move quickly — treat them as sentiment, not certainty. See the full week schedule and our Tonbo, Zetwerk and Sahajanand Medical deep-dives.
FAQs
Which IPO is performing best on 14 October?
HD Fire Protect is the clear leader, subscribed ~9.7x by midday on Day 2 with NII bids at ~26x and retail at ~7.4x. Its unofficial GMP of ₹91–93 (~34%) is also the strongest among today's open issues.
What is the HD Fire Protect IPO subscription status on Day 2?
About 9.7x at midday — NII ~26.4x, retail ~7.4x, employees ~5.2x and QIB ~1.06x. The issue closes tomorrow, 15 October 2026.
What is the Fusion CX IPO subscription status on Day 1?
Approximately 0.17x by midday, with retail leading at ~0.7x, NII at ~0.15x and no QIB bids yet. First-day bidding is typically slow; institutions usually bid on the final day.
When do HD Fire Protect and Vaibhav Vyapaar IPOs close?
Both close on 15 October 2026. Fusion CX and Ravita Engineering close on 16 October.
Which IPOs open on 15 October 2026?
Tonbo Imaging, Zetwerk, Bonfiglioli Transmissions and Sahajanand Medical on the mainboard, plus Shellz India on BSE SME.
Is GMP a reliable indicator of listing gains?
No. The grey market premium is an unofficial, unregulated indicator of sentiment. It does not guarantee the actual listing price or gains — always base decisions on the company's fundamentals and your own due diligence.
Conclusion
Midway through 14 October, the primary market is a tale of two speeds: HD Fire Protect is surging toward a strong finish with NII money pouring in (~26x), while Fusion CX, Ravita Engineering and Vaibhav Vyapaar are off to the slow Day 1/2 start that is typical before QIB bids arrive. With two issues closing tomorrow and five new ones opening, the action only intensifies — watch the final-day QIB surge in HD Fire Protect and the Day 1 anchor-backed start of the October 15 wave.
Disclaimer: All subscription figures are NSE/BSE bidding data reported by financial press and subscription trackers at the times stated; final figures will be published by the exchanges after market close. GMP figures are unofficial market quotes. This article is for information only and is not investment advice.