markets · Markets / IPOs / Companies
IPO week: Fusion CX sets ₹275–289 band (lot 51); HD Fire Protect, Ravita and LoanFront owner Vaibhav Vyapaar take anchor bids today, open Tuesday
India’s primary market has four issues lined up in three days. Kolkata CX firm Fusion CX has priced its ₹702 crore IPO at ₹275–289, about 21.6× FY26 earnings per share at the top. Three more — HD Fire Protect’s ₹712 crore promoter sale and two NSE Emerge issues, Ravita Engineering and digital lender Vaibhav Vyapaar — take anchor money today and open to the public on Tuesday.
60-sec
This week’s IPO calendar (Monday 12 Oct 2026):
| Fusion CX (mainboard) | HD Fire Protect (HDFIRE, mainboard) | Ravita Engineering (RAVITA, NSE Emerge) | Vaibhav Vyapaar (LOANFRONT, NSE Emerge) | |
|---|---|---|---|---|
| Anchor book | Tue 13 Oct | Mon 12 Oct | Mon 12 Oct | Mon 12 Oct |
| Public bidding | Wed 14 – Fri 16 Oct | Tue 13 – Thu 15 Oct | Tue 13 – Thu 15 Oct | Tue 13 – Thu 15 Oct |
| Price band | ₹275–289 | ₹258–271 | ₹105–112 | ₹51–54 |
| Issue | Up to ₹702 cr (fresh ₹500 cr + OFS ₹202 cr) | Pure OFS, ≈₹678–712 cr | Fresh, ≈₹108.8–116.1 cr | Fresh, 77,96,000 shares ≈ ₹39.8–42.1 cr |
| Minimum bid | 51 shares = ₹14,025–14,739 | 55 shares = ₹14,190–14,905 | 2,400 shares = ₹2,52,000–2,68,800 | 4,000 shares = ₹2,04,000–2,16,000 |
| Value at top of band | ≈ ₹4,172 cr | ≈ ₹4,748.7 cr | ≈ ₹422.0 cr | ≈ ₹152.2 cr |
| Price ÷ FY26 EPS at top | ≈ 21.6× | ≈ 40.7× | ≈ 15.1× | ≈ 44.3× |
Values and multiples are Capital Chronicle arithmetic on RHP share counts and restated FY26 profit. Allotment and listing dates in the offer documents are indicative.
Takeaway: Mainboard money is split between a growth-plus-debt-repayment issue (Fusion CX) and a pure promoter exit (HD Fire). The two SME books ask for at least ₹2 lakh per application. No GMP, no price call. Not investment advice.
Analysis
Fusion CX: band set at ₹275–289
Fusion CX announced its price band on Friday 9 Oct: ₹275–289 a share (face value ₹1), with bids in lots of 51 shares. At the cap, one lot costs ₹14,739. The offer stays at up to ₹702 crore — a fresh issue of up to ₹500 crore (about 1,73,01,038 new shares at ₹289) and an offer for sale of up to ₹202 crore split equally between promoter companies P N S Business and Rasish Consultants (about 34,94,809 shares each at the cap).
Valuation check (Capital Chronicle arithmetic): the RHP shows 12,70,59,295 shares before the offer. Adding the new shares at the cap gives about 14.44 crore shares, or roughly ₹4,172 crore of company value at ₹289. Restated FY26 profit of ₹169.84 crore works out to about ₹13.37 per pre-offer share, so the cap is about 21.6× FY26 earnings per share.
The RHP also allows a pre-IPO placement of up to ₹120 crore; if done, that amount comes out of the fresh issue. Co-founders Pankaj Dhanuka (CMD & CEO) and Kishore Saraogi (MD & COO) are among the promoters. Anchor bidding is Tuesday 13 Oct; the public book runs 14–16 Oct, with listing on NSE and BSE expected around 22 Oct. Background on the RHP and FY26 numbers: our RHP story.
HD Fire Protect and Ravita: anchors today
Both issues were covered in detail on Friday (HD Fire and Ravita explainer). The key points: HD Fire’s 2,62,84,500-share sale is entirely promoter shares, so none of the money reaches the company; Ravita raises only fresh capital on NSE Emerge. Watch for the anchor allocation filings after today’s book.
Vaibhav Vyapaar: the company behind the LoanFront app
- What it is: a Kolkata-based NBFC that lends through its own digital platform, “LoanFront”. Promoters are Itha Venkata Raghava Gowrinath and Capfront Technologies Private Limited.
- The issue: a fresh issue of 77,96,000 shares (face value ₹5) at ₹51–54, of which 3,90,000 are reserved for the market maker. Book-running lead manager: Getfive Advisors; registrar KFin Technologies.
- Where the money goes: ₹32 crore to strengthen the capital base (Tier I capital for onward lending), with the rest for general corporate purposes.
- Numbers (restated, ₹ crore): FY26 revenue from operations 36.80 (FY25: 25.05); profit 1.97 (FY25: 1.48). For the four months to 31 July 2026 alone, revenue was 18.00 and profit 3.01 — already above all of FY26.
- Shares: 2,03,86,423 before the issue and 2,81,82,423 after, so about ₹152 crore of value at ₹54 (Capital Chronicle arithmetic).
At ₹54, the issue is about 44.3× FY26 diluted EPS of ₹1.22. The four-month profit is much stronger than FY26, so that multiple drops sharply if it holds — but that is a partial-year number, not a full-year result.
What to watch
- Anchor allocation filings for HD Fire, Ravita and Vaibhav Vyapaar (Monday evening)
- Day-1 subscription on NSE/BSE on Tuesday 13 Oct, and the Fusion CX anchor book the same day
- Whether last week’s new listings, which sat at lower price limits on Friday afternoon, recover before fresh supply lands
Sources
- Fusion CX Limited — Red Herring Prospectus dated 8 Oct 2026 and the company’s price band announcement of 9 Oct 2026 (band, lot, offer split, pre-IPO placement clause, timetable). https://www.fusioncx.com/investor-relations/rhp/
- NSE IPO data, 12 Oct 2026: upcoming-issue list (HD Fire Protect, Vaibhav Vyapaar, Ravita Engineering) and Vaibhav Vyapaar issue details (period, price range, lot, BRLM, registrar). https://www.nseindia.com/api/all-upcoming-issues?category=ipo · https://www.nseindia.com/api/ipo-detail?symbol=LOANFRONT&series=SME
- Vaibhav Vyapaar Limited — Red Herring Prospectus and price band advertisement (as hosted by NSE): anchor date, shares, objects, restated financials, promoters. https://nsearchives.nseindia.com/content/ipo/RHP_LOANFRONT.zip
- HD Fire Protect and Ravita Engineering RHPs, as cited in our 9 Oct story.
Not investment advice. No grey-market premium. Indicative dates can change.
India markets & business. Free.
Not personalized financial advice. Corrections: corrections@capitalchronicle.news