IPOs This Week: HD Fire Protect, Fusion CX and Tonbo Imaging
Three mainboard IPOs open from 13 to 19 October 2026: HD Fire Protect, Fusion CX and Tonbo Imaging. Price bands, lot sizes, dates and what each company does.
By Balaji Anbazhagan
· 5 min read
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Three mainboard IPOs open for bidding this week, from Tuesday 13 October to Monday 19 October 2026: HD Fire Protect, Fusion CX and Tonbo Imaging India. Together they are raising about ₹2,270 crore. Each needs a little under ₹15,000 for one lot. Here are the facts you need for each issue, side by side. Live subscription figures, allotment links and listing prices for each one are on our IPO pages.
The short answer
| HD Fire Protect | Fusion CX | Tonbo Imaging | |
|---|---|---|---|
| Bidding | 13–15 Oct | 14–16 Oct | 15–19 Oct |
| Price band | ₹258 – ₹271 | ₹275 – ₹289 | ₹665 – ₹700 |
| Lot size | 55 shares | 51 shares | 21 shares |
| One lot costs | ₹14,905 | ₹14,739 | ₹14,700 |
| Issue size | ₹712 crore | ₹702 crore | about ₹852 crore |
| Type | All offer for sale | ₹500 cr new + ₹202 cr sale | All offer for sale |
| Allotment (expected) | 16 Oct | 19 Oct | 21 Oct |
| Listing (expected) | 21 Oct | 22 Oct | 23 Oct |
Dates for allotment and listing follow SEBI’s T+3 timetable. Bids through UPI must be confirmed by 5 pm on the closing day.
HD Fire Protect (13–15 October)
What it does: a Mumbai-based maker of fire protection equipment and systems, set up in 1997. It sells water-, foam- and gas-based fire suppression systems across eight product categories.
- Issue: ₹712 crore, entirely an offer for sale. The money goes to the shareholders selling their shares, not to the company.
- Anchor investors: ₹213.11 crore from 25 anchor investors at ₹271 a share, a day before the issue opened.
- Financials: revenue of ₹505.12 crore and profit of ₹116.79 crore in the year to March 2026. In the June 2026 quarter, revenue was ₹114.07 crore and profit ₹23.87 crore.
- Employees get a discount of ₹25 a share.
- Day 1: by Tuesday afternoon the issue was subscribed 2.76 times overall, with the retail portion at 2.45 times.
Live subscription and allotment chances: HD Fire Protect IPO.
Fusion CX (14–16 October)
What it does: a Kolkata-based customer service company, founded in 2004. It handles voice, email, chat, social media and messaging support in 28 languages for telecom, healthcare, technology, travel, banking and retail clients.
- Issue: ₹702 crore. ₹500 crore is new money for the company and ₹202 crore is an offer for sale by P N S Business and Rasish Consultants. The company had planned to raise ₹1,000 crore in its 2025 draft papers.
- Use of the money: about ₹275 crore to repay loans, ₹61 crore to upgrade its software tools, and the rest for acquisitions and general purposes.
- Financials: revenue rose 37% to ₹1,818 crore in the year to March 2026, and profit more than doubled to ₹169 crore, from ₹74.40 crore.
- Only 10% for retail investors. Institutions get 75% and non-institutional investors 15%. A smaller retail quota usually means fewer retail applicants get shares if demand is high.
- Registrar: KFin Technologies. Lead managers: Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors.
Details and live figures: Fusion CX IPO.
Tonbo Imaging India (15–19 October)
What it does: a defence electronics company that makes thermal imaging systems, weapon sights, targeting systems and handheld thermal cameras for armed forces, homeland security and police.
- Issue: an offer for sale of up to 1,21,74,046 shares, worth about ₹852 crore at the top of the price band. The company gets none of the money. According to its draft papers, the sellers include the promoters and investors such as Qualcomm Ventures, and retail investors get at least 35% of the issue.
- Employees get a discount of ₹65 a share.
- Registrar: KFin Technologies. Lead managers: JM Financial and IIFL Capital Services.
- The window runs over a weekend: bids close on Monday 19 October.
Details and live figures: Tonbo Imaging India IPO.
What the grey market says
On the afternoon of 13 October, the average grey market premium (GMP) we track from four public websites was:
| IPO | GMP | On the top of the price band |
|---|---|---|
| HD Fire Protect | +₹87 | +32% |
| Fusion CX | +₹25 | +9% |
| Tonbo Imaging | +₹462 | +66% |
The GMP is an unofficial, unregulated figure from informal trading before listing. It changes every few hours, it can be manipulated, and it is not a prediction of the listing price. SEBI asks investors to rely on the offer documents, not the grey market. Each IPO page shows the latest figure with the time it was recorded.
Before you bid
- Read the risk factors in the red herring prospectus (RHP). Each of our IPO pages links to it.
- Check what kind of issue it is. In an offer for sale, existing shareholders are cashing out. A fresh issue raises money for the company. Both HD Fire Protect and Tonbo are entirely offers for sale.
- Apply once per PAN. Multiple applications with the same PAN are rejected.
- Keep the money in your account until allotment. With UPI or ASBA, the amount is only blocked, and it is released if you do not get shares.
- Check your allotment on the registrar’s site on the allotment date. The links are on each IPO page.
- Listing gains are taxable. If you sell within 12 months, the gain is a short-term capital gain. Estimate it with the capital gains calculator.
Coming next: Reliance’s Jio Platforms is widely reported to be planning its IPO for the week of 21 October. As of 13 October, the dates and price band had not been confirmed in a filed RHP. We will add it to the IPO section as soon as it is.
This is information, not investment advice. SmartFigure is not registered with SEBI as an investment adviser or research analyst.
Frequently asked questions
Which IPOs open this week? HD Fire Protect (13–15 October), Fusion CX (14–16 October) and Tonbo Imaging India (15–19 October), all on the mainboard of NSE and BSE.
How much money do I need to apply? One lot costs ₹14,905 for HD Fire Protect, ₹14,739 for Fusion CX and ₹14,700 for Tonbo Imaging, at the top of the price band. Retail investors can bid up to ₹2 lakh.
When will the shares list? HD Fire Protect on 21 October, Fusion CX on 22 October and Tonbo Imaging on 23 October, if the issues follow the usual timetable.
Is the GMP reliable? No. It is an informal, unregulated indication that moves with sentiment. Listing prices often differ from the GMP, sometimes by a lot.
Sources
- Business Today, “HD Fire Protect IPO opens today: check price band, reviews, latest GMP & more”, 13 October 2026: businesstoday.in
- Free Press Journal, “Fusion CX Sets ₹275–289 IPO Price Band, ₹702 Crore Issue Opens October 14”, 10 October 2026: freepressjournal.in
- Tonbo Imaging India draft red herring prospectus summary, Groww: groww.in
- Issue details, subscription and GMP: SmartFigure IPO pages, from NSE issue data and our own average of four public GMP sites, 13 October 2026.
This article is for general information and education, not financial, tax or investment advice. Rules and rates change; check official sources or consult a qualified professional before acting. See our disclaimer.