October's IPO Rush: HD Fire Protect, Fusion CX, Ravita Engineering and the Zetwerk Listing Plan
Several issues open in the week of October 13 as the primary market stays busy. Of 70 IPOs listed in the first half of FY27, 48 are trading above their issue price.
India's primary market is busy this month. Several companies are opening initial public offerings (IPOs) in the week of October 13, 2026, alongside the much larger Jio Platforms IPO expected later in the month. Here is the line-up according to IPO market reports, and a reality check for investors.
Details such as issue sizes and dates come from market reports and can change; always confirm them in the company's red herring prospectus (RHP) and exchange announcements.
Opening this week
- HD Fire Protect: a mainboard issue of about ₹712 crore (one earlier report put it at about ₹750 crore).
- Fusion CX: a ₹702 crore issue with a price band of ₹275–₹289 per share, open for bidding from October 14 to 16.
- Ravita Engineering Services: a smaller issue of about ₹116 crore, with a price band of ₹105–₹112, opening on October 13.
Coming soon
- Zetwerk, the manufacturing services company, is reported to be preparing to launch its IPO as early as October 15, at a valuation of around ₹27,000 crore.
- OfBusiness, the B2B commerce platform, is reported to be planning to file draft papers in November for an IPO of about $1 billion next year.
The reality check
IPOs are not a one-way bet. Of the 70 IPOs listed in the first half of the financial year 2026-27 (April to September), 48 were trading above their issue price with an average return of 54.5%, while 22 were below their issue price, according to one market review. In other words, nearly one in three investors who bought in an IPO was sitting on a loss.
Before you apply
- Read the RHP, especially the risk factors, the use of proceeds, and whether the issue is a fresh issue or an offer for sale.
- Check the valuation against listed competitors.
- Look at the grey market with caution: unofficial "grey market premium" figures are not reliable predictors.
- Apply only with money you can afford to keep invested, in case the stock lists below its price.
New to IPOs? Read our explainer on how an IPO works.
This article is for information only and is not investment advice.
Sources
This article draws on the following reporting. Dates are when each source was originally published.
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