India’s primary market is preparing for a busy week beginning October 12, 2026, with several mainboard initial public offerings scheduled to open for subscription. HD Fire Protect, Fusion CX, and Sahajanand Medical Technologies are among the prominent names attracting investor attention.

These three companies operate in very different industries, offering investors exposure to fire protection equipment, customer experience services, and medical technology. Their IPOs also differ significantly in size, pricing, and structure.

HD Fire Protect will be the first of the three to open, with subscriptions beginning on October 13 and closing on October 15. The company has fixed its price band at ₹258 to ₹271 per equity share.

The HD Fire Protect IPO is valued at approximately ₹712.31 crore. Importantly, the entire issue is an offer for sale, meaning the proceeds will go to selling shareholders rather than directly funding the company’s operations.

The company manufactures fire protection equipment and systems used across industrial, commercial, and infrastructure applications. Its business is connected to fire safety requirements and investment in buildings and industrial facilities.

For investors, the commercial opportunity depends on demand for fire protection products, manufacturing efficiency, competitive positioning, and the company’s ability to maintain profitable operations.

At the upper end of the price band, HD Fire Protect is seeking a valuation of approximately ₹4,750 crore. Investors must assess whether its earnings, growth prospects, and business risks justify that valuation.

The second major IPO is Fusion CX, which will open for public subscription on October 14 and close on October 16. Its price band has been fixed at ₹275 to ₹289 per share.

Fusion CX aims to raise approximately ₹702 crore through its public offering. Unlike HD Fire Protect, this issue includes both fresh shares and an offer-for-sale component.

The fresh issue is worth approximately ₹500 crore, while the offer for sale accounts for around ₹202 crore. This distinction is important because only fresh-issue proceeds are received by the company.

Fusion CX operates in customer experience management and business process services. Its operations involve helping businesses manage customer interactions and related support processes.

The company’s growth opportunities are linked to enterprise outsourcing demand, digital customer engagement, operational efficiency, and technology adoption.

However, investors must also consider competition, employee expenses, client concentration, and the increasing use of artificial intelligence in customer service operations.

AI could create opportunities for more efficient service delivery, but automation may also affect pricing and demand for traditional customer support activities.

The third IPO is Sahajanand Medical Technologies, scheduled to open on October 15 and close on October 19. The company has announced a price band of ₹327 to ₹344 per equity share.

Sahajanand Medical Technologies plans an IPO worth approximately ₹475.48 crore. The issue is entirely an offer for sale, so the company will not receive fresh capital from the public offering.

The company operates in the medical devices industry, with a focus on products used in cardiovascular treatment and related healthcare applications.

Its business prospects are connected to demand for medical devices, healthcare infrastructure, product development, regulatory approvals, and market expansion.

Medical technology can offer specialised business opportunities, but it also involves regulatory requirements, product-quality responsibilities, and competition from established manufacturers.

For Sahajanand Medical Technologies, investors should examine product concentration, research and development capabilities, distribution networks, and sustainable profitability.

Together, the three IPOs represent an aggregate issue size of approximately ₹1,889.79 crore. However, this amount should not be interpreted as fresh capital entering all three companies.

Most of the combined offering consists of shares being sold by existing shareholders. Fusion CX is the only one of these three IPOs with a substantial fresh-issue component.

Another important development is that the week’s mainboard IPO calendar extends beyond these three companies. Zetwerk Manufacturing Business, Tonbo Imaging India, and Bonfiglioli Transmissions are also scheduled to open on October 15.

This means investors may face several simultaneous subscription opportunities, increasing the importance of comparing business fundamentals rather than focusing only on market excitement.

One commonly discussed indicator is the grey market premium, or GMP. However, GMP is unofficial, can change rapidly, and does not guarantee the eventual listing price.

Subscription figures also require careful interpretation. Strong demand can indicate investor interest, but it does not establish that an IPO is attractively valued or will generate positive returns.

The distinction between fresh issues and offers for sale is especially important. Fresh capital may support corporate objectives, while an offer for sale primarily allows existing shareholders to reduce their holdings.

Investors should also examine financial performance, cash generation, debt levels, promoter holdings, competitive risks, and the valuation implied by each IPO’s upper price band.

The upcoming listings will provide another indication of investor appetite for newly listed companies. However, listing-day performance can be influenced by broader market sentiment and short-term demand.

For investors comparing these offerings, the key question is not simply which IPO attracts the highest subscription. It is whether the company’s earnings potential, business quality, and valuation support its long-term investment case.

Overall, October’s IPO activity offers a useful comparison of three different business models. HD Fire Protect, Fusion CX, and Sahajanand Medical Technologies each present distinct opportunities and risks, making careful financial analysis more valuable than relying on subscription excitement alone.