The initial public offering (IPO) of HD Fire Protect Ltd. opens for subscription on Tuesday, October 13, 2026, and will close on Thursday, October 15. The Rs 712.31 crore issue is entirely an offer for sale (OFS) of 2.63 crore equity shares, meaning the company will not receive any proceeds from the IPO.
The HD Fire Protect IPO price band has been fixed at Rs 258 to Rs 271 per share, with a lot size of 55 shares. At the upper end of the price band, retail investors need a minimum investment of Rs 14,905 to apply for one lot. The IPO is scheduled to list on the BSE and NSE on October 21, 2026.
HD Fire Protect IPO Day 1 Subscription Status
The HD Fire Protect IPO subscription window opens at 10 am on October 13. The Day 1 subscription status will reflect demand from retail individual investors, non-institutional investors (NIIs) and qualified institutional buyers (QIBs) as bidding progresses.
The issue has reserved not less than 35% of the net offer for retail individual investors, not less than 15% for NIIs and not more than 50% for QIBs. The overall subscription figure and category-wise demand will be updated as exchange data becomes available.
HD Fire Protect IPO GMP Today
The latest reported GMP for the HD Fire Protect IPO is Rs 86 per share. At the upper price band of Rs 271, this suggests an indicative listing price of Rs 357, implying a premium of 31.73%.
The GMP indicates the premium at which shares are reportedly being traded in the unofficial grey market ahead of listing. However, these transactions are outside the regulated stock exchanges, and the premium can fluctuate considerably before the listing date.
HD Fire Protect IPO Price Band and Lot Size
HD Fire Protect has set the IPO price band at Rs 258 to Rs 271 per share, with a face value of Rs 5 per equity share. The minimum application size for retail investors is 55 shares, translating into an investment of Rs 14,905 at the upper end of the price band.
Retail investors can apply for up to 715 shares, or 13 lots, amounting to Rs 1,93,765 at the upper price band. For non-institutional investors, the minimum application for the small HNI category is 770 shares, or 14 lots, requiring Rs 2,08,670. The maximum small HNI application shown in the issue details is 3,685 shares, or 67 lots, amounting to Rs 9,98,635.
The minimum application for the big HNI category is 3,740 shares, or 68 lots, requiring an investment of Rs 10,13,540 at the upper price band. The company is also offering eligible employees a discount of Rs 25 per share.
HD Fire Protect IPO Dates: Allotment, Refund and Listing
The HD Fire Protect IPO opens on October 13 and closes on October 15, 2026. The basis of allotment is expected to be finalised on Friday, October 16, while refunds and credit of shares to demat accounts are tentatively scheduled for Monday, October 19.
The tentative listing date is Wednesday, October 21, 2026, on the BSE and NSE. Investors can check their allotment status through the registrar's website or the relevant exchange once the allotment details are published.
MUFG Intime India Pvt. Ltd. is the registrar to the issue, while Ambit Pvt. Ltd. is the book-running lead manager.
HD Fire Protect IPO Issue Size and Offer for Sale
The HD Fire Protect IPO is a book-building issue aggregating approximately Rs 712.31 crore. The offer comprises 2,62,84,500 shares, representing a complete offer for sale by existing shareholders.
Since the IPO has no fresh issue component, HD Fire Protect will not receive any capital from the offering. The proceeds will go to the selling shareholders.
HD Fire Protect IPO Financials
HD Fire Protect reported growth in revenue and profitability between FY24 and FY26. Revenue from operations increased from Rs 372.95 crore in FY24 to Rs 489.28 crore in FY26, representing a compound annual growth rate (CAGR) of 14.54%.
The company's total income increased from Rs 392.02 crore in FY24 to Rs 450.68 crore in FY25 and Rs 505.12 crore in FY26. Profit after tax rose from Rs 87.92 crore in FY24 to Rs 109.72 crore in FY25 and Rs 116.79 crore in FY26, while EBITDA increased from Rs 106.63 crore to Rs 138.01 crore and Rs 150.46 crore, respectively.
Between FY25 and FY26, total income grew by approximately 12.1%, while profit after tax increased by around 6.4%. EBITDA rose by about 9%, indicating continued growth in operating earnings.
For the quarter ended June 30, 2026, HD Fire Protect reported total income of Rs 114.07 crore, profit after tax of Rs 23.87 crore and EBITDA of Rs 29.73 crore. Total assets stood at Rs 477.60 crore at the end of the quarter.
The company's net worth was reported at Rs 375.93 crore as of March 31, 2026, compared with Rs 396.01 crore a year earlier.
HD Fire Protect IPO: About the Company
Incorporated in April 1997, HD Fire Protect Ltd. manufactures and supplies fire-protection equipment and systems for industrial, commercial and residential applications. Its product portfolio includes sprinklers, alarm valves, deluge valves and systems, foam equipment, monitors, nozzles, water-spray systems and gas-based fire-suppression solutions.
The company's products serve industries such as oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality and healthcare. It develops a majority of its products in-house and focuses on proprietary designs that meet national and international standards.
HD Fire Protect has an established export presence, having supplied products to more than 90 countries since inception and to 49 countries during the three months ended June 30, 2026. The company operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, supported by a fire-testing laboratory and research and development capabilities.
As of September 2026, the company reported 21 UL-listed and 87 FM-approved product certifications. It supplied fire-protection equipment and systems to 2,066 customers in FY26, and its order book stood at Rs 158.60 crore as of June 30, 2026.
Its projects include supplies for the Samruddhi Mahamarg, Jamnagar refinery, the new Indian Parliament building, Saudi Aramco's Ras Tanura Sea Island site and Oman's Integrated Power & Water Plant Project.
The company's competitive strengths include its product certifications, technical expertise, in-house design capabilities, broad product portfolio, manufacturing infrastructure and long-standing relationships with domestic and international customers.
HD Fire Protect IPO: What Should Investors Watch?
Valuation and earnings growth: Investors should compare the IPO valuation with the company's earnings, profitability and growth prospects. Revenue growth is encouraging, but the price investors pay relative to earnings and cash generation will be important in determining the attractiveness of the issue.
Entirely an offer for sale: Since the IPO consists entirely of an OFS, the company will not receive fresh capital from the issue. Investors should understand the selling shareholders' rationale and evaluate the company's post-issue ownership structure.
Export exposure and order execution: HD Fire Protect's international presence offers opportunities for growth, but overseas demand, currency movements, project execution and customer concentration remain important factors to monitor.
Product certifications and competitive position: Fire-protection systems are certification-driven products, and approvals can support market access and customer confidence. Investors should assess whether these advantages translate into sustainable revenue growth, pricing power and margins.
GMP and listing expectations: The reported GMP of Rs 86 implies a potential premium of 31.73% over the upper price band. However, grey-market premiums are speculative and can change quickly. Actual listing performance will depend on demand, valuation, market sentiment and broader market conditions.
Subscription trends: Once bidding begins, investors can track overall subscription and demand across retail, NII and QIB categories. Subscription data can provide insight into investor appetite, but should be evaluated alongside the company's financials and valuation.
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