On Day 2, the IPO was subscribed 16.50 times overall, against 1.84 crore shares on offer. The retail investor portion was subscribed 11.34 times, reflecting robust participation from individual investors.
The Rs 712.31-crore IPO is entirely an offer for sale (OFS) of 2.63 crore equity shares. As the issue does not include a fresh issue of shares, the company will not receive any proceeds from the offering. The entire amount raised will go to the selling shareholders.
The OFS comprises 2.63 crore shares offered by two promoter shareholders. Harish Narshi Dharamshi is selling 89,83,700 shares worth Rs 243.46 crore, while Kusum Harish Dharamshi is offloading 1,73,00,800 shares valued at Rs 468.85 crore.
The company has fixed the price band at Rs 258-271 per equity share, with a lot size of 55 shares. Retail investors can apply for a minimum of one lot, requiring an investment of Rs 14,905 at the upper end of the price band.
The floor price represents 51.60 times the face value of the equity shares, while the cap price is 54.20 times the face value. Eligible employees applying under the employee reservation portion will receive a discount of Rs 25 per share.
The basis of allotment is expected to be finalised on October 16, 2026. The company's equity shares are scheduled to list on the National Stock Exchange (NSE) and the BSE on October 21, 2026.
Based on diluted earnings per share (EPS) for FY26, HD Fire Protect is valued at a price-to-earnings (P/E) ratio of 38.74 times at the lower end of the price band and 40.69 times at the upper end. This compares with an average P/E ratio of 62.95 times for its industry peer group.
Ambit, Anand Rathi Advisors and IIFL Capital Services are the book-running lead managers for the issue, while Link Intime India has been appointed as the registrar.
HD Fire Protect IPO subscription details
On Day 2, the IPO was subscribed 16.50 times overall against 1.84 crore shares on offer. The Retail Individual Investors (RIIs) category was subscribed 11.34 times against 91.74 lakh shares reserved for the segment. The Non-Institutional Investors (NIIs) portion saw 48.71 times subscription against 39.32 lakh shares, while the Qualified Institutional Buyers (QIBs) segment was subscribed 1.49 times against 52.42 lakh shares on offer.HD Fire Protect IPO GMP today
The latest grey market premium (GMP) for HD Fire Protect IPO stands at Rs 89 per share, or around 33% above the upper end of the price band of Rs 271. This implies an estimated listing price of Rs 360 per share. However, the GMP is an unofficial indicator of market sentiment, may fluctuate before listing and does not guarantee the actual listing price or potential gains.HD Fire Protect financial performance
HD Fire Protect Ltd total income increased 12% year-on-year to Rs 505 crore in Fiscal 2026 from Rs 451 crore in Fiscal 2025. Profit after tax (PAT) rose 6% to Rs 117 crore in Fiscal 2026 from Rs 110 crore in the previous fiscal.About HD Fire Protect
Incorporated in April 1997, HD Fire Protect Ltd is an Indian manufacturer and supplier of fire protection equipment and systems, offering water-, foam- and gas-based fire suppression solutions. Its portfolio spans eight product categories, including sprinklers, alarm and deluge valves, foam equipment, monitors and nozzles, water spray nozzles, custom-engineered systems and gas suppression systems. The Company serves industrial, residential and commercial sectors, including oil and gas, petrochemicals, power, engineering, aerospace, pharmaceuticals, data centres, hospitality and healthcare. Most of its products are developed in-house and are designed to meet national and international standards.With over three decades of experience, the Company has exported to more than 90 countries since inception and 49 countries during the three months ended June 30, 2026. As of September 2026, it had 21 UL Listed and 87 FM Approved product certifications. The Company operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, spread across approximately 8.50 acres, along with a fire test laboratory and R&D facilities.
In Fiscal 2026, HD Fire Protect supplied products to 2,066 customers. Its revenue from operations increased from Rs 3,729.53 million in Fiscal 2024 to Rs 4,892.81 million in Fiscal 2026, representing a CAGR of 14.54%. Its order book stood at Rs 1,586.01 million as of June 30, 2026. As of the same date, the Company had 279 permanent employees and 253 contractual employees.
Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our ETMarkets WhatsApp channel)