The Rs 712 crore IPO was priced at Rs 271 per share and comprised entirely an offer for sale (OFS) of 2.63 crore equity shares. As the issue is completely an OFS, the company will not receive any proceeds, with the entire amount going to the selling shareholders.
The OFS included shares offered by two promoter shareholders. Harish Narshi Dharamshi sold 89,83,700 shares worth Rs 243.46 crore, while Kusum Harish Dharamshi offloaded 1,73,00,800 shares valued at Rs 468.85 crore.
The HD Fire Protect IPO was open for subscription from October 13 to October 15, 2026. The issue was subscribed 131.70 times overall. The non-institutional investor (NII) category saw the highest subscription at 203.21 times, followed by the qualified institutional buyer (QIB) portion at 256.65 times, while the retail individual investor (RII) category was subscribed 30.55 times.
The company's shares are scheduled to list on the BSE and NSE on October 21, 2026. HD Fire Protect had fixed the IPO price band at Rs 258–Rs 271 per equity share, with a lot size of 55 shares. Retail investors applying for one lot at the upper end of the price band were required to invest Rs 14,905.
Ambit, Anand Rathi Advisors and IIFL Capital Services are the book-running lead managers for the issue, while MUFG Intime India has been appointed as the registrar.
HD Fire Protect IPO GMP today
The HD Fire Protect IPO is trading at a grey market premium (GMP) of ₹71 per share, indicating a premium of around 26% over the upper price band of ₹271. Based on the prevailing GMP, the estimated listing price is ₹342 per share. However, the GMP is an unofficial indicator of market sentiment and may fluctuate before listing. It does not guarantee the actual listing price or the gains investors may realise on listing day.HD Fire Protect financial performance
HD Fire Protect Ltd. reported a 12% year-on-year increase in total income to ₹505 crore in FY26, compared with ₹451 crore in FY25. The company’s profit after tax (PAT) also rose 6% to ₹117 crore in FY26 from ₹110 crore in the previous financial year.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.
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