Summary
HD Fire Protect IPO is issuing 2,62,84,500 equity shares in a mainboard IPO opening from 13 October to 15 October 2026.
The IPO has a price band of ₹258 to ₹271 per share and a lot size of 55 shares.
The issue is a 100% OFS, so the company will not receive funds from the IPO.
The proceeds will go to the selling shareholders.
HD Fire Protect IPO is a ₹712.31 crore mainboard IPO that will open for subscription from 13 October to 15 October 2026. The price band is set at ₹258 to ₹271 per share, with a lot size of 55 shares, making the minimum investment ₹14,905 at the upper price band. The issue is entirely an Offer for Sale (OFS) of 2,62,84,500 shares, so HD Fire Protect Ltd. will not receive any IPO proceeds. The shares are proposed to be listed on both NSE and BSE.
HD Fire Protect IPO Key Details
The table below presents the essential details investors should know before applying for the HD Fire Protect IPO.
| IPO Open Date | 13 October 2026 |
| Close Date | 15 October 2026 |
| Face value | ₹5 per share |
| Price Band | ₹258 to ₹271 |
| IPO Lot Size | 55 shares |
| Fresh issue | _ |
| Offer for Sale | 2,62,84,500 shares |
| Type of issue | Mainboard |
| Listing at | BSE and NSE |
| Total Issue Size (₹ Crore) | ₹712 cr approx |
| Minimum Investment | 1 lot (55 shares) |
HD Fire Protect IPO Timeline
Below is the complete schedule of events for the HD Fire Protect IPO.
| Bid Opening | 13 October 2026 |
| Bid Closing | 15 October 2026 |
| Tentative Allotment | 16 October 2026 |
| Initiation of Refunds | 19 October 2026 |
| Credit of Shares to Demat | 19 October 2026 |
| Tentative Listing Date | 21 October 2026 |
| UPI mandate closing date | 15 October 2026 |
Key Performance Indicators of HD Fire Protect IPO
These financial ratios highlight the company’s profitability, capital efficiency, and overall financial performance over the past three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (%) | 30.17 | 29.63 | 28.41 |
| ROCE (%) | 40.33 | 39.63 | 37.61 |
| Debt Equity (in times) | – | – | – |
| RoNW (%) | 31.07 | 27.71 | 25.69 |
| PAT Margin (%) | 23.12 | 24.35 | 22.43 |
| Operating EBITDA margin (%) | 30.75 | 31.89 | 28.59 |
| Price to book | 12.63 |
HD Fire Protect IPO Financial Details
The Financial information of the HD Fire Protect IPO is as follows.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 489.28 | 432.80 | 372.95 |
| Total Asset | 432.03 | 450.08 | 392.63 |
| Profit | 116.79 | 109.72 | 87.92 |
(Amount in ₹ Crores)
HD Fire Protect IPO Subscription Status
The subscription data will be available once bidding begins.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
HD Fire Protect IPO Grey Market Premium (GMP)
The current status of the Grey Market Premium for the HD Fire Protect IPO shows a GMP of ₹90 with an estimated listing price of ₹361.
| GMP Date | GMP | Est. Listing Price on upper price-₹271.00 | Est. Profit* | Trend |
|---|---|---|---|---|
| 12-Oct 10:02 | ₹86 (31.73%) ─ | ₹357 | ₹4,730 | Stable |
| 11-Oct 23:37 | ₹86 (31.73%) ▲ | ₹357 | ₹4,730 | Stable |
| 10-Oct 23:37 | ₹75 (27.68%) ▲ | ₹346 | ₹4,125 | Stable |
| 9-Oct 23:37 | ₹74 (27.31%) ▲ | ₹345 | ₹4,070 | Stable |
| 8-Oct 23:37 | ₹63 (23.25%) ▼ | ₹334 | ₹3,465 | Stable |
| 7-Oct 23:37 | ₹80 (29.52%) ─ | ₹351 | ₹4,400 | Initial |
GMP is the premium value of the IPO share in the unofficial market before it opens for subscription.
HD Fire Protect IPO Reservation
The following table shows the distribution of shares reserved for retail investors, QIBs, and NIIs under the IPO.
| Investor Category | Offered No. of Shares |
| QIBs | Not more than 50% of the Net issue |
| NIIs | Not less than 15% of the Net issue |
| Retails | Not less than 35% of the Net issue |
| Total | 100% |
HD Fire Protect IPO Lot Sizes
Refer to the minimum and maximum investment requirements for each investor category as per the prescribed lot size.
| Application | Lot | Shares | Amount |
| Retail (Min) | 1 | 55 | ₹14,905 |
| Retail (Max) | 13 | 715 | ₹1,93,765 |
| sHNI (Min) | 14 | 770 | ₹2,08,670 |
| sHNI (Max) | 67 | 3,685 | ₹9,98,635 |
| bHNI (Min) | 68 | 3,740 | ₹10,13,540 |
HD Fire Protect IPO Prospectus
Investors can access the offered prospectus for the HD Fire Protect IPO mentioned below.
About HD Fire Protect Ltd.
HD Fire Protect Ltd. is an Indian manufacturer of fire protection equipment and systems. Its product portfolio includes water spray nozzles, foam equipment and suppression systems, gas suppression systems, deluge valves, pre-action systems and customised fire protection solutions. The company serves industrial, commercial and other high-hazard applications and exports its products to more than 90 countries. According to the industry report cited in its offer documents, HD Fire Protect was the second-largest fire protection equipment manufacturer in India by revenue and the largest exporter in the segment in FY2024. It also operates manufacturing facilities in Maharashtra and has certifications and approvals that support its presence in domestic and international markets.
Promoters:
- Harish Narshi Dharamshi
- Kusum Harish Dharamshi
- Miheer Sadanand Ghotikar
- Parika Miheer Ghotikar
- Anik Narendra Dharamshi
| Book Runner | Ambit Pvt. Ltd. Anand Rathi Advisors Ltd. IIFL Capital Services Ltd. |
| Issue Registrar | MUFG Intime India Pvt. Ltd. |
Purpose of HD Fire Protect IPO
The HD Fire Protect IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.
HD Fire Protect Ltd.- Strengths and benefits
- Established presence overseas: HD Fire Protect exports to more than 90 countries. Exports contributed 34.69% of its revenue from operations in FY2026, giving the company a significant presence outside India.
- Certification and approvals: The company has UL Listed and FM Approved products, along with CE and ASME approvals. Such certifications can support access to regulated domestic and international markets.
- Diverse portfolio: The company offers fire protection solutions based on water, foam and gas suppression technologies. This allows it to serve different industrial and commercial applications instead of relying on a single product category.
HD Fire Protect Ltd- Risks and limitations
- Supplier dependence: The company depends on a limited number of suppliers for raw materials and contract-manufactured goods. Its RHP also notes that it does not have long-term purchase agreements with suppliers, which can create supply and cost risks.
- Manufacturing concentration: Its manufacturing operations are concentrated in Maharashtra. Any disruption affecting these facilities could impact production and deliveries.
- Dependence on international market: Exports accounted for 34.69% of revenue in FY2026. Changes in demand, regulations, currency movements, trade conditions or geopolitical situations in markets such as the Middle East and Rest of Asia could affect the company’s performance.
HD Fire Protect IPO Review
HD Fire Protect IPO is a ₹712.31 crore mainboard public issue comprising an OFS of 2,62,84,500 equity shares. The IPO will open on 13 October 2026 and close on 15 October 2026, with a price band of ₹258–₹271 per share and a lot size of 55 shares. At the upper price band, one retail lot requires an investment of ₹14,905.
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HD Fire Protect IPO FAQs
HD Fire Protect IPO is a mainboard IPO of ₹712.31 crore comprising an Offer for Sale of 2,62,84,500 equity shares. The IPO has a price band of ₹258 to ₹271 per share and will be listed on NSE and BSE.
Investors can apply for the HD Fire Protect IPO through their broker or other supported IPO application platforms using the UPI facility. Investors need to select the IPO, enter the number of lots they wish to apply for, provide their UPI details and approve the mandate request before the application deadline.
The HD Fire Protect IPO has both potential positives and risks. Its strong profitability, established fire protection product portfolio, international presence and industry position are key positives. However, investors should consider the risks related to product liability, export exposure, supplier concentration, manufacturing concentration and the 100% OFS structure before making an investment decision.
The HD Fire Protect IPO will open for subscription on 13 October 2026 and close on 15 October 2026.
The HD Fire Protect IPO lot size is 55 shares. At the upper price band of ₹271, one lot requires an investment of ₹14,905.
The tentative allotment date for the HD Fire Protect IPO is 16 October 2026. The credit of allotted shares to eligible investors’ demat accounts is expected on 19 October 2026.
The tentative listing date for the HD Fire Protect IPO is 21 October 2026 on the NSE and BSE.
