HD Fire Protect Limited IPO: Date, GMP, Price Band & Subscription
MAINBOARD CLOSED · updated 16 Oct 2026, 5:31 am IST · हिंदी में पढ़ें
Compiled by the Xflot IPO desk from NSE and BSE issue data, RHP, the registrar, grey-market quotes (unofficial) · Updated 16 Oct 2026, 05:21 am IST · How we source each figure
- Opens13 Oct
- Closes15 Oct
- Listing21 Oct
Listing is due 21 Oct 2026.
Your odds of an allotment
One lot is 55 shares — ₹14,905 at the upper band. When a category is oversubscribed, allotment is a lottery among applicants and each winner gets the minimum application. The odds above are for a minimum retail application (one lot): the times-subscribed figure counts shares, and many people bid for more than the minimum, so the real chance is usually better than shown. Below 1x, every valid bid at or above the final price is allotted in full. Subscription as of 16 Oct 2026. Arithmetic on published figures, not a forecast.
A forecast is a guess about an outcome, scored on listing day. Not a recommendation — how it works.
Why is the HD Fire Protect Limited IPO GMP ₹82?
₹82 is what grey-market dealers were last quoting over the issue price of ₹271, which works out to +30.3%. Nobody publishes a reason for the level, and anyone claiming one is guessing. What can be said is that the rate is unofficial, quoted privately, and not published by NSE, BSE or SEBI.
What is the minimum investment in the HD Fire Protect Limited IPO?
One lot is 55 shares, which costs about ₹14,905 at the top of the ₹258–₹271 band. Retail applications above ₹2,00,000 move into the HNI category, which is allotted on a different basis.
Valuation at the band
From the company's RHP dated 2026-10-05, every input checked against the document; prices from the exchange. Figures side by side — not a view on whether the price is right.
P/E against the listed peers the company names
Peers' P/E as printed in the RHP's Basis for Offer Price section, on their own reported earnings at that date. The issue's P/E is the upper band divided by its basic EPS for FY2026.
Who is bidding
The exchange's own category-wise book, as at 16 Oct 2026. Most sites show four categories; NSE publishes twenty-one, including mutual funds separately.
| Category | Offered | Bid for | Times |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | 52,42,672 | 82,21,48,690 | 156.82x |
| Foreign Institutional Investors(FIIs) | — | 9,31,66,480 | 0.00x |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 49,73,58,730 | 0.00x |
| Mutual funds | — | 2,07,91,045 | 0.00x |
| Others | — | 21,08,32,435 | 0.00x |
| Non Institutional Investors | 39,32,005 | 50,36,96,105 | 128.10x |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 26,21,337 | 38,39,48,785 | 146.47x |
| Corporates | — | 26,70,140 | 0.00x |
| Individuals(Other than RIIs) | — | 36,33,29,505 | 0.00x |
| Others | — | 1,79,49,140 | 0.00x |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | 13,10,668 | 11,97,47,320 | 91.36x |
| Corporates | — | 2,28,580 | 0.00x |
| Individuals(Other than RIIs) | — | 11,47,89,785 | 0.00x |
| Others | — | 47,28,955 | 0.00x |
| Retail Individual Investors(RIIs) | 91,74,677 | 19,11,36,165 | 20.83x |
| Cut Off | — | 16,04,09,095 | 0.00x |
| Price bids | — | 3,07,27,070 | 0.00x |
| Employees | 71,138 | 11,20,020 | 15.74x |
| Cut Off | — | 9,53,645 | 0.00x |
| Price Bids | — | 1,66,375 | 0.00x |
| Total | 1,84,20,492 | 1,51,81,00,980 | 82.41x |
Where the book is building
Cumulative shares bid at each price point, against 1,84,20,492 on offer. An issue subscribed at the floor is a different thing from one subscribed at the ceiling, and the headline multiple cannot tell them apart.
Show the numbers
| Price | Shares bid at or above |
|---|---|
| At ₹271 or above | 151.77 cr |
| At ₹270 or above | 151.78 cr |
| At ₹269 or above | 151.78 cr |
| At ₹268 or above | 151.78 cr |
| At ₹267 or above | 151.78 cr |
| At ₹266 or above | 151.78 cr |
| At ₹265 or above | 151.78 cr |
| At ₹264 or above | 151.79 cr |
| At ₹263 or above | 151.79 cr |
| At ₹262 or above | 151.79 cr |
| At ₹261 or above | 151.79 cr |
| At ₹260 or above | 151.79 cr |
| At ₹259 or above | 151.79 cr |
| At ₹258 or above | 151.81 cr |
Cut-off bids: 16,13,62,740 shares — applications that accept whatever price is finally set.
HD Fire Protect Limited IPO GMP — day by day
Reported grey market premium per share, one reading a day, against the issue's own dates. Unofficial throughout — hover or tab through for the implied listing price.
| Date | GMP | Trend | % of band |
|---|---|---|---|
| 15 Oct 2026 | ₹82 | ▼ | +30.30% |
| 14 Oct 2026 | ₹90 | ▼ | +33.20% |
| 13 Oct 2026 | ₹91 | ▲ | +33.60% |
| 12 Oct 2026 | ₹86 | ▲ | +31.70% |
| 11 Oct 2026 | ₹77 | ▲ | +28.40% |
| 10 Oct 2026 | ₹73 | ▬ | +26.90% |
| 09 Oct 2026 | ₹73 | ▲ | +26.90% |
| 08 Oct 2026 | ₹62 | ▲ | +22.90% |
| 07 Oct 2026 | ₹60 | ▲ | +22.10% |
| 06 Oct 2026 | ₹0 | — | — |
Subscription status
| Category | Times subscribed |
|---|---|
| No subscription figures have been captured yet for this issue. | |
HD Fire Protect Limited IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 55 | ₹14,905 |
| Retail (maximum) | 13 | 715 | ₹1,93,765 |
| Small NII (minimum) | 14 | 770 | ₹2,08,670 |
| Small NII (maximum) | 67 | 3,685 | ₹9,98,635 |
| Big NII (minimum) | 68 | 3,740 | ₹10,13,540 |
At the upper band. Retail bids are capped at ₹2 lakh; small NII is above ₹2 lakh up to ₹10 lakh; big NII above ₹10 lakh. Retail and small-NII bidders may bid at the cut-off price.
HD Fire Protect Limited IPO dates
| Step | Date |
|---|---|
| Anchor bidding · one working day before opening | Mon, 12 Oct 2026 expected |
| Opens for bids | Tue, 13 Oct 2026 |
| Closes for bids | Thu, 15 Oct 2026 |
| UPI mandate cut-off · 5 pm on the closing day | Thu, 15 Oct 2026 |
| Basis of allotment · T+1 | Fri, 16 Oct 2026 expected today |
| Refunds start · T+2 | Mon, 19 Oct 2026 expected |
| Shares credited to demat · T+2 | Mon, 19 Oct 2026 expected |
| Listing · T+3 | Wed, 21 Oct 2026 |
| Anchor lock-in ends (50%) · 30 days from allotment | Sun, 15 Nov 2026 expected |
| Anchor lock-in ends (rest) · 90 days from allotment | Thu, 14 Jan 2027 expected |
"Expected" dates follow SEBI's T+3 timetable from the closing day, skipping weekends and market holidays; the exchange's or the company's own date replaces each one as soon as it is published.
| Issue size | ₹499 Cr |
| Price band | ₹258 – ₹271 |
| Lot size | 55 shares |
| Registrar | not announced yet |
| Listing at | NSE |
Documents and links
- RHP dated 2026-10-05 — the document the figures on this page are quoted from
- How to check HD Fire Protect Limited IPO allotment
About this issue
Summary generated from the issue data on this page. Figures above are the source; this paragraph adds no new facts.
From the prospectus
Over 3 reported periods (FY2024 to FY2026), revenue moved +31%, and the latest period was profitable at ₹1,167.9 mn. Figures are as stated in the company's RHP dated 2026-10-05, in ₹ million.
| Period | Revenue | Profit / (loss) | Margin | Debt |
|---|---|---|---|---|
| FY2024 | ₹3,729.5 mn | ₹879.2 mn | 23.6% | — |
| FY2025 | ₹4,328 mn | ₹1,097.2 mn | 25.4% | — |
| FY2026 | ₹4,892.8 mn | ₹1,167.9 mn | 23.9% | — |
What the company does
HD Fire Protect designs and manufactures fire protection equipment and systems, including fire suppression products, at manufacturing facilities in Maharashtra. It sells in India and abroad: 34.69% of Fiscal 2026 revenue from operations came from outside India, with the Middle East and the rest of Asia named as key export markets, and 85.20% of that year's revenue came from repeat customers. Revenue from operations was ₹4,892.81 million in Fiscal 2026 and profit for the year ₹1,167.87 million. The company reported no fund-based borrowings as on September 30, 2026.
Promoters
The promoters are Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi. Promoters and promoter group together hold 175,230,000 equity shares, which is 100% of the company before the offer. Harish Narshi Dharamshi and Kusum Harish Dharamshi are the selling shareholders, offering up to 8,983,700 and 17,300,800 shares.
What the money is for
- Offer for sale only: all proceeds go to the promoter selling shareholders and the company receives none
Risks the company itself lists
- A malfunction or failure of its fire protection equipment could lead to loss of life, property damage, warranty claims, legal claims and reputational harm.
- About a third of revenue from operations comes from outside India (34.69% in Fiscal 2026), so adverse conditions in export markets such as the Middle East and the rest of Asia could hurt the business.
- The top 10 suppliers accounted for 47.76% of total expenses in Fiscal 2026, and the company has no long-term purchase agreements or firm commitments with its suppliers.
- Its products need regulatory approvals and certifications in India and overseas, and a failure to obtain, maintain or renew them may affect operations.
- The manufacturing facilities are all in Maharashtra and accounted for 63.49% of revenue from operations in Fiscal 2026, which exposes the company to regional disruption.
- One of the joint statutory auditors resigned before completing the term and was later appointed the company's CFO, which the document says may be perceived negatively.
- The offer is entirely an offer for sale, so the company receives none of the proceeds; they go to the promoter selling shareholders.
Listed peers named in the document
Azad Engineering Limited — P/E 145.65x — Listed capital goods peer named in the Basis for Offer Price; P/E on diluted EPS at the September 30, 2026 close · KSB Limited — P/E 55.68x — Listed peer; figures for the year ended December 31, 2025 · Kirloskar Pneumatic Company Limited — P/E 17.2x — Listed peer; P/E on diluted EPS · Elgi Equipment Limited — P/E 44.83x — Listed peer; P/E on diluted EPS · Ingersoll-Rand (India) Limited — P/E 51.39x — Listed peer; P/E on diluted EPS
Lead managers: Ambit Private Limited, Anand Rathi Advisors Limited, IIFL Capital Services Limited.
Source: the RHP filed by the company ↗. This section reports what the document says; it is not a recommendation to apply, buy or sell.
Allotment status and registrar for HD Fire Protect Limited →
Frequently asked questions
What is the HD Fire Protect Limited IPO GMP today?
The reported grey market premium is ₹82 per share, roughly 30.3% of the upper price band. This is unofficial.
Does GMP decide the listing price?
No. GMP is unofficial sentiment and often differs from the actual listing price.
See the scoreboard for how the two have compared.