HD Fire Protect IPO GMP at 31%; issue subscribed 1.72 times on Day 1, check details

The ₹712.31-crore initial public offering (IPO) of HD Fire Protect was fully subscribed within hours of opening on October 13, driven by strong demand from non-institutional and retail investors. The grey market premium (GMP) also indicated expectations of a strong listing, with the stock commanding a premium of ₹85 over the upper end of the issue price band.

At the time of reporting, the HD Fire Protect IPO GMP indicated a potential listing gain of 31.37% over the upper price band, translating into an estimated listing price of around ₹356 per share. However, the GMP is an unofficial indicator and does not guarantee the actual listing price or returns.

By 12:30 pm, the HD Fire Protect IPO had received bids for 3.16 crore shares against 1.84 crore shares on offer, resulting in an overall subscription of 1.72 times.

The non-institutional investor (NII) portion was subscribed 3.83 times, with bids for 1.50 crore shares against 39.32 lakh shares reserved for the category. Retail individual investors subscribed 1.80 times, bidding for 1.65 crore shares against 91.75 lakh shares on offer. The employee portion was subscribed 1.48 times.

The qualified institutional buyer (QIB) portion had received bids for 9,900 shares against 52.43 lakh shares reserved, indicating limited demand from institutional investors at the time of the update.

The IPO opened for subscription on October 13 and will close on October 15. The allotment is expected to be finalised on October 16, while the shares are scheduled to list on the NSE and BSE on October 21.

The IPO is entirely an offer for sale (OFS) of 2.63 crore shares, with no fresh issue component. Consequently, the company will not receive any proceeds from the offering, which will go to the selling shareholders.

The issue has reserved 50% of the net offer for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.

The company has fixed the price band at ₹258-₹271 per share, with a lot size of 55 shares. Retail investors need to invest a minimum of ₹14,905 to apply for one lot at the upper end of the price band.

Raises ₹213.11 crore from anchor investors

Ahead of the IPO, the company raised ₹213.11 crore through its anchor book on October 12, allotting 78.64 lakh equity shares to 16 institutional investors at the upper end of the price band.

Of the total allocation, 56.52 lakh shares went to nine domestic mutual funds, including SBI Mutual Fund, HDFC AMC, ICICI Prudential AMC, Aditya Birla Sun Life AMC, PGIM India, Bandhan Mutual Fund and Mirae Asset.

Bajaj Life Insurance, Axis Max Life Insurance, Ashoka WhiteOak and Allianz Global Investors Fund were among the other investors.

Incorporated in April 1997, HD Fire Protect manufactures and supplies fire protection equipment and systems, offering water-, foam- and gas-based fire suppression solutions. It operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, spread across approximately 8.50 acres. The company has exported products to more than 90 countries since inception, including 49 countries during the three months ended June 30, 2026.

The company supplied fire protection equipment and systems to 2,066 customers in FY26. Its project references include 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.

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