The HD Fire Protect IPO got subscribed 24.11 times overall as of 10:42 AM on October 15. Zee Business Managing Editor Anil Singhvi said, "Apply for reasonable listing gains and long-term investment." The issue closes today, October 15, 2026, with shares expected to list on the BSE and NSE on October 21.

As of 10:42 AM, the non-institutional investor (NII) portion was subscribed 76.39 times. The retail individual investor (RII) category received bids for 14.45 times the shares reserved for it. The qualified institutional buyers (QIB) portion was subscribed 1.99 times.

Zee Business Managing Editor Anil Singhvi has recommended applying for reasonable listing gains and long-term investment.

Singhvi highlighted the company's experienced promoters, debt-free status, positive cash flow, financial track record and global presence as key positives. The company exports its products to 90 countries, with exports contributing around 35 per cent of its revenue.

The company also has a return on investment (ROI) of 30.1 per cent and a return on capital employed (ROCE) of 40.3 per cent.

However, investors should also consider the risks. Rising inventory levels and fluctuations in EBITDA margins are among the concerns. The IPO is entirely an offer for sale (OFS), which means the company will not receive any money from the issue.

HD Fire Protect IPO: Category-wise subscription status

As of 10:42 AM on October 15, the IPO was subscribed 24.11 times overall.

Investor category

Shares offered

Shares bid for

Subscription

QIBs

52,42,672

1,04,42,410

1.99 times

Non-institutional investors

39,32,005

30,03,55,220

76.39 times

Retail individual investors

91,74,677

13,26,00,160

14.45 times

Total

1,84,20,492

44,41,35,670

24.11 times

HD Fire Protect IPO details

HD Fire Protect IPO is a book-built issue worth Rs 712.13 crore. It comprises an offer for sale of 2,62,84,500 shares. Since the issue is entirely an OFS, the proceeds will go to the selling shareholders.

The price band has been fixed at Rs 258 to Rs 271 per share. The lot size is 55 shares. Retail investors need Rs 14,905 to apply for one lot at the upper end of the price band.

The issue also has a reservation of 71,138 shares for employees. Eligible employees will get a discount of Rs 25 per share on the issue price.

HD Fire Protect IPO: Important dates

The IPO opened on October 13 and will close on October 15, 2026. The allotment is expected to be finalised on October 16.

Refunds and credit of shares are scheduled for October 19. The tentative listing date is October 21, 2026. The shares are scheduled to list on the BSE and NSE.

HD Fire Protect IPO: Issue reservation

The total issue comprises 2,62,84,500 shares, including 71,138 shares reserved for employees. After excluding the employee portion, the net offer to the public is 2,62,13,362 shares.

Qualified institutional buyers have been allocated 50 per cent of the net offer, or 1,31,06,681 shares. Non-institutional investors have been allocated 15 per cent, or 39,32,004 shares. Retail investors have been allocated 35 per cent, or 91,74,677 shares.

Who is the book-running lead manager and registrar?

Ambit Pvt. Ltd. is the book-running lead manager for the IPO, while MUFG Intime India Pvt. Ltd. is the registrar.

HD Fire Protect financial performance

HD Fire Protect's total income rose to Rs 505.12 crore in FY26 from Rs 450.68 crore in FY25, an increase of around 12 per cent.

Profit after tax (PAT) increased by around 6 per cent to Rs 116.79 crore in FY26 from Rs 109.72 crore in the previous financial year.

The company's EBITDA rose to Rs 150.46 crore in FY26 from Rs 138.01 crore in FY25.

What does HD Fire Protect Ltd do?

Incorporated in April 1997, HD Fire Protect Limited manufactures and supplies fire protection equipment and systems.

Its products include sprinklers, alarm valves, deluge valves, foam-based fire suppression systems, monitors, nozzles and gas suppression systems.

The company serves industrial, residential and commercial customers. Its products are used in sectors such as oil and gas, refining, petrochemicals, power, heavy engineering, pharmaceuticals, data centres, hospitality and healthcare.