HD Fire Protect IPO Details: Date, Price, GMP, Review & How to Apply

Quick Answer

HD Fire Protect IPO is a book-built public issue of ₹712.31 crore. The issue is entirely an offer for sale of 2,62,84,500 shares. There is no fresh issue component.

The IPO opens for subscription on 13 October 2026 and closes on 15 October 2026. The allotment is expected to be finalised on 16 October 2026. Subject to completion of allotment and listing formalities, the shares are scheduled to list on NSE and BSE on 21 October 2026.

The price band is ₹258 to ₹271 per share. The lot size is 55 shares, and the minimum retail investment is ₹14,905 at the upper price band.

Since the issue is OFS only, the company will not receive proceeds from the IPO. The proceeds will go to the selling shareholders.

No live GMP value was provided in the available details. Investors should verify updated GMP and subscription data before making any decision.

HD Fire Protect IPO Overview

HD Fire Protect Limited is an Indian manufacturer and supplier of fire protection equipment and systems. The company offers water, foam and gas-based fire suppression solutions.

Its product portfolio spans eight categories, including sprinklers, alarm valves and accessories, deluge valves and systems, foam equipment and suppression systems, monitors and nozzles, water spray nozzles, custom-engineered systems and gas suppression systems.

The IPO is entirely an offer for sale. This means existing shareholders are selling shares through the IPO, and the company’s share capital will not increase because of the issue.

The company’s products cater to industrial, residential and commercial applications across sectors such as oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality and healthcare.

Investors comparing IPOs with Pre-IPO opportunities can also read Ultra’s guide on Pre-IPO vs IPO.

HD Fire Protect IPO GMP

GMP stands for Grey Market Premium. It is the unofficial premium at which IPO shares may trade in the grey market before listing.

For example, if the issue price is ₹271 and the GMP is ₹20, the implied grey market price would be ₹291.

However, GMP is not official and should be used carefully because:

• it is not regulated

• it can change quickly

• it does not guarantee listing gains

• it may not reflect company fundamentals

• it may be influenced by short-term sentiment

No live HD Fire Protect IPO GMP value was provided in the available details. Investors should avoid relying only on GMP and should review the RHP, financials, valuation, OFS structure, subscription status and personal suitability before applying.

For a detailed explainer, investors can also read Ultra’s guide on What Is IPO GMP and Why It Can Be Misleading?.

The post-listing share price will be discovered on the stock exchanges after listing. Investors should not treat GMP or expected listing price as guaranteed listing performance.

HD Fire Protect IPO Subscription Status

No live HD Fire Protect IPO subscription status was provided in the available details.

Subscription status usually shows category-wise demand across investor groups such as QIB, NII and retail. It can change throughout the bidding period, especially on the final day.

Investors tracking subscription data should review:

• QIB subscription

• NII subscription

• retail subscription

• total subscription

• final day demand

• subscription relative to valuation and fundamentals

Subscription figures can indicate demand, but they should not be treated as a standalone reason to apply.

About HD Fire Protect

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

The company offers water, foam and gas-based fire suppression solutions across industrial, commercial and residential applications.

Its products serve sectors such as:

• oil and gas

• refining and petrochemicals

• power and energy

• heavy engineering

• aerospace

• pharmaceuticals

• data centres

• hospitality

• healthcare

The company develops a majority of its products in-house and focuses on proprietary designs that meet national and international standards.

HD Fire Protect has over three decades of experience and a global presence. According to the provided details, it has exported to more than 90 countries since inception and to 49 countries during the three months ended 30 June 2026.

The company operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, covering approximately 8.50 acres. These facilities are supported by a fire test laboratory and R&D capabilities.

As of 30 June 2026, the company had 279 permanent employees and 253 contractual employees.

HD Fire Protect Business Model

HD Fire Protect operates as a manufacturer and supplier of certified fire protection equipment and systems.

The company has supplied products for major projects including the Samruddhi Mahamarg, Jamnagar refinery, new Indian Parliament building, Saudi Aramco’s Ras Tanura Sea Island site and Oman’s Integrated Power & Water Plant Project.

Its order book stood at ₹1,586.01 million, or approximately ₹158.60 crore, as of 30 June 2026.

Key Strengths of HD Fire Protect

The company’s strengths include:

• strong product certification and quality track record

• comprehensive fire protection equipment and systems portfolio

• in-house product development capabilities

• manufacturing and R&D capabilities

• diversified customer base

• global customer relationships

• track record of profitability

• presence in a certification-driven, high-barrier industry

• experienced management team and qualified personnel

These strengths should be evaluated along with OFS-only issue structure, customer demand, certification dependency, export risks, working capital needs and valuation.

HD Fire Protect Financials

HD Fire Protect reported total income of ₹505.12 crore and profit after tax of ₹116.79 crore in FY2026.

According to the provided data, revenue increased by 12%, while PAT rose by 6% between FY2025 and FY2026.

The company’s total income increased from ₹450.68 crore in FY2025 to ₹505.12 crore in FY2026. PAT increased from ₹109.72 crore to ₹116.79 crore during the same period.

Revenue from operations increased from ₹372.95 crore in FY2024 to ₹489.28 crore in FY2026, representing a CAGR of 14.54%, based on the details shared.

HD Fire Protect IPO Valuation

Based on the post-issue share capital of 17,52,30,000 shares, the implied post-issue market capitalisation is approximately:

• ₹4,520.93 crore at the lower price band of ₹258 per share

• ₹4,748.73 crore at the upper price band of ₹271 per share

HD Fire Protect IPO Review

A practical review should look at the company’s profitability, certification-driven business profile and OFS-only issue structure.

Positive Factors

HD Fire Protect operates in a specialised fire protection equipment and systems segment with applications across industries such as oil and gas, power, petrochemicals, data centres, pharmaceuticals and infrastructure.

The company has a strong certification profile, with 21 UL Listed and 87 FM Approved product certifications as of September 2026. In a certification-driven industry, this may support customer trust and entry barriers.

The company has a global presence, with exports to more than 90 countries since inception. It has also supplied products for several large domestic and international projects.

Financially, the company has reported consistent profitability. PAT increased from ₹87.92 crore in FY2024 to ₹116.79 crore in FY2026.

The company also has an order book of approximately ₹158.60 crore as of 30 June 2026, based on the shared data.

Points to Watch

The IPO is entirely an offer for sale. This means the company will not receive any proceeds from the public issue.

The valuation at the upper price band implies an approximate P/E of 40.7x based on FY2026 PAT. Investors should compare this with peer valuations, growth profile, margins and return metrics before making any decision.

The business may depend on product certifications, regulatory standards, industrial capex cycles and project demand across sectors such as oil and gas, petrochemicals, power, infrastructure and data centres.

Revenue growth between FY2025 and FY2026 was 12%, while PAT grew by 6%. Investors should review whether future growth can justify the valuation.

Investors should not rely only on GMP, subscription status or IPO headlines. They should review the RHP, valuation, OFS structure, financials and risk factors carefully.

Drag How to Apply for HD Fire Protect IPO

Investors can apply through supported broker platforms using UPI or ASBA.

The general process is:

Log in to your broker or bank-supported IPO platform.

Select the issue from the IPO list.

Choose the investor category and number of lots.

Enter the bid price or select the cut-off option, if eligible.

Submit the application.

Approve the UPI mandate, if applying through UPI.

Wait for allotment finalisation.

If allotted, shares will be credited to the demat account before listing.

Track the scheduled listing on NSE and BSE, subject to completion of allotment and exchange listing formalities.

Retail investors can apply for a minimum of 1 lot, which equals 55 shares and requires ₹14,905 at the upper price band.

Key Risks

1. OFS-Only Issue

The IPO is entirely an offer for sale. The company will not receive any fresh capital from the IPO proceeds.

2. Valuation Risk

At the upper price band, the implied post-issue market capitalisation is approximately ₹4,748.73 crore, with an approximate P/E of 40.7x based on FY2026 PAT. Investors should assess whether this valuation is justified by growth and profitability.

3. Certification Risk

The company operates in a certification-driven industry. Any delays, failures, withdrawals or changes in certification standards may affect its business prospects.

4. Industrial Demand Risk

Demand for fire protection equipment can depend on industrial capex, infrastructure projects, oil and gas activity, power projects, data centres and commercial construction.

5. Export Risk

The company has a global export presence. Export business may be affected by currency movement, geopolitical conditions, international certifications, logistics and trade regulations.

6. Customer and Project Risk

The company supplies to industrial and project-based customers. Delays, cancellations or lower order inflows may affect revenue.

7. Working Capital Risk

Manufacturing and project-linked businesses may require working capital for raw materials, inventory, receivables and execution cycles.

8. GMP and Listing Risk

Grey market premium and subscription trends may change before listing. They should not be treated as guaranteed listing performance indicators.

Final Thoughts

HD Fire Protect IPO is a ₹712.31 crore book-built issue with a price band of ₹258 to ₹271 per share. The issue is entirely an offer for sale, which means the company will not receive fresh proceeds from the IPO.

The company manufactures fire protection equipment and systems across water, foam and gas-based suppression solutions. It has a strong certification profile, global export presence and a track record of profitability.

Financially, HD Fire Protect reported FY2026 total income of ₹505.12 crore and PAT of ₹116.79 crore. Revenue and PAT grew compared with FY2025.

Investors should evaluate the RHP, valuation, OFS-only structure, certification-driven business model, industry demand, subscription status, GMP context and personal suitability before applying.

Disclaimer: This article is for educational and informational purposes only. It is not investment advice, IPO recommendation or a suggestion to apply. IPO investments are subject to market risk, business risk, valuation risk and listing risk. GMP is unofficial and does not guarantee listing gains. Investors should read the RHP carefully and consult a qualified financial advisor before making any investment decision.

FAQs

1. What is HD Fire Protect IPO?

HD Fire Protect IPO is a book-built public issue of ₹712.31 crore. The issue is entirely an offer for sale of 2,62,84,500 shares.

2. What is HD Fire Protect IPO date?

The issue opens on 13 October 2026 and closes on 15 October 2026.

3. What is HD Fire Protect IPO price?

The price band is ₹258 to ₹271 per share.

4. What is HD Fire Protect IPO GMP?

No live GMP value was provided in the available details. GMP is unofficial, volatile and should not be treated as a guaranteed listing gain indicator.

5. What is HD Fire Protect Pvt Ltd share price?

Before listing, the relevant price is the IPO price band of ₹258 to ₹271 per share. After listing, the share price will be discovered on NSE and BSE.

6. What is the lot size for HD Fire Protect IPO?

The lot size is 55 shares.

7. What is the minimum investment for retail investors?

The minimum retail investment is ₹14,905 for 1 lot of 55 shares at the upper price band of ₹271 per share.

8. When is the allotment expected?

The allotment is expected to be finalised on 16 October 2026.

9. When will HD Fire Protect list?

The shares are scheduled to list on NSE and BSE on 21 October 2026, subject to completion of allotment and exchange listing formalities.

10. Who is the registrar?

MUFG Intime India Pvt. Ltd. is the registrar of the issue.

11. Who is the book running lead manager?

Ambit Pvt. Ltd. is the book running lead manager.

12. Is HD Fire Protect IPO a fresh issue or OFS?

The issue is entirely an offer for sale. There is no fresh issue component.

13. Will HD Fire Protect receive IPO proceeds?

No. Since the IPO is entirely an OFS, the company will not receive proceeds from the issue. The proceeds will go to selling shareholders.

14. Is HD Fire Protect profitable?

Yes. Based on the provided financials, HD Fire Protect reported PAT of ₹116.79 crore in FY2026, ₹109.72 crore in FY2025 and ₹87.92 crore in FY2024.

15. What does HD Fire Protect do?

HD Fire Protect manufactures and supplies fire protection equipment and systems, including water, foam and gas-based fire suppression solutions.

16. Is HD Fire Protect IPO good or bad?

The IPO should not be judged as simply good or bad. Investors should evaluate the RHP, financials, valuation, OFS-only structure, certification profile, industry risks, subscription status and personal suitability before deciding.

17. Should investors apply for HD Fire Protect IPO?

Investors should evaluate the RHP, financials, valuation, OFS-only structure, industry demand, certification risks, subscription status, GMP context and personal suitability before deciding. This article does not provide investment advice or an IPO recommendation.