HD Fire Protect IPO opens at ₹258–271 price band; ₹712 crore issue closes 15 October

The ₹712 crore initial public offering of Mumbai-based fire protection equipment maker HD Fire Protect opened for subscription on Tuesday, 13 October, with a price band of ₹258–271 per share. The issue closes on 15 October.

Issue details

The IPO is entirely an offer for sale of 2.62 crore equity shares by promoters Harish Narshi Dharamshi and Kusum Dharamshi, so the company will not receive any proceeds, according to Business Today and Kotak Neo. At the upper end of the band, the company’s post-listing market capitalisation is estimated at about ₹4,749 crore.

• Price band: ₹258–271 per share
• Issue size: ₹712.13 crore (offer for sale only, no fresh issue)
• Lot size: 55 shares; minimum retail investment ₹14,905
• Reservation: 50 per cent QIB, 15 per cent non-institutional, 35 per cent retail
• Employee discount: ₹25 per share
• Allotment: 16 October; expected listing on BSE and NSE: 21 October
• Lead managers: Ambit, Anand Rathi Advisors, IIFL Capital Services; registrar: MUFG Intime India

Anchor book and financials

The company raised ₹213.11 crore from 25 anchor investors on 12 October, allotting 78.64 lakh shares at ₹271 each, according to Business Today and Upstox. Investors named include HDFC MF, UTI MF, Axis MF, Kotak MF and Bajaj Life Insurance.

For FY26, the company reported profit of ₹116.8 crore, up 6.4 per cent, on revenue of ₹489.3 crore, up about 13 per cent. In the June 2026 quarter it posted profit of ₹23.8 crore on revenue of ₹109 crore. Domestic customers contributed 65 per cent of FY26 revenue and international markets 35 per cent.

Subscription and grey market

Day 1 subscription figures were not yet available in the reports reviewed at the time of writing; Upstox said they would be published after 10 am. Business Today reported a grey market premium (GMP) of ₹86–90 per share. GMP is an unofficial, unregulated indicator and is not a reliable guide to listing price.

Several brokerages, including SBI Securities and Choice Broking, recommended subscribing, according to Business Today. Swastika Investmart said “listing gains could be modest,” while Kunvarji Wealth Solutions flagged customer concentration and competition as key concerns.

Sources: Business Today, Business Today, Kotak Neo, Upstox