HD Fire Protect will open its ₹712.31 crore initial public offering (IPO) for subscription on Tuesday, 13 October 2026, with a price band of ₹258 to ₹271 per equity share. The issue closes on Thursday, 15 October, and anchor investor bidding takes place on Monday, 12 October.
The IPO is entirely an offer for sale (OFS) of 2,62,84,500 equity shares by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi. At the upper end of the band, the company is valued at about ₹4,748.73 crore after listing.
HD Fire Protect IPO price band, issue size and lot
Mumbai-based HD Fire Protect makes fire protection equipment and systems built on water, foam and gas suppression technologies. It operates two manufacturing facilities in Maharashtra.
| Detail | HD Fire Protect IPO |
|---|---|
| Price band | ₹258 to ₹271 per share |
| Face value | ₹5 per share |
| Issue size | ₹712.31 crore at the upper band (₹678.14 crore at the lower band) |
| Fresh issue | None |
| Offer for sale | 2,62,84,500 equity shares |
| Lot size | 55 shares |
| Listing | BSE and NSE |
The issue size follows from the share count. Multiplying 2,62,84,500 shares by the upper band of ₹271 gives ₹712.31 crore.
IPO dates from the anchor book to listing
The subscription window runs for three days. Bids made through UPI must be confirmed before the 5 PM mandate cut-off on the last day.
| Event | Date |
|---|---|
| Anchor investor bidding | Monday, 12 October 2026 |
| IPO opens | Tuesday, 13 October 2026 |
| IPO closes | Thursday, 15 October 2026 |
| Basis of allotment | Friday, 16 October 2026 (expected) |
| Refunds and credit of shares to demat accounts | Monday, 19 October 2026 (expected) |
| Listing on BSE and NSE | Wednesday, 21 October 2026 (expected) |
How much retail and larger investors can bid
The minimum bid is one lot of 55 shares, which costs ₹14,905 at the upper band of ₹271. Retail investors can apply for up to 13 lots, or 715 shares, worth ₹1,93,765 at the upper band.
| Category | Lots | Shares | Amount at ₹271 (₹) |
|---|---|---|---|
| Retail, minimum | 1 | 55 | 14,905 |
| Retail, maximum | 13 | 715 | 1,93,765 |
| Small non-institutional, minimum | 14 | 770 | 2,08,670 |
| Big non-institutional, minimum | 68 | 3,740 | 10,13,540 |
HD Fire Protect valuation and financial snapshot
At ₹271, the IPO values HD Fire Protect at ₹4,748.73 crore, about 40.7 times its FY2026 earnings, according to figures drawn from the red herring prospectus (RHP) and compiled by IPO portals. Those portals show a profit after tax of ₹116.79 crore for FY2026 and no borrowings on the balance sheet.
The profit trend below comes from the same RHP-based data compiled by IPO portals. It is shown for context and is not a forecast.
| Period | Profit after tax (₹ crore) |
|---|---|
| FY2024 | 87.92 |
| FY2025 | 109.72 |
| FY2026 | 116.79 |
| April to June 2026 quarter | 23.87 |
The company’s share count stays at 17,52,30,000 shares before and after the issue, because an OFS creates no new shares.
What an offer for sale means for the company
In an OFS, existing shareholders sell part of their holding to new investors. The company does not issue fresh equity, so the sale proceeds go to the selling promoters and not to HD Fire Protect.
That makes the offer different from IPOs that raise growth capital. Investors comparing issues should read how the RHP describes the selling shareholders, the valuation and the risk factors.
Before bidding, the RHP is the document to read. It sets out the selling shareholders, the objects of the offer, the valuation basis and the risk factors, and it is available on the exchange websites and the websites of the book running lead managers.
IPO terms explained
Anchor investors are large institutional investors who are allowed to bid a day before the issue opens to the public, which is why the anchor book is on 12 October. The basis of allotment is the process through which the registrar decides how many shares each applicant receives when an issue is oversubscribed.
A UPI mandate is the request an applicant approves on their UPI app to block the bid amount in their bank account. The money is debited only if shares are allotted, and the rest is released after the basis of allotment.
IPO market backdrop and how to apply
Primary market activity has been heavy. Business Standard reported that 69 IPOs raised a record ₹90,462 crore in the July to September quarter, with average listing gains of about 20% per issue against roughly 2% between January and June. On 8 October, Vishal Nirmiti shares listed at a 2% discount to the IPO price, a reminder that listing outcomes vary.
Applying needs an active demat account and a UPI ID linked to the bank account that will fund the bid. Investors who do not have one can open a demat account with a registered broker before the issue opens, complete KYC and then place a bid. Many investors who want to invest in IPO online use the trading platform offered by their broker to select the issue, enter the lot quantity and approve the UPI mandate.
The sequence for an applicant looks like this:
- Confirm that the demat account is active and that the UPI ID is linked to the bank account that will hold the blocked funds.
- Enter a bid between ₹258 and ₹271 per share, in lots of 55 shares, between 13 and 15 October.
- Approve the UPI mandate before the 5 PM cut-off on 15 October.
- Check allotment status after the basis of allotment on 16 October, when shares are expected to be credited to demat accounts on 19 October ahead of the expected listing on 21 October.
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