HD Fire Protect lists on the BSE and NSE on 21 October 2026, with the HD Fire Protect IPO listing priced off an issue price of ₹271. The grey market premium was ₹63 (23.25%) on 20 October, which points to roughly ₹334. The premium was ₹82 when bidding closed on 15 October.
What is the listing date and the issue price?
The shares list on 21 October 2026. Allotment was done on 16 October, and refunds and demat credit followed on 19 October. The registrar is MUFG Intime India.
| Detail | HD Fire Protect IPO |
|---|---|
| Issue price | ₹271 (band ₹258–271) |
| Issue size | ₹712.13 crore, all offer for sale |
| Lot size | 55 shares, ₹14,905 at the upper band |
| Final subscription | 132.21x |
| Listing on | BSE and NSE, 21 October 2026 |
The whole issue is a sale by promoters. The company receives no money from it. Promoter holding falls from 100% to 85%.
How has the GMP moved since the issue closed?
The premium has slipped on most days after the book closed. It is an unofficial dealer quote, not an exchange price.
| Date | GMP | As % of ₹271 |
|---|---|---|
| 15 October | ₹82 | 30.26% |
| 16 October | ₹77 | 28.41% |
| 17 October | ₹69 | 25.46% |
| 18 October | ₹65 | 23.99% |
| 19 October | ₹61 | 22.51% |
| 20 October | ₹63 | 23.25% |
At ₹63, one lot of 55 shares would be worth about ₹3,465 more than the ₹14,905 paid, if the open matched the quote. It is arithmetic on a grey market number, not a forecast.
What our data shows
The final book of 132.21x makes it the 14th most subscribed of the 105 mainboard IPOs that have closed in 2026. The median is 24.96x. Qualified institutions bid 256.65x, large non-institutional investors 236.17x and retail 30.49x. Roughly one retail application in 30 received a lot, an estimate, since allotment is a lottery.
On the last 10 mainboard listings, the final GMP was off the actual gain by 11 percentage points on average. It overstated the gain five times and understated it five times. Of the 100 mainboard IPOs listed in 2026, 66 opened above the issue price, and the median listing gain is 6.92%. IIFL Capital Services, one of the three lead managers with Ambit and Anand Rathi, has seen 21 of its 30 earlier listings open above the issue price.
What happens next
Trading begins on 21 October. We will publish the NSE opening price against the last GMP once it is known. You can follow the quote on the HD Fire Protect GMP page, read the final book in our subscription story, and compare with past debuts on the IPO performance page.
