The HD Fire Protect IPO will open on 13 October 2026 at a price band of ₹258 to ₹271 a share. The issue is about ₹712 crore and is entirely an offer for sale, so the company receives nothing from it. The promoters are selling.
HD Fire Protect IPO: key facts
| Detail | Figure |
|---|---|
| Price band | ₹258–271 per share |
| Issue size | About ₹712 crore at the upper band |
| Structure | 100% offer for sale, 2.62 crore shares |
| Lot size | 55 shares |
| Minimum investment | ₹14,905 at the upper band |
| Anchor bidding | 12 October |
| Opens and closes | 13 October to 15 October |
| Allotment | 16 October |
| Refund and demat credit | 19 October |
| Listing | 21 October on NSE and BSE |
The minimum is our own arithmetic: 55 shares times ₹271. Half the issue is reserved for institutions, 15% for non-institutional investors and 35% for retail, according to CNBC-TV18.
Who is selling, and what the company gets
An offer for sale, or OFS, means existing shareholders sell their shares. No new shares are created. Harish Narshi Dharamshi and his wife Kusum Dharamshi are the selling promoters. Their combined holding with the other promoters falls from 100% before the issue to 85% after it.
At the upper band, the company's market value after listing works out to ₹4,748.73 crore, as per CNBC-TV18. Divide that by the FY26 profit of ₹116.79 crore and you get roughly 40 times earnings. That is our calculation on one year of profit, not a figure from the company.
What the company does
HD Fire Protect, based in Mumbai, makes fire protection equipment: sprinklers, valves, foam systems, nozzles and gas suppression systems. It has two plants in Maharashtra, at Jalgaon and Thane. In FY26 it supplied 2,066 customers. Domestic customers gave 65% of its business and exports 35%.
How the numbers look
| Period | Revenue from operations | Profit after tax |
|---|---|---|
| FY24 | ₹372.95 crore | ₹87.92 crore |
| FY25 | Not in our record | ₹109.72 crore |
| FY26 | ₹489.28 crore | ₹116.79 crore |
Revenue grew 13% in FY26, but profit grew only 6.4%. Sales rose faster than profit. For the June 2026 quarter, CNBC-TV18 reports revenue of ₹109 crore and profit of ₹23.8 crore.
How the grey market has been doing
The grey market premium, or GMP, is an unofficial quote from dealers, not an exchange price. On our listing performance page, the last 10 mainboard listings show the final GMP was off by 10.68 percentage points on average. It overstated the listing gain six times and understated it four times. Across 2026, 65 of 98 mainboard IPOs opened above their issue price, with a median gain of 7.04%.
What happens next
The SEBI approval came in January 2026, after the draft prospectus was filed in September 2025. Ambit, Anand Rathi Advisors and IIFL Capital Services are the lead managers, and MUFG Intime India is the registrar. Track dates, subscription and the GMP on our HD Fire Protect IPO page.
