HD Fire Protect IPO was subscribed 132.21x by the time bidding closed on 15 October 2026. Qualified institutional buyers bid 256.65x, non-institutional investors 203.21x and retail investors 30.49x. The final book was seen on our tracker at 5:10 PM.
How did each category bid?
The ₹712 crore issue is an offer for sale. Promoters sell all the shares and the company gets no money. Here is the final book, category by category.
| Category | Times subscribed |
|---|---|
| QIB (institutional buyers) | 256.65x |
| NII (non-institutional), total | 203.21x |
| bNII (bids above ₹10 lakh) | 236.17x |
| sNII (bids of ₹2–10 lakh) | 137.28x |
| Retail | 30.49x |
| Employees | 23.61x |
| Total | 132.21x |
The category that bid hardest was institutional buyers (QIBs). Non-institutional bids are split in two: 236.17x for bids above ₹10 lakh and 137.28x for bids of ₹2 lakh to ₹10 lakh. Employees bid 23.61x.
What are the odds for retail investors?
With the retail portion booked 30.49x, roughly one retail application in 30 can expect a lot, because allotment is by lottery once a portion is oversubscribed.
One lot is 55 shares, so the minimum application at the upper band of ₹271 is ₹14,905. Allotment is a lottery once the retail portion is oversubscribed, so a bigger bid does not raise your chance of getting a lot.
What our data shows
Before the final day, HD Fire Protect stood at 57.82x on our tracker. Of the 100 mainboard IPOs that have closed in 2026, the median book is 26.55x. Our GMP for this issue has stayed in a narrow band, from ₹75 on 10 October to ₹91 on 13 October, and was ₹82 (30.26%) at the close. Over the last 10 mainboard listings, the final GMP was off the actual listing gain by 11 percentage points on average. It overstated the gain five times and understated it five times. GMP is an unofficial dealer quote, not an exchange price.
About the company
HD Fire Protect makes fire protection equipment and systems, including sprinklers, deluge valves and foam and gas suppression systems. It has two plants in Maharashtra, at Jalgaon and Thane. Profit after tax was ₹116.79 crore on total income of ₹505.12 crore in FY2026, against ₹109.72 crore on ₹450.68 crore in FY2025. At the upper band, the issue is priced at 49.72 times post-issue earnings per share of ₹5.45. Promoter holding falls from 100% to 85% after the sale.
The lead managers are Ambit, Anand Rathi Advisors and IIFL Capital Services. Of IIFL Capital's 30 earlier listings on our records, 21 opened above the issue price, with an average listing gain of 13.8%.
What happens next
- Basis of allotment: 16 October 2026. The registrar is MUFG Intime India.
- Refunds and demat credit: 19 October 2026.
- Listing on BSE and NSE: 21 October 2026.
Check your status on our HD Fire Protect IPO allotment page once the allotment is out. Live bids for other issues are on the mainboard subscription table. We covered the terms in our earlier price band story.
Frequently asked questions
How much was the HD Fire Protect IPO subscribed?
It was subscribed 132.21x overall at the close on 15 October 2026, with retail at 30.49x.
When is the HD Fire Protect IPO allotment date?
The basis of allotment is due on 16 October 2026, and shares list on 21 October 2026.
