HD Fire Protect shares opened at ₹335 on the NSE on 21 October 2026, 23.62% above the issue price of ₹271. That is +23.62% on the HD Fire Protect listing price against the offer. The last grey market quote of ₹71 pointed to a listing near ₹342, and the stock opened ₹7 below that.
How did the shares open?
| Measure | Figure |
|---|---|
| NSE opening price | ₹335 |
| Issue price | ₹271 |
| Move vs issue price | +23.62% |
| Last GMP | ₹71 (26.20%) |
| Listing price the GMP pointed to | ₹342 |
One lot is 55 shares. At the open it was worth ₹18,425, which is a gain of ₹3,520 on the application amount of ₹14,905 at the upper band. This is the paper position at the open only. The price moves through the day.
What our data shows
HD Fire Protect closed 132.21x subscribed, the 14th highest of the 105 mainboard IPOs that have closed in 2026, against a median of 24.96x. Qualified institutions bid 256.65x and retail 30.49x. Our GMP was ₹82 (30.26%) on 15 October and ₹63 (23.25%) on 20 October. GMP is an unofficial dealer quote, so a gap to the open is not unusual: on the last 10 mainboard listings it was off by 11 percentage points on average. Of the 100 mainboard IPOs listed in 2026, 66 opened above the issue price, with a median listing gain of 6.92%.
What the order book looked like
Demand came from every category. Qualified institutional buyers bid 256.65x. Non-institutional investors bid 203.21x, split into 236.17x for bids above ₹10 lakh and 137.28x for bids of ₹2 lakh to ₹10 lakh. Retail investors bid 30.49x and employees 23.61x.
The price band was ₹258 to ₹271 and the issue opened on 13 October and closed on 15 October 2026. Allotment was finalised on 16 October, with refunds and demat credit on 19 October. At the upper band the issue was priced at 49.72 times post-issue earnings per share of ₹5.45, according to our records of the offer document.
About the company
HD Fire Protect makes fire protection equipment such as sprinklers, deluge valves and foam and gas suppression systems, at plants in Jalgaon and Thane. It reported profit after tax of ₹116.79 crore on total income of ₹505.12 crore in FY2026. The ₹712.13 crore issue was entirely an offer for sale by promoters, so the company received no money. Promoter holding falls from 100% to 85%. The lead managers were Ambit, Anand Rathi Advisors and IIFL Capital Services.
What happens next
The shares trade on the BSE and NSE from 21 October 2026. Follow the quote on our HD Fire Protect IPO page, see how the final book built in our subscription story, and compare with earlier debuts on the IPO performance page.
