HD Fire Protect IPO: Price Band, Lot Size, Dates, Financials and Valuation Explained
The next mainboard IPO on Dalal Street is a fire-safety equipment maker from Mumbai. HD Fire Protect opens its ₹712 crore public issue on October 13, 2026, at a price band of ₹258 to ₹271 per share. It's the only mainboard IPO opening next week, and it comes just before the much bigger Jio Platforms issue.
Before you decide whether to look at it, there's one thing to understand upfront: this IPO is entirely an offer for sale. The company won't receive a single rupee. Here's everything about the HD Fire Protect IPO, in plain language. Track all live and upcoming issues on the GoPocket IPO page.
Key Takeaways
- Price band: ₹258–₹271 per share; minimum lot of 55 shares (₹14,905 at the upper end).
- Subscription: October 13 to 15, 2026; anchor bidding on October 12.
- Allotment expected October 16; listing on BSE and NSE expected October 21.
- Issue size about ₹712 crore, entirely an offer for sale by the promoters.
- FY26 profit of ₹116.8 crore on revenue of ₹489.3 crore; post-issue market value about ₹4,749 crore at the top of the band.
HD Fire Protect IPO Details at a Glance
| Detail | Information |
|---|---|
| Price band | ₹258 – ₹271 per share |
| Face value | ₹5 per share |
| Issue size | About ₹712 crore (at upper band) |
| Fresh issue | Nil |
| Offer for sale | About 2.62 crore shares by promoters |
| Lot size | 55 shares |
| Minimum retail investment | ₹14,905 (one lot at ₹271) |
| Anchor bidding | October 12, 2026 |
| Subscription period | October 13 – 15, 2026 |
| Basis of allotment | October 16, 2026 (expected) |
| Listing | October 21, 2026 on BSE and NSE (expected) |
| Reservation | QIB 50%, NII 15%, Retail 35% |
| Lead managers | Ambit, Anand Rathi Advisors, IIFL Capital Services |
Source: Business Today, October 7, 2026.
Note that October 20 is a stock market holiday for Dussehra, which is why listing falls on October 21. See our guide to stock market holidays in October and November 2026.
What Does HD Fire Protect Do?
HD Fire Protect designs and makes fire protection products and systems, covering water, foam and gas-based fire suppression. It runs two manufacturing facilities in Maharashtra. In FY26, it supplied 2,066 customers in India and abroad, with domestic sales making up 65% of the business and international markets 35%, as per Business Today.
Fire safety is a regulation-driven business. Factories, warehouses, refineries, data centres, airports and high-rise buildings all need certified suppression systems, and safety codes tend to tighten over time rather than loosen.
HD Fire Protect Financials
| Period | Revenue | Profit |
|---|---|---|
| FY26 (year to March 2026) | ₹489.3 crore (up 13%) | ₹116.8 crore (up 6.4%) |
| Q1 FY27 (April–June 2026) | ₹109 crore | ₹23.8 crore |
Two things stand out. First, profitability is high: FY26 profit was about 24% of revenue, by our calculation. That's well above what most Indian manufacturers earn. Second, profit grew more slowly than revenue in FY26 (6.4% versus 13%), which suggests margins narrowed a little. The June quarter numbers are smaller than one-quarter of FY26, but quarterly sales in project-type businesses can be lumpy.
Valuation: What Are You Paying?
At the upper price band, HD Fire Protect's post-listing market capitalisation would be about ₹4,748.73 crore, Business Today reported. Against FY26 profit of ₹116.8 crore, that works out to a price-to-earnings multiple of roughly 41 times, by our calculation. Whether that's reasonable depends on how fast you think profits can grow. It's worth comparing with listed peers and with the company's own growth rate before deciding.
Why the Pure OFS Structure Matters
The entire issue is an offer for sale of about 2.62 crore shares by promoters Harish Narshi Dharamshi and Kusum Dharamshi. Since there's no fresh issue, HD Fire Protect won't get any money from the IPO. The proceeds go to the selling promoters. The stated purpose is to give the selling shareholders an exit and to list the company's shares.
That's not unusual, and it isn't automatically a red flag. But it does mean the IPO doesn't fund expansion, cut debt or add capacity. Investors are buying existing shares from the founders. The company filed its draft papers with SEBI in September 2025 and received approval in January 2026.
How to Apply for the HD Fire Protect IPO
- Log in to your trading app and open the IPO section during the subscription window (October 13–15).
- Select HD Fire Protect and enter the number of lots (minimum one lot of 55 shares).
- Choose the cut-off price option if you're a retail investor, so your bid is valid at the final price.
- Enter your UPI ID and approve the mandate on your UPI app before the deadline. The amount is blocked, not debited, until allotment.
You can track subscription and allotment updates on the GoPocket IPO page. For the bigger issue later this month, read our explainer on the Jio Platforms IPO.
Sources
- Business Today, HD Fire Protect IPO opens on October 13; check price band, issue size and key details, October 7, 2026
- Outlook Money, Stock Market Holidays in 2026: NSE, BSE Will Be Closed On These Days
Disclaimer: This article is for information and educational purposes only. It is not a recommendation to subscribe or not subscribe to the HD Fire Protect IPO or any other security. IPO investments carry risk, including listing below the issue price. Please read the Red Herring Prospectus and consult a SEBI-registered investment adviser before investing.
