HD Fire Protect Share Price: Lists at 24% Premium, Closes 13% Above IPO Price
HD Fire Protect shares listed at ₹335 on NSE on October 21, 2026, a 23.62% premium to the IPO price of ₹271, and at ₹334.40 on BSE, Business Today reported. The stock then slipped through the day and closed at ₹306.75 on NSE, still 13.2% above the issue price, according to NSE data. The ₹712 crore IPO had been subscribed 131.70 times.
That's a solid debut, but the gap between the opening price and the close is the more useful lesson for IPO investors. Here's what happened, what it meant per lot, and what the valuation looks like now. Track upcoming and recent issues on the GoPocket IPO page.
Key Takeaways
- Listing price: ₹335 on NSE (+23.62%) and ₹334.40 on BSE (+23.39%) versus the ₹271 issue price.
- Day-one close: ₹306.75 on NSE, about 8.4% below the listing price and 13.2% above the issue price.
- Subscription: 131.70x overall; QIB 256.65x, NII 203.21x, retail 30.49x.
- Listing gain per lot of 55 shares: ₹3,520 at the open, about ₹1,966 at the close.
- GoPocket estimate: market value of about ₹5,375 crore at the close, or roughly 46 times FY26 profit.
HD Fire Protect Listing Day: Price Action
| Measure (NSE, October 21, 2026) | Price | vs issue price (₹271) |
|---|---|---|
| Listing/open price | ₹335.00 | +23.6% |
| Day's high | ₹340.00 | +25.5% |
| Day's low | ₹301.50 | +11.3% |
| Close | ₹306.75 | +13.2% |
Sources: Listing prices from Business Today, October 21, 2026; high, low and close from NSE bhavcopy data.
About 3.12 crore shares traded on NSE on listing day. That's more than the roughly 2.63 crore shares sold in the entire IPO, which shows how many allottees and short-term traders were active on day one.
How Was the HD Fire Protect IPO Subscribed?
| Category | Subscription |
|---|---|
| Qualified institutional buyers (QIB) | 256.65x |
| Non-institutional investors (NII) | 203.21x |
| Retail individual investors | 30.49x |
| Overall | 131.70x |
Source: Business Today, October 21, 2026. Total bids were worth about ₹65,750 crore from 47.55 lakh applications.
For context, the whole issue was worth about ₹712 crore, so bids were roughly 92 times the issue value in rupee terms, by our calculation.
GoPocket Analysis: What Listing Day Meant for a Retail Allottee
A retail investor who got one lot of 55 shares at ₹271 paid ₹14,905. Here's how that lot looked during the day:
| Price point | Value of 55 shares | Gain vs ₹14,905 |
|---|---|---|
| Listing price ₹335 | ₹18,425 | ₹3,520 (23.6%) |
| Close ₹306.75 | ₹16,871.25 | ₹1,966.25 (13.2%) |
Before brokerage and taxes. Short-term capital gains on listed shares held under 12 months are taxed under Section 111A, so the after-tax gain is lower.
Getting an allotment was hard. About 92 lakh shares, or 35% of the 2.63 crore-share offer, were reserved for retail investors. That's about 1.67 lakh lots of 55 shares. With retail demand at 30.49 times, a retail applicant's odds of getting a lot were roughly 1 in 30 if most applicants bid for a single lot. This is an illustrative estimate; the actual ratio depends on the number of valid applications.
What Is HD Fire Protect Worth After Listing?
At the upper band, HD Fire Protect's market value was about ₹4,749 crore, and its FY26 profit was ₹116.8 crore on revenue of ₹489.3 crore, according to figures reported by Business Today before the IPO. Scaling that to the listing-day close:
- Implied shares outstanding: ₹4,748.73 crore ÷ ₹271 ≈ 17.52 crore shares.
- Market value at ₹306.75: about ₹5,375 crore.
- Price-to-earnings on FY26 profit: ₹5,375 crore ÷ ₹116.8 crore ≈ 46 times, up from about 41 times at the IPO price.
These are GoPocket calculations. Profit growth was 6.4% in FY26 while revenue grew 13%, so the valuation already assumes faster growth ahead.
What Does HD Fire Protect Do?
HD Fire Protect is a Mumbai-based maker of fire protection equipment and systems, founded in April 1997. It offers water-, foam- and gas-based fire suppression products across eight categories and develops most products in-house. The IPO was entirely an offer for sale by the promoters, so the company itself received no money. Read our pre-IPO explainer on HD Fire Protect's price band, financials and OFS structure.
What Are the Risks Now That It's Listed?
- Valuation: At about 46 times trailing profit, the stock prices in strong future growth.
- Post-listing volatility: The fall from ₹340 to ₹301.50 in a single session shows how quickly newly listed stocks can swing.
- Lumpy project revenue: Fire safety system sales can vary sharply from quarter to quarter.
- Promoter exit: The IPO let promoters sell part of their stake, and lock-in expiries for anchor and pre-IPO investors can add selling pressure later.
What's Next on the IPO Calendar?
This week also brings the Jio Platforms and Paras Healthcare IPOs, both closing on October 23. See our Jio Platforms IPO subscription status, the Paras Healthcare IPO guide and our IPO calendar for this week.
Sources
- Business Today, HD Fire IPO shares listing today, October 21, 2026
- Business Today, HD Fire Protect IPO opens on October 13; check price band, issue size and key details, October 7, 2026
- NSE bhavcopy price data, accessed October 22, 2026
Disclaimer: This article is for information and educational purposes only. It is not a recommendation to buy, sell or hold HD Fire Protect or any other security. Listing gains in one IPO do not indicate future performance. Prices are as of the October 21, 2026 close. Consult a SEBI-registered investment adviser before investing.
