HD Fire Protect shares made a strong stock market debut on Wednesday, October 21, 2026, listing at ₹335 per share on NSE and ₹334.40 on BSE, representing a 23.61% premium over the IPO issue price of ₹271 per share. The listing price reflects robust investor demand for the fire protection equipment manufacturer's shares. Investors who received IPO allotment made ₹3,520 per lot, taking their total investment value to ₹18,425 based on the listing price on NSE. The strong debut validates the market's confidence in HD Fire Protect's growth prospects and operational capabilities in the fire protection sector.
The ₹712.13-crore IPO closed for subscription on October 15, receiving bids for approximately 242.6 crore shares against 1.84 crore shares on offer. The issue was subscribed 131.70 times, with Qualified Institutional Buyers (QIBs) leading demand at 256.65 times subscription. Non-Institutional Investors (NIIs) category was subscribed 203.21 times, while Retail Individual Investors (RIIs) portion received 30.49 times subscription. The IPO was priced at ₹271 per share with a lot size of 55 shares, requiring retail investors applying for one lot at the upper end to invest ₹14,905. Since the issue comprised entirely an Offer for Sale (OFS) of 2.63 crore shares by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi, the company will not receive any proceeds from the issue.
HD Fire Protect raised ₹213.11 crore from anchor investors on Monday, demonstrating strong institutional confidence in the IPO. Major participants included Bajaj Life Insurance and Axis Max Life Insurance, Allianz Global Investors Fund, Kotak Mutual Fund, HDFC MF, ICICI Prudential MF, Aditya Birla Sun Life MF, Mirae Asset MF, Bandhan MF and UTI MF. Domestic mutual funds accounted for a significant portion of the anchor allocation, with nine mutual funds receiving 56.52 lakh shares, representing 71.88% of the total allocation, through 17 schemes. Since the issue comprises only an OFS, the company will not receive any proceeds, with the entire amount going to the selling shareholders.
According to Mahesh M. Ojha, Vice President at Kantilal Chhaganlal Securities Pvt Ltd, HD Fire Protect recorded compound annual growth rates (CAGRs) of 14.5% for revenue, 18.8% for EBITDA and 15.3% for profit after tax between FY24 and FY26. The company's revenue from operations increased from ₹3,729.53 million in Fiscal 2024 to ₹4,892.81 million in Fiscal 2026, representing a CAGR of 14.54%. As of June 30, 2026, the company's order book stood at ₹1,586.01 million. The company operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, spread across approximately 8.50 acres, along with a fire test laboratory and R&D facilities. In Fiscal 2026, HD Fire Protect supplied products to 2,066 customers.
HD Fire Protect's market capitalisation on the BSE stood at ₹5,859.69 crores following its market debut. The stock's Grey Market Premium (GMP) had indicated an expected listing price of ₹341 against the issue price of ₹271, which would have provided a potential listing profit of ₹3,850 per lot of 55 shares for retail investors. However, the actual listing price of ₹334.40 on BSE was slightly below the GMP expectations. Investors can check their HD Fire Protect IPO allotment status through the NSE, BSE or the official website of the registrar, MUFG Intime India.
