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  5. HD Fire Protect IPO subscribed 9.05 times so far on Day 2; check financials

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HD Fire Protect IPO subscribed 9.05 times so far on Day 2; check financials

Journalist Kamal Joshi, former Republic TV and latestly news editor, currently associated with Upstox as senior ipo writer.
By Kamal Joshi

2 min read | Updated on October 14, 2026, 12:18 IST

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SUMMARY

HD Fire Protect IPO, with a price band of ₹258 to ₹271 per share, is solely an offer for sale (OFS) of 2.63 crore shares by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi.

HD Fire Protect IPO will end on October 15. | Image: hdfire.com

HD Fire Protect IPO will end on October 15. | Image: hdfire.com

The initial public offering of fire protection equipment manufacturer HD Fire Protect Ltd has been subscribed 9.05 times so far on the second day of bidding on Wednesday, October 14.

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The ₹712.13 crore IPO received bids for 16,66,85,145 shares against 1,84,20,492 shares on offer, according to NSE data until 12:17 pm.

The quota for non-institutional investors garnered 24.63 times subscription, while the category for retail investors was subscribed 6.97 times. The part for qualified institutional buyers (QIBs) received 1.06 times subscription.

The public issue, with a price band of ₹258 to ₹271 per share, is solely an offer for sale (OFS) of 2.63 crore shares by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi.

Since there is no fresh issue component, the company will not get any proceeds from the IPO.

Retail investors can apply for a minimum of 55 shares and in multiples thereafter.

The issue will end on October 15. The company's shares will make a stock market debut on October 21.

HD Fire Protect IPO: A look at financials

(₹ crore)FY24FY25FY26Q1 FY27
Revenue372.95432.80489.28109.05
Total assets392.63450.08432.03477.60
Net profit87.92109.72116.7923.87
Operating EBITDA106.63138.01150.4629.73
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Mumbai-based HD Fire Protect Ltd designs and manufactures fire protection systems and equipment, including water, foam and gas-based fire suppression solutions. It serves sectors such as oil and gas, petrochemicals, power, refining, pharmaceuticals, data centres, aerospace and warehousing.

It has supplied fire protection equipment for various prominent projects, including the new Parliament building, India's largest refinery in Jamnagar and installations at the space launch facility in Sriharikota.

The company's shares will be listed on the National Stock Exchange (NSE) and the BSE (formerly Bombay Stock Exchange).

IIFL Capital Services, Anand Rathi Advisors and Ambit are the issue's book-running lead managers, while MUFG Intime India is the registrar.

Disclaimer: This article is written purely for informational purposes and should not be considered investment advice from Upstox. Securities mentioned are illustrative and not recommendations. Please consult a financial advisor before making any investment decisions.

About The Author

Journalist Kamal Joshi, former Republic TV and latestly news editor, currently associated with Upstox as senior ipo writer.
Kamal Joshi is a business journalist who covers markets and IPOs. He places a special focus on in-depth analysis of DRHPs, RHPs and public-issue documents to produce data-driven stories. He covers trends across mainboard and SME IPOs, anchor allocations, subscription status and post-listing performance. He is passionate about breaking news and enjoys playing pickleball, especially flexing his net play. He was previously associated with Republic TV and LatestLY.

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