HD Fire Protect IPO: Grey Market Surges 32% Ahead of Launch

HD Fire Protect is launching its initial public offering (IPO) on October 13, with the subscription period closing on October 15. The company, specializing in fire protection equipment, aims to raise Rs 712.1 crore through this issue. The IPO consists solely of an offer for sale, meaning existing promoters Harish Narshi Dharamshi and Kusum Dharamshi will be selling their shares.

The grey market premium for HD Fire Protect's IPO is showing significant interest, standing at nearly 32 percent as of October 12. This unofficial indicator suggests strong demand ahead of the public subscription. The price band for the IPO has been set between Rs 258 and Rs 271 per share. Share allotment is anticipated on October 16, with the company's shares expected to debut on stock exchanges by October 21.

Investors can subscribe to a minimum of 55 equity shares, with the minimum investment for retail investors set at Rs 14,905 at the upper price band. The IPO allocates 50 percent to qualified institutional buyers, 15 percent to non-institutional investors, and 35 percent to retail investors. Employees receive a special discount of Rs 25 per share.

HD Fire Protect reported a profit increase of 6.4 percent to Rs 116.8 crore for the financial year ended March 2026. Revenue from operations grew by 13.05 percent to Rs 489.3 crore in the same period. For the June 2026 quarter, the company posted a profit of Rs 23.8 crore on revenues of Rs 109 crore. Domestic markets contributed 65 percent of the company's revenue in fiscal 2026.