HD FIRE PROTECT LTD IPO: Company Review, Subscription and Allotment Updates

2026-10-14 — Company overview and issue details

HD FIRE PROTECT LTD IPO (ABOUT THE COMPANY)

HD FIRE PROTECT LTD – COMPANY BACKGROUND

HD Fire Protect Ltd is into the manufacture and supply of fire protection equipment and systems. Its product offerings include water, gas, and foam-based fire suppression systems. In terms of specific product descriptions, the company offers sprinklers, alarm valves, deluge valves, foam equipment, monitors, sprays, and nozzles. It supplies its fire protection systems to industries across oil & gas, refining, petchem, energy, heavy engineering, aerospace, healthcare, data centres, etc. All its products are proprietarily designed. It has 2 manufacturing facilities in Maharashtra, and serves 2,066 customers in India and abroad.

The promoters of HD Fire Protect Ltd are Harish Dharamshi, Kusum Harish Dharamshi, Mihir Ghotikar, Parika Mihir Ghotikar, and Anik Dharamshi. The IPO will be entirely an offer for sale (OFS) with no fresh issue component in the IPO. The offer for sale (OFS) will be entirely done by the promoter shareholders of the company. The issue is being lead-managed by Ambit, Anand Rathi Advisors, and IIFL Capital Services; while MUFG Intime India Private Ltd is the IPO registrar.

HIGHLIGHTS OF THE IPO ISSUE OF HD FIRE PROTECT LTD

Here are the key highlights of the public issue of HD Fire Protect Ltd.

The IPO is open from October 13th, 2026 to October 15th, 2026. It has a face value of ₹5 per share and the IPO price band has been fixed in the range of ₹258 to ₹271 per share.

The IPO of HD Fire Protect Ltd will be entirely an offer for sale (OFS) by the promoters. There is no fresh issue component in the IPO.

The offer for sale (OFS) portion of the IPO comprises the sale of 2,62,84,500 shares (262.85 lakh shares), which at the upper price band of ₹271 per share, translates into an OFS size of ₹712.31 crore.

Since there is no fresh issue component, the overall IPO will also comprise of the offer for sale (OFS) portion of 2,62,84,500 shares (262.85 lakh shares), which at the upper price band of ₹271 per share translates into an overall issue size of ₹712.31 crore.

Due to dilutive impact of the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 100.00% pre-IPO to 85.00% post-IPO.

The IPO of HD Fire Protect Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on October 12, 2026.

KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES

Here are the key dates pertaining to the IPO of HD Fire Protect Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.

Here is a quick look at the lot sizes applicable for the IPO of HD Fire Protect Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 55 shares)

FINANCIAL HIGHLIGHTS OF HD FIRE PROTECT LTD

The table captures the key financials of HD Fire Protect Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

Between FY24 and FY26, revenues of the company have grown by 31.2%. During the same period, the net margins have been flat between 23% to 25%. In the same period, the EBITDA margins have also been stable between 29% to 31%. The ROE and ROA have grown at a modest pace, while the sweating of assets as measured by the asset turnover ratio has also crossed 1 in the latest year. The first quarter number for Q1FY27 indicate that the momentum of measured growth should sustain.

VALUATION METRICS OF HD FIRE PROTECT LTD IPO

At the IPO price of ₹271 (upper band), the stock gets discounted at a P/E ratio of 40.7X, based on the latest FY26 EPS of ₹6.66. This looks reasonable if one looks at the peer group price earnings and the peer group ROE. Also, HD Fire Protect Ltd is very low on debt and hence the financial risk is quite limited. However, considering the modest growth in EPS, it may time for the valuations to look attractive to investors. A longer time period is needed.

While the valuations leave upside on the table for investors, there are some other advantages that the IPO brings to the table. It has the requisite global certifications as well as an existing robust market in the Middle East. It supplies to critical industries, so entry barriers tend to be deep in such cases. Also, the diverse user base and global presence, makes the model de-risked. Investors may have to take a more patient view of the stock considering its steady growth in EPS.

2026-10-14 — Anchor allocation

HD FIRE PROTECT LTD IPO (ANCHOR ALLOCATION 29.92%)

BRIEF ON ANCHOR ALLOCATION OF HD FIRE PROTECT LTD

The anchor issue of HD Fire Protect Ltd saw a strong response on 12th October 2026 with 29.92% of the IPO size absorbed by anchors. Out of 2,62,84,500 shares (262.85 lakh shares) on offer in the IPO; anchors picked up 78,64,008 shares (78.64 lakh shares) accounting for 29.92% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹271 per share. This includes the face value of ₹5 per share plus a share premium of ₹266 per share. The anchor bidding opened and closed on 12th October 2026.

KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS

Here are the key details pertaining to the anchor bidding of HD Fire Protect Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

MAJOR ANCHOR ALLOCATION INVESTORS IN HD FIRE PROTECT LTD

On 12th October 2026, HD Fire Protect Ltd allotted 78,64,008 shares to a total of 25 anchor investors. The allocation was done at the upper IPO price band of ₹271 per share which resulted in overall anchor allocation of ₹213.11 crore. The anchors have already absorbed 29.92% of the total issue size of ₹712.31 crore, after factoring in the employee discount offered in the IPO, if any.

Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹150.09 crores, or, 70.43% of the overall anchor allocation of shares, one trading day ahead of the IPO of HD Fire Protect Ltd. The individual anchor allocation to these investors is indexed descending on the number of shares allotted.

Data Source: BSE Filings (Value Allocated is ₹ in Crore)

The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/downloads/UploadDocs/Notices/Attach/anchor$44c16db2-a994-4cef-9f86-12721d094ebc.pdf

Out of the 78,64,008 shares allocated to the anchors in the IPO, there was an allocation of 56,52,331 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 17 MF schemes of 9 asset management company (AMC). Mutual funds accounted for 71.88% of the overall anchor allocation.

Out of the 78,64,008 shares allocated to the anchors in the IPO, there was an allocation of 5,51,980 shares to made to 2 life insurance companies regulated by IRDAI. Life Insurance companies accounted for 7.02% of the overall anchor allocation.

The remaining anchor allocation was spread across FPIs, SIFs, and alternate investment funds (AIFs).

NEXT STEPS IN HD FIRE PROTECT LTD IPO

Post the closure of the IPO subscription on 15th October 2026, the basis of allotment will be finalized on 16th October 2026 and the refunds will be initiated on 19th October 2026. In addition, the demat credits are expected to also happen on 19th October 2026 and the stock will list on 21st October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 19th October 2026 under ISIN (INE18AK01028).

2026-10-15 — Day-3 subscription update

HD Fire Protect Ltd (Day-3 Final Subscription at 131.70 times)

HD FIRE PROTECT LTD - IPO SUBSCRIPTION STATUS ON DAY-3

As of 7.10 pm on 15th October 2026, out of the 184.20 lakh shares on offer in the IPO (excluding anchor portion), HD Fire Protect Ltd saw bids for 24,260.01 lakh shares. This implies an overall subscription of 131.70X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of HD Fire Protect Ltd was as under:

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO, with substantial oversubscription in the QIB and the HNI / NII segment. The company had seen steady anchor participation a day ahead of the IPO opening with 29.92% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of HD Fire Protect Ltd was open up to October 15, 2026, and has closed for subscription as of the close of trading hours on October 15, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹65,957.75 crore.

NEXT STEPS IN THE HD FIRE PROTECT LTD IPO

Post the closure of the IPO subscription on 15th October 2026, the basis of allotment will be finalized on 16th October 2026 and the refunds will be initiated on 19th October 2026. In addition, the demat credits are expected to also happen on 19th October 2026 and the stock will list on 21st October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 19th October 2026 under ISIN (INE18AK01028).

2026-10-15 — Allotment guidance and next steps

HD Fire Protect Ltd IPO (How to check allotment status)

ABOUT THE HD FIRE PROTECT LTD IPO

The IPO of HD Fire Protect Ltd opened on October 13th, 2026 and closed on October 15th, 2026. The overall IPO comprised entirely of an offer for sale (OFS) of 2,62,84,500 shares (262.85 lakh shares) worth ₹712.31 crore at the upper price band of ₹271 per share. The allotment status will be finalized by end of day (EOD) of October 16th, 2026. Here is how to check your allotment status for the IPO of HD Fire Protect Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd).

CHECKING THE ALLOTMENT STATUS OF HD FIRE PROTECT LTD IPO ON BSE WEBSITE

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity Option

Under Issue Name – Select HD Fire Protect Ltd from the drop-down box

Enter the Application Number / CAF exactly as in the acknowledgement slip OR

Enter your PAN (10-digit alphanumeric) number

Once this is done, you need to click on the Captcha to verify you are not a robot

Finally click on the Search Button

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of HD Fire Protect Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.

CHECKING ALLOTMENT STATUS OF HD FIRE PROTECT LTD IPO ON NSE WEBSITE

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

Under Issue Type – Select Equity & SME IPO Details Option

Under SELECT SYMBOL – Select HDFIRE from the dropdown box

Enter the Application Number / CAF exactly as in the acknowledgement slip AND

Enter your PAN (10-digit alphanumeric) number

Once both are entered, click on the Submit Button

You must input the Application / CAF number and the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of HD Fire Protect Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF HD FIRE PROTECT LTD ON MUFG INTIME INDIA PRIVATE LIMITED (REGISTRAR TO THE IPO)

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:

https://in.mpms.mufg.com/Initial_Offer/public-issues.html

There are 4 options available to you to access the allotment status, and you can use any of these options to query.

You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.

The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.

You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.

You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book.

Finally, click on the SUBMIT button.

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to ipo.helpdesk@in.mpms.mufg.com or you can call on (0)-81081-14949 for voice call.

NEXT STEPS IN THE HD FIRE PROTECT LTD IPO

Post the closure of the IPO subscription on 15th October 2026, the basis of allotment will be finalized on 16th October 2026 and the refunds will be initiated on 19th October 2026. In addition, the demat credits are expected to also happen on 19th October 2026 and the stock will list on 21st October 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 19th October 2026 under ISIN (INE18AK01028).

Interested in applying for this IPO?

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