HD Fire Protect IPO allotment likely today; GMP at 30%. Here's how to check status

Investors who subscribed to the HD Fire Protect IPO are awaiting the allotment status, with the company expected to finalise the basis of allotment today. The Rs 712.31-crore public issue witnessed strong demand, attracting an overall subscription of 131.70 times.

Investor interest remains high ahead of the company's stock market debut, with the IPO commanding a grey market premium (GMP) of around 30%. This indicates expectations of potential listing gains, although grey market trends are unofficial and may change before listing.

The HD Fire Protect IPO opened for subscription on October 13, 2026, and closed on October 15, 2026. The issue was subscribed 131.70 times overall, with the retail individual investor (RII) category subscribed 30.55 times. The non-institutional investor (NII) category saw 203.21 times subscription, while the qualified institutional buyer (QIB) portion was subscribed 256.65 times.


The company's shares are scheduled to list on the BSE and NSE on October 21, 2026.

The Rs 712.31-crore IPO comprises an offer for sale (OFS) of 2.63 crore equity shares. Since the issue is entirely an OFS, the company will not receive any proceeds from the offering, with the entire amount going to the selling shareholders.

The OFS comprises shares offered by two promoter shareholders. Harish Narshi Dharamshi is selling 89,83,700 shares worth Rs 243.46 crore, while Kusum Harish Dharamshi is offloading 1,73,00,800 shares valued at Rs 468.85 crore.

HD Fire Protect fixed the IPO price band at Rs 258-271 per equity share, with a lot size of 55 shares. Retail investors applying for one lot at the upper end of the price band were required to invest a minimum of Rs 14,905.

The floor price represents 51.60 times the face value of the equity shares, while the cap price is 54.20 times the face value. Eligible employees applying under the employee reservation portion are entitled to a discount of Rs 25 per share.

Based on diluted earnings per share (EPS) for FY26, HD Fire Protect is valued at a price-to-earnings (P/E) ratio of 38.74 times at the lower end of the price band and 40.69 times at the upper end. This compares with an average P/E ratio of 62.95 times for its industry peer group.

Ambit, Anand Rathi Advisors and IIFL Capital Services are the book-running lead managers for the issue, while MUFG Intime India has been appointed as the registrar.

Investors can verify their allotment through either of the following platforms:

1. Registrar's Website

• Visit the MUFG Intime India IPO allotment page (https://in.mpms.mufg.com/Initial_Offer/public-issues.html)
• Select HD Fire Protect from the drop-down menu.
• Enter your PAN, application number, or DP/Client ID.
• Click Submit to view your allotment status.

2. NSE Website (https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids)

• Go to NSE IPO Allotment page
• Select Equity
• Choose HD Fire Protect
• Enter your application number and PAN.

3.BSE Website ( https://www.bseindia.com/investors/appli_check)

• Select Equity under issue type.
• Select HD Fire Protect from the dropdown.
• Enter your application number OR PAN number.
• And fill the captcha and click search to view allotment.

HD Fire Protect IPO GMP today

The HD Fire Protect IPO is currently commanding a grey market premium (GMP) of Rs 82 per share, translating into a premium of around 30% over the upper price band of Rs 271. Based on the prevailing GMP, the estimated listing price stands at Rs 353 per share. However, the GMP is an unofficial indicator of investor sentiment and may fluctuate before listing. It does not guarantee the actual listing price or potential listing gains.

HD Fire Protect financial performance

HD Fire Protect Ltd.'s total income increased 12% year-on-year to Rs 505 crore in Fiscal 2026 from Rs 451 crore in Fiscal 2025. Profit after tax (PAT) rose 6% to Rs 117 crore in Fiscal 2026 from Rs 110 crore in the previous fiscal.

About HD Fire Protect

Incorporated in April 1997, HD Fire Protect Ltd. is an Indian manufacturer and supplier of fire protection equipment and systems, offering water-, foam- and gas-based fire suppression solutions. Its portfolio spans eight product categories, including sprinklers, alarm and deluge valves, foam equipment, monitors and nozzles, water spray nozzles, custom-engineered systems and gas suppression systems. The Company serves industrial, residential and commercial sectors, including oil and gas, petrochemicals, power, engineering, aerospace, pharmaceuticals, data centres, hospitality and healthcare. Most of its products are developed in-house and are designed to meet national and international standards.

With over three decades of experience, the Company has exported to more than 90 countries since inception and 49 countries during the three months ended June 30, 2026. As of September 2026, it had 21 UL Listed and 87 FM Approved product certifications. 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. Its revenue from operations increased from Rs 3,729.53 million in Fiscal 2024 to Rs 4,892.81 million in Fiscal 2026, representing a CAGR of 14.54%. Its order book stood at Rs 1,586.01 million as of June 30, 2026. As of the same date, the Company had 279 permanent employees and 253 contractual employees.

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