HD Fire Protect IPO: Shares to list on October 21; check expected listing price

However, the GMP is an unofficial indicator of market sentiment and does not guarantee the actual listing price. It can fluctuate before the shares begin trading on the stock exchanges. Read Also - From Uri strikes and Operation Sindoor to Rs 852-crore IPO: How Arvind Lakshmikumar built defence tech company 'Tonbo Imaging India' The Rs 712.31-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, according to exchange data. Qualified Institutional Buyers (QIBs) led the demand, subscribing to their reserved portion 256.65 times. The Non-Institutional Investors (NIIs) category was subscribed 203.21 times, while the Retail Individual Investors (RIIs) portion received 30.49 times subscription. The basis of allotment for HD Fire Protect's IPO was scheduled to be finalised on October 16.

Refunds for unsuccessful applicants and the credit of shares to successful applicants' Demat accounts were scheduled for October 19. The company's shares are scheduled to list on the BSE and NSE on October 21, 2026. Promoters and existing shareholders are selling shares through the offering. As the issue is entirely an OFS, HD Fire Protect will not receive the proceeds from the sale; the proceeds, after applicable expenses, will go to the selling shareholders.

Should you buy, sell or hold? Mahesh M. Ojha, Vice President, Research and Business Development at Kantilal Chhaganlal Securities Pvt Ltd, expects listing gains of 25-30% and has a positive view of the company's long-term prospects. "HD Fire Protect Limited offers a compelling investment proposition, supported by its strong market position, extensive global presence, diversified product portfolio and certification-led entry barriers," Ojha said.

He added that the company's revenue, EBITDA and profit after tax (PAT) recorded compound annual growth rates (CAGRs) of 14.5%, 18.8% and 15.3%, respectively, between FY24 and FY26, supported by improving operating margins and strong return ratios. "Expected Listing Gain 25-30%. However, the long-term outlook is positive. Investors who have a long-term horizon can hold the same," Ojha said. Sarvam Goel, Founder of Pocketful, also expects listing gains of 20-30%, but advised long-term investors to wait for valuations to stabilise after listing.

"We expect listing gains in the 20-30% range over the Rs 4,749 crore market cap. This works best as a listing gain and short-term momentum opportunity. Long-term investors can wait for valuations to settle post-listing before entering," Goel said. About HD Fire Protect HD Fire Protect designs, manufactures and supplies fire protection equipment and integrated fire safety systems for industrial, commercial and institutional customers.

Its product portfolio includes fire sprinklers, valves, foam-based firefighting equipment and fire detection systems. The company serves sectors such as oil and gas, power generation, manufacturing and infrastructure.