HD Fire Protect IPO closed with a massive overall subscription of 58.91x on Day 3. Qualified Institutional Buyers surged to 86.92x, while big HNIs dominated with 135.42x demand.

Subscription Status

The issue witnessed a dramatic acceleration in institutional interest on the final day. While the total subscription stood at 33.67x at the previous snapshot, it climbed further to close at 58.91x. The most significant movement was seen in the QIB category, which jumped from 17.99x earlier in the day to 86.92x by the close, marking a substantial increase in institutional confidence. Non-Institutional Investors remained the strongest contributors, with the bHNI category recording a massive 135.42x subscription.

Intra-day Timeline

Demand accelerated significantly throughout Day 2. The total subscription climbed from 7.37x at 11:15 AM to 16.49x by 5:15 PM IST, driven largely by a spike in NII and Retail bids. NII (bHNI) jumped +128.0% during this period, while Retail bids rose +102.9%.

Category-wise Breakdown

Non-Institutional Buyers continued to lead the demand tally. The bHNI category subscribed at 135.42x, followed by sHNIs at 82.75x. Retail Individual Investors (RII) closed at a healthy 17.99x. The standout performer was the QIB category, which saw its subscription multiple more than quintuple from the previous day's closing level of 1.49x to end at 86.92x. Employee category participation was recorded at 13.89x.

Offer Details

• Company: HD Fire Protect
• Price Band: ?258.00 – ?271.00
• Issue Size: ?14,190 crore – ?5,00,000 crore
• Min Bid Qty: 55 shares
• Open Date: 2026-10-13
• Close Date: 2026-10-15

About the Company

HD Fire Protect Limited is India's second-largest manufacturer of fire protection equipment and systems by operating income in FY2025. The company is also the largest exporter by value in FY2025, offering a comprehensive portfolio spanning water, foam, and gas-based suppression systems across 8 product categories. It operates two vertically integrated manufacturing facilities in Maharashtra (Jalgaon and Thane) and exports to over 90 countries. As of September 2026, it holds the highest number of UL Listed (21) and FM Approved (87) certifications among Indian fire protection peers.

Financial Highlights

The company reported steady growth in revenue and profitability over the last three fiscal years.

Objects of the Issue

• Offer for Sale by Promoter Selling Shareholders: The company will not receive any proceeds from the Offer; all proceeds go to Promoter Selling Shareholders after expenses and taxes.
• Listing of Equity Shares: To enhance visibility, brand image, and provide liquidity in the public market.
• Offer Expenses: Covering listing fees, underwriting fees, selling commission, brokerage, BRLM fees, legal counsel, Registrar, and other incidental expenses.

Risk Factors

• Product Malfunction and Liability Risk: Failure in emergency scenarios can lead to loss of life, property damage, warranty claims, and legal liability.
• Supplier Concentration: Top 10 suppliers accounted for up to 59.28% of total expenses in Q1 FY2026, with no long-term purchase agreements.
• Raw Material Price Volatility: Significant import dependency (approx. 45% of procurement), including 24.98%–30.96% from China, exposes the company to price fluctuations without hedging.
• Regulatory Compliance: Stringent certifications like UL Listing and FM Approval take 6–24 months and incur significant costs; failure to maintain them restricts market access.
• Geographic Concentration: All manufacturing is concentrated in Maharashtra, exposing operations to regional disruptions like floods or labour unrest.

What's Next

Allotment for the HD Fire Protect IPO is scheduled for 2026-10-16. The shares are expected to list on stock exchanges on 2026-10-21.