HD Fire Protect Limited manufactures fire protection equipment and systems that industrial and commercial facilities across 90-plus countries depend on for safety compliance. The HD Fire Protect IPO opens for subscription on October 13, 2026, and closes on October 15, 2026 , making it one of the key mainboard issues in India’s active October 2026 IPO calendar alongside the Jio Platforms IPO scheduled for October 21. With Rs. 505.12 crore in FY2026 revenue and a net profit margin of 23.1%, this Maharastra-based fire safety company brings a profitable, export-driven track record to its first public offering.
This article compiles every verified detail , open date, allotment date, listing date, issue structure, GMP status, financials, and category-wise allocation , drawn from ipowatch.in and official prospectus filings available on SEBI’s portal.
What HD Fire Protect Limited Manufactures and Who It Serves
Founded in April 1997, HD Fire Protect Limited operates as one of India’s leading manufacturers and suppliers of fire protection systems. The company produces water-based, foam-based, and gas-based fire suppression solutions across eight product categories: sprinklers, alarm valves and accessories, deluge valves and systems, foam equipment and suppression systems, monitors and nozzles, water spray nozzles, custom-engineered systems, and gas suppression systems.
The customer base spans oil and gas, refining and petrochemicals, power and energy, heavy engineering, aerospace, pharmaceuticals, data centres, hospitality, and healthcare , sectors where fire safety infrastructure is non-negotiable under law and insurance requirements.
Over its 30-plus years of operation, HD Fire Protect has expanded its export footprint to more than 90 countries, a reach that distinguishes it from purely domestic fire safety companies. Manufacturing takes place at two facilities in Maharashtra , in Jalgaon and Thane , covering a combined land area of 8.50 acres. The company designs and certifies its products to international standards, which supports its positioning in regulated overseas markets.
HD Fire Protect IPO Date, Allotment and Listing Schedule
The HD Fire Protect IPO runs a three-day subscription window under the standard book-building process governed by SEBI’s primary market regulations. The complete timeline is as follows.
Subscription opens on October 13, 2026 and closes on October 15, 2026. The basis of allotment finalises on October 16, 2026 , one day after the subscription window closes. Shares list on both BSE and NSE on October 20, 2026, completing a T+4 listing cycle from allotment.
This condensed timeline from subscription close to listing reflects SEBI’s mandate to speed up the refund and listing process for investors. Retail Individual Investors (RII) and other applicants who do not receive allotment get their blocked funds released on the same day as listing through the ASBA mechanism.
MUFG Intime India Pvt. Ltd. serves as the registrar to this offering. Investors can check their allotment status on October 16 on the MUFG Intime India portal or through the BSE and NSE allotment status pages.
Price Band, Issue Composition and Lot Size
The official price band for this offering was not disclosed as of October 6, 2026. The Red Herring Prospectus (RHP) filed with SEBI carries the finalised price range, which investors can access on SEBI’s LODR disclosures page or the Economic Times IPO tracker.
The issue structure consists entirely of an Offer for Sale (OFS) of up to 2,62,84,500 equity shares with a face value of Rs. 5 per share. The absence of a fresh issue component means proceeds from the offering go to selling shareholders rather than to the company itself. New capital for operational expansion, debt reduction, or working capital does not flow from this IPO.
The allocation follows the standard mainboard quota: Qualified Institutional Buyers (QIB) receive 50% of the net offer, Non-Institutional Investors (NII/HNI) receive 15%, and Retail Individual Investors (RII) receive 35%. The lot size and minimum application amount are calculable once the price band is published.
For investors comparing this offering against October’s other prominent mainboard issues, the Jio Platforms IPO (October 21-23) features a combination of fresh issue and OFS, while this issue runs purely on OFS. Investors planning applications across multiple October issues can track subscription status on the upcoming IPO tracker on ipocontrol.in.
HD Fire Protect IPO GMP Today: Grey Market Status as of October 7, 2026
The HD Fire Protect IPO GMP stood at Rs. 0 as of October 6, 2026, with no grey market activity recorded at that point. This is a typical pattern for upcoming issues that have not yet entered their subscription window; the grey market generally begins pricing in an IPO one to two weeks before opening.
Grey market premium (GMP) is an unofficial, unregulated metric reflecting what participants in the informal market are willing to pay above the issue price for grey market shares before listing. Since the price band itself remains unannounced for this issue, a meaningful GMP calculation and implied listing price is not yet possible.
Investors should monitor GMP movement from October 8 onwards as grey market activity typically picks up once the price band is confirmed and the subscription window approaches. A positive GMP (above zero) closer to October 13 would indicate early investor enthusiasm; a zero or negative GMP would signal muted grey market demand. SEBI does not regulate grey market transactions, and GMP carries no guarantee of actual listing performance.
HD Fire Protect IPO Financial Performance: FY2025 vs FY2026
The following table presents key financial metrics for HD Fire Protect Limited across the last two financial years, drawn from the company’s audited accounts as reported on ipowatch.in.
| Metric | FY2025 | FY2026 | YoY Change |
|---|---|---|---|
| Total Revenue | Rs. 450.68 Cr | Rs. 505.12 Cr | +12.1% |
| Net Profit | Rs. 109.55 Cr | Rs. 116.79 Cr | +6.6% |
| Net Profit Margin | 24.3% | 23.1% | -1.2 percentage points |
| Revenue Growth | N/A | +12.1% | N/A |
Source: ipowatch.in, company financials from RHP filed with SEBI.
Revenue grew 12.1% year-on-year from Rs. 450.68 crore to Rs. 505.12 crore in FY2026. Net profit increased 6.6% from Rs. 109.55 crore to Rs. 116.79 crore. The net margin contracted marginally from 24.3% to 23.1% , a one to two percentage point compression that is common in export-driven manufacturing businesses that absorb input cost pressures or increase depreciation through capacity additions.
A net profit margin of 23.1% is substantially above average for Indian manufacturing companies and reflects the high value-added nature of fire protection equipment, where product certification, engineering customisation, and global compliance capability command pricing power. Fire suppression systems for oil refineries, aerospace facilities, and data centres carry technical specifications that limit competition from commodity manufacturers.
Revenue composition across geographies and product categories is available in the full RHP. Investors evaluating this issue should examine the export revenue proportion (given the 90-country footprint), the revenue split across water-based versus foam-based versus gas-based systems, and the repeat customer retention rate , metrics that inform the durability of the growth trajectory.
How to Apply for the HD Fire Protect IPO: Subscription Process and Investor Categories
Retail Individual Investors can apply through the ASBA (Application Supported by Blocked Amount) process. Three application modes are available: (1) online ASBA through a SEBI-registered bank’s internet banking portal, (2) online UPI-based application through a broker platform (for bids up to Rs. 5 lakh), or (3) offline form submission through a designated intermediary.
Multiple applications from the same Permanent Account Number (PAN) result in rejection of all applications linked to that PAN across all categories. Each eligible applicant can submit one application per category.
Allotment under the RII quota uses a lottery system when the issue oversubscribes in the retail category. Each applicant who bids at or above the cut-off price and submits a valid application receives one lot if allotment is lottery-based. Bid at the cut-off price to maximise allotment probability; bidding below the cut-off risks non-allotment if the price band upper end becomes the issue price.
NII investors bidding Rs. 2 lakh to Rs. 10 lakh (sNII) and above Rs. 10 lakh (bNII) receive pro-rata allotment within each sub-category. QIB applications require submission through SEBI-registered lead managers and are not open to retail applicants.
Refunds on unsuccessful applications credit to the linked bank account within two days of allotment finalisation under the ASBA system, since funds are blocked rather than debited at application.
Should You Apply to the HD Fire Protect IPO?
The HD Fire Protect IPO offers exposure to a profitable, export-oriented fire safety equipment manufacturer with over three decades of operational history. Revenue of Rs. 505.12 crore and net profit of Rs. 116.79 crore in FY2026 , reflecting a 23.1% net margin , place the company in the rare bracket of Indian manufacturing businesses that combine both scale and profitability.
The pure OFS structure warrants attention. Since the entire issue represents selling shareholders cashing out, no new capital enters the company from this IPO. Investors should verify who the selling shareholders are (promoters, private equity backers, or strategic investors), what percentage of their post-IPO stake they retain, and whether the selling pattern suggests a desire to exit rather than fundraise for growth.
Valuation clarity arrives only with the price band. Once the RHP is available and the price band is set, investors should compute the Price-to-Earnings (P/E) multiple at the upper band and compare it against listed peers in fire safety and industrial equipment manufacturing. A P/E that reasonably reflects both the margin quality and the export growth story would support a long-term investment case. Investors should also track the GMP from October 8-12 as a sentiment proxy ahead of the subscription window opening.
Frequently Asked Questions on the HD Fire Protect IPO
What is the HD Fire Protect IPO open date and listing date? The subscription window opens on October 13, 2026 and closes on October 15, 2026. Allotment finalises on October 16, 2026. Shares list on BSE and NSE on October 20, 2026.
Is this a fresh issue or an OFS? This offering is entirely an Offer for Sale (OFS) of up to 2,62,84,500 equity shares. The company does not receive any proceeds from the IPO , all funds go to the selling shareholders. Face value of each share is Rs. 5.
What is the HD Fire Protect IPO GMP today? As of October 6, 2026, the grey market premium stood at Rs. 0, with no grey market activity yet recorded. GMP typically picks up one to two weeks before the subscription opening. Investors should check grey market trackers from October 8 onwards.
Who is the registrar for this IPO? MUFG Intime India Pvt. Ltd. is the registrar for this offering. Allotment status checks, refund tracking, and demat credit queries can be resolved through the MUFG Intime India portal or via Moneycontrol IPO allotment tools.
How does the 90-country export reach affect the investment case? HD Fire Protect’s export presence across 90-plus countries signals product quality that meets international certification standards. This geographic diversification reduces revenue dependency on domestic Indian demand cycles and provides natural hedging across sectors. For investors evaluating long-term compounders in the industrial safety space, the export track record is a meaningful differentiator.
Disclaimer: This article is for educational and informational purposes only. It does not constitute investment advice. ipocontrol.in is not registered with SEBI as an investment adviser. Readers should consult a SEBI-registered financial adviser before making investment decisions.