HD Fire Protect IPO Opens Today (Oct 13, 2026): Price Band Lot Size and Dates

The hd fire protect ipo opens today, Tuesday, October 13, 2026, and bidding stays open until Thursday, October 15, 2026. HD Fire Protect Ltd is coming to the BSE and NSE with a mainboard book-built issue worth about ₹712.31 crore. All of it is an offer for sale (OFS) of 2,62,84,500 equity shares, so the money goes to the selling shareholders and none of it reaches the company’s balance sheet. The price band is ₹258 to ₹271 a share, face value is ₹5, and one lot is 55 shares. At the top of the band, a retail investor needs ₹14,905 for a single lot.

Below we cover what the company actually does, the size and OFS structure of the issue, the price band and lot maths, the full tentative timetable up to listing on October 21, 2026, category reservations, recent financials, and the strengths and risks that public summaries of the offer documents point to. We also run through how retail investors usually apply. Grey-market talk gets a mention, with a clear caveat: GMP is unofficial and guarantees nothing about listing day. If you want a wider framework for judging new issues, our pillar on IPO investing in India is a good place to start.

HD Fire Protect’s October 13–15, 2026 mainboard IPO is a ₹712.31 crore pure OFS at ₹258–₹271 with a 55-share lot; the company receives no fresh capital, and promoters’ holding is set to fall from 100% to about 85% after the offer.

HD Fire Protect IPO Opens Today: Snapshot of Key Terms

If you’re looking at the calendar on October 13, use the table below as your checklist before you bid. Check every field against the exchange IPO pages and the registrar before you put in an ASBA or UPI application. Allotment and listing dates stay tentative until they’re formally announced.

The same terms show up on Chittorgarh’s HD Fire Protect IPO page, in Economic Times Markets’ coverage of the opening and in PL Capital’s issue note. Still, confirm them on NSE/BSE before bidding.

So what does HD Fire Protect make?

HD Fire Protect Ltd was set up in April 1997. It makes and supplies fire-protection equipment and systems built around water, foam and gas-based suppression. Public summaries of the offer documents list 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.

Its customers are industrial, residential and commercial, from oil and gas, refining and petrochemicals, power and energy and heavy engineering to aerospace, pharmaceuticals, data centres, hospitality and healthcare. Most of the products are designed in-house to national and international standards. As of September 2026, the company held 21 UL Listed and 87 FM Approved product certifications. In this business that counts for a lot, because approvals often decide who even gets to bid for large projects.

The company runs two plants, in Jalgaon and Thane in Maharashtra, spread over about 8.50 acres, backed by a fire test laboratory and R&D support. It says it has exported to more than 90 countries since it started, and to 49 countries in the three months to June 30, 2026. It served 2,066 customers in Fiscal 2026. The order book was ₹1,586.01 million (₹158.60 crore) as of June 30, 2026, when it had 279 permanent and 253 contractual employees. Public summaries cite project references such as Samruddhi Mahamarg, the Jamnagar refinery, the new Indian Parliament building, Saudi Aramco’s Ras Tanura Sea Island site and Oman’s Integrated Power & Water Plant Project.

PL Capital’s summary of the company’s disclosure puts the Fiscal 2026 revenue split at roughly 65% domestic and 35% international. That’s worth noticing. Exports spread demand across more markets, but they also bring currency swings, logistics headaches and the risk of executing projects overseas.

How the OFS is put together, and who is selling

On offer are 2,62,84,500 equity shares of ₹5 face value each, worth up to ₹712.31 crore at the top of the band. There’s no fresh issue at all. The share count is 17,52,30,000 both before and after the IPO, which means the public float comes from promoters handing over existing shares, not from new equity diluting anyone.

The shares come from two promoter selling shareholders:

• Harish Narshi Dharamshi: 89,83,700 shares, about ₹243.46 crore
• Kusum Harish Dharamshi: 1,73,00,800 shares, about ₹468.85 crore

Add the two up and you get 2,62,84,500 shares and ₹712.31 crore. Promoter and promoter group holding is disclosed as falling from 100% before the IPO to about 85% after it, leaving roughly 15% with the public. The Chittorgarh summary names the promoters as Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi.

Since it’s a pure OFS, don’t expect IPO money to pay for new capacity, cut debt or fund working capital. The case for the stock has to stand on the existing business, the valuation, governance once it’s listed and liquidity in the secondary market. There’s no fresh cash coming in. Market capitalisation at the upper offer price is put at around ₹4,748.73 crore.

A pure OFS does not change the company’s cash position on listing day; evaluate HD Fire Protect on operating performance, certification moat and valuation, not on “use of proceeds” expansion stories that apply only when fresh capital is raised.

Price band, lot size and what each category has to put up

Economic Times Markets pointed out that the ₹258–₹271 band puts the floor at 51.60 times face value and the cap at 54.20 times. Eligible employees bidding in the employee reservation portion get a ₹25 per-share discount. PL Capital and Downstox (citing NSE) mention an eligible-employee reservation of up to ₹17.50 million (₹1.75 crore).

Here’s the lot maths at the ₹271 upper band (Chittorgarh, NDTV Profit and PL Capital agree on these figures):

Retail investors can bid at cut-off as long as they stay within the ₹2 lakh limit; non-institutional investors can’t. Applications through a broker’s UPI flow usually sit inside the retail UPI limit, while bigger HNI bids generally have to go through ASBA in net banking. For how the categories work beyond this particular issue, see our explainers on how to apply in the HNI category and mainboard versus SME IPO risk. To be clear, this one is a mainboard offer, not an SME issue.

Key dates: opening, closing, allotment and listing

Anchor bidding was set for Monday, October 12, 2026. The public issue opens on Tuesday, October 13 and shuts on Thursday, October 15, 2026. The basis of allotment should be finalised on Friday, October 16. Refunds and the credit of shares to demat accounts are pencilled in for Monday, October 19, and the stock is tentatively due to list on both BSE and NSE on Wednesday, October 21, 2026.

Chittorgarh, Economic Times, NDTV Profit and PL Capital all carry the same dates. Until the company and the exchanges confirm allotment, refund and listing, treat them as provisional. Once allotment is done, you can check your status on the registrar’s portal or the exchange allotment pages. Our step-by-step guide on how to check IPO allotment on NSE and BSE covers the usual PAN and application-number routes.

How the issue is split: QIB, NII and retail

The disclosed net-offer split for this book-built mainboard issue is:

• QIBs: not more than 50% of the net offer
• Retail individual investors: not less than 35% of the net offer
• Non-institutional investors: not less than 15% of the net offer

Citing NSE, Downstox also points to an anchor portion of 78,64,008 equity shares within the overall OFS, on top of the employee reservation. Day-1 and later subscription numbers will be on the exchange IPO pages once bidding starts. We explain how to read those category-wise subscription figures next to grey-market noise in our companion note on IPO GMP and live subscription status.

The numbers: FY24 to FY26, plus Q1 FY27

The restated figures below are as summarised by Chittorgarh and repeated by NDTV Profit and PL Capital (₹ crore unless stated otherwise):

Revenue from operations went from ₹3,729.53 million in Fiscal 2024 to ₹4,892.81 million in Fiscal 2026, a 14.54% CAGR. From FY25 to FY26, total income rose about 12% and profit after tax about 6%. Economic Times rounded those annual moves to 12% and 6%, while NDTV Profit puts them at roughly 12.1% and 6.4%. EBITDA climbed from ₹138.01 crore in FY25 to ₹150.46 crore in FY26.

Net worth was ₹375.93 crore as of March 31, 2026, against ₹396.01 crore a year earlier. Total assets were ₹477.60 crore at the end of the June 2026 quarter. Chittorgarh’s KPI snapshot for March 31, 2026 shows ROE of 30.17%, ROCE of 40.33%, a PAT margin of 23.12% and an EBITDA margin of 30.75%. The June 30, 2026 quarter KPIs look lower because they’re on an unannualised quarterly base, so don’t line them up directly against full-year ratios.

Valuation, going by what’s been disclosed

According to Economic Times Markets, the P/E on diluted Fiscal 2026 EPS works out to 38.74 times at the bottom of the price band and 40.69 times at the top, compared with an average peer-group P/E of 62.95 times. Chittorgarh’s valuation table also shows a pre-IPO P/E of about 40.69 times at the offer price and a market cap of ₹4,748.73 crore. Peer multiples move with earnings updates and share prices, so read this comparison as a snapshot taken from the offer’s marketing material. It isn’t a fixed valuation anchor.

The question for anyone weighing the issue is simple enough to ask and harder to answer. Do mid-teens revenue CAGR and PAT margins in the high teens to low twenties justify paying ~40x FY26 earnings once listing-day liquidity and the promoter overhang from the OFS are factored in? That’s your call, not a recommendation from us, and it depends on your own risk appetite and time horizon.

What works for the company, and what could go wrong

Strengths that public offer summaries tend to highlight:

• A long track record, going back to 1997, in a niche where certifications decide access
• UL and FM product certifications (21 UL Listed and 87 FM Approved as of September 2026)
• In-house design across a wide product range spanning eight categories
• Exports to 90+ countries over its history and 49 countries in the June 2026 quarter
• Steady profits through FY24–FY26, with PAT margins above 20% in the full-year KPIs disclosed
• An order book of ₹1,586.01 million as of June 30, 2026

Risks and things to keep an eye on:

• Pure OFS: the company gets no IPO cash, so growth has to be funded from its own cash flows and borrowing headroom.
• Promoter selling: a large promoter OFS can leave a sense of overhang hanging over the stock even after listing.
• Project and export execution: overseas projects, currency moves and dependence on large industrial clients can make quarterly numbers jumpy.
• Certification dependency: approvals open doors, but they also mean ongoing compliance and steady R&D spending.
• Valuation: the disclosed peer average P/E may be higher, but a multiple close to 40x leaves little cushion if earnings disappoint.
• Market timing: the October 21, 2026 listing will reflect the wider equity mood as much as demand for this particular stock.

Grey market premium: background noise, not a forecast

When the issue opened, Economic Times Markets reported a GMP of about 30%, which would suggest a listing premium of roughly that size over the issue price if grey-market levels held. They often don’t. NDTV Profit quoted a latest GMP of ₹86 a share, which against the ₹271 upper band implies about ₹357, or around 31.73%. PL Capital put the GMP at ₹80 on October 12, 2026, within a six-session range of about ₹63 to ₹86.

The numbers don’t quite match, and that’s the point: grey-market quotes are unofficial, unregulated and change through the day. They aren’t exchange trades, SEBI doesn’t supervise them, and they promise nothing about listing gains. Don’t decide how much to bid on GMP alone. Follow the official subscription data on NSE/BSE, and weigh any premium chatter against the fundamentals and how much liquidity you need.

Applying as a retail investor: the broad steps

Most retail investors apply online, either through ASBA in net banking or with UPI through a broker app such as Zerodha Console, Groww or Upstox. Broadly, the process looks like this:

1. Check the IPO name, price band and lot size on the exchange or your broker’s IPO screen.
2. Bid in multiples of 55 shares, staying inside the retail limit (a maximum of 13 lots, or 715 shares, in this issue).
3. Pick cut-off, or a price within ₹258–₹271 if your broker lets retail investors bid at a price.
4. Submit, then approve the UPI mandate (or make sure the ASBA block is in place) before the mandate expires.
5. Leave the funds blocked until allotment; if you get no shares, they’re released on the refund timeline.

Eligible employees applying under the reservation portion should check the ₹25 discount and the ₹1.75 crore reservation rules in the prospectus and the application form. HNI applicants bidding above ₹2 lakh usually need ASBA instead of UPI. None of this is personalised advice, so follow your broker’s live instructions and the red herring prospectus.

What October 13 means for anyone watching the issue

With the hd fire protect ipo opens today window running until October 15, the short-term to-do list is easy: track category-wise subscription on the exchanges, check allotment around October 16, and mark the tentative October 21 listing. The longer view is different. This is a mainboard OFS from a fire-protection equipment maker with disclosed FY26 total income of ₹505.12 crore and PAT of ₹116.79 crore, so for long-term holders the story isn’t IPO cash. It’s whether certification-led exports and domestic industrial demand can keep growth in the mid-teens after the promoters have sold about 15% of the company to the public.

After you apply, keep the allotment guide linked above handy, and treat the GMP-and-subscription companion as background only. The main sources for the figures in this piece are Chittorgarh’s HD Fire Protect IPO dossier and Economic Times Markets’ October 13 coverage. Before you put money into a bid, check any figure you’re relying on against the prospectus and the exchange notices.