HD Fire Protect IPO Listing on 21 October: GMP, Expected Price & What to Watch
HD Fire Protect will make its stock market debut on 21 October 2026, listing on both the BSE and the NSE after a blockbuster subscription of 131.73 times. With the grey market currently pricing in a listing gain of around 26%, the debut is one of the most watched IPO listings this week. Vaibhav Vyapaar will also list on 21 October, on the NSE SME platform.
HD Fire Protect listing-day snapshot
| Parameter | Detail |
|---|---|
| Listing date | 21 October 2026 |
| Exchanges | BSE and NSE (mainboard) |
| Issue price | ₹271 (upper end of ₹258–271 band) |
| Issue size | ₹712.31 crore (pure offer for sale, 2.63 crore shares) |
| GMP today (17 Oct) | ₹70 (unofficial, market-reported) |
| Expected listing price | ~₹341 (implied, ~25.8% above issue price) |
| Final subscription | 131.73x (QIB 256.65x, NII 203.21x, Retail ~30.5x) |
| Allotment finalised | 16 October 2026 |
| Refunds / demat credit | By 19 October 2026 |
| Registrar | MUFG Intime India (Link Intime) |
HD Fire Protect GMP today and expected listing price
The grey market premium (GMP) for HD Fire Protect shares is around ₹70 as of 17 October, according to IPO tracking sites. Against the ₹271 issue price, that implies an expected listing price of roughly ₹341 — a gain of about 26%. The GMP had touched ₹89–91 earlier in the week, so the premium has cooled as the listing approaches.
GMP is an unofficial, market-reported indicator and can swing sharply before listing; it is not a forecast or a guarantee of where the stock will open. The actual listing price will be set by pre-open session demand on 21 October.
Subscription recap: 131.73 times overall
The ₹712.31 crore issue — entirely an offer for sale by promoters and existing shareholders — closed on 15 October with demand of roughly ₹65,760 crore. Category-wise final subscription:
| Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIBs) | 256.65x |
| Non-Institutional Investors (NIIs/HNIs) | 203.21x |
| Retail Individual Investors (RIIs) | ~30.5x |
| Total | 131.73x |
Ahead of the issue, the company raised ₹213.11 crore from anchor investors on 12 October, with participation from Bajaj Life Insurance, Axis Max Life, Allianz Global Investors and domestic mutual funds including Kotak, HDFC, ICICI Prudential, Aditya Birla Sun Life, Mirae Asset, Bandhan and UTI. Retail investors faced allotment odds of roughly 1 in 26 (about 3.8% per application), per IPO trackers.
HD Fire Protect: company and financials snapshot
- Business: Incorporated in 1997, HD Fire Protect designs, manufactures and supplies fire protection equipment and integrated fire safety systems — fire sprinklers, valves, foam-based firefighting equipment and fire detection systems.
- Manufacturing: Two plants at Jalgaon MIDC and Thane MIDC, Maharashtra, serving customers across 90+ countries in oil & gas, power generation, infrastructure and data centres.
- Financials: Total income rose 12% year-on-year to ₹505 crore in FY26 (from ₹451 crore in FY25); profit after tax rose 6% to ₹117 crore (from ₹110 crore).
- Leverage: The company is reported to be debt-free on its balance sheet.
- Issue structure: The IPO is a pure offer for sale — the company receives no proceeds from the issue.
Valuation vs peers
Based on diluted EPS for FY26, HD Fire Protect is valued at a price-to-earnings (P/E) ratio of 40.69 times at the ₹271 upper band (38.74x at the lower band), against an average industry P/E of about 62.95 times, per exchange disclosures reported by the financial press. The discount to peers is part of the reason the issue drew such strong demand.
HD Fire Protect IPO: key dates
| Event | Date |
|---|---|
| Issue opened | 13 October 2026 |
| Issue closed | 15 October 2026 |
| Allotment finalised | 16 October 2026 |
| Refunds / demat credit | By 19 October 2026 |
| Listing (BSE + NSE) | 21 October 2026 |
Vaibhav Vyapaar also lists on 21 October
Sharing the listing stage on 21 October is Vaibhav Vyapaar, the digital NBFC behind the LoanFront personal-loan app, debuting on the NSE SME platform. The ₹42.10 crore fresh issue (₹51–54 band) closed at 3.23x subscription, with allotment finalised on 16 October. Its GMP is currently ₹5 (unofficial), implying a modest ~9% listing gain to around ₹59 against the ₹54 upper band. Read our Vaibhav Vyapaar IPO review for the full breakdown.
What to watch on listing day
- Pre-open session: The stock opens after a 30-minute call-auction; strong pre-open bids above ₹340 would confirm the GMP-implied pricing.
- Profit booking vs holding: With 131.73x subscription and ~1-in-26 retail odds, allotted investors face the classic debut-day decision — GMP points to gains, but flat-listing is always possible.
- Volume and delivery percentage: High delivery volumes on debut signal genuine investor interest rather than intraday churn.
- Peer reaction: Watch how the listing price stacks against the reported ~63x average industry P/E — a premium valuation on day one would leave limited room for error.
FAQs
When is the HD Fire Protect IPO listing date?
HD Fire Protect shares will list on the BSE and the NSE on 21 October 2026.
What is the HD Fire Protect IPO expected listing price?
The GMP of ₹70 (unofficial, as of 17 October) implies an expected listing price of about ₹341 against the ₹271 issue price — roughly a 26% gain. GMP is market-reported and subject to change.
How many times was the HD Fire Protect IPO subscribed?
The IPO was subscribed 131.73 times overall — QIB 256.65x, NII 203.21x and retail ~30.5x.
How can I check my HD Fire Protect allotment status?
Allotment was finalised on 16 October. Check status on the MUFG Intime India website, or the BSE/NSE IPO allotment pages, using your PAN, application number or DP/Client ID. See our allotment status check guide.
When will allotted shares be credited to my demat account?
Refunds and demat credit are scheduled by 19 October 2026, two days before the 21 October listing.
Which other IPOs are listing this week?
Vaibhav Vyapaar (NSE SME) also lists on 21 October; Fusion CX lists on 22 October after its 19 October allotment. Read our 17 October GMP roundup for the full week's calendar.
Conclusion
HD Fire Protect's 21 October debut is the highlight of a busy listing week: a 131.73x-subscribed issue, a ~26% GMP-implied listing gain and a valuation discount to peers set the stage for a strong open. Track the pre-open session and early volumes on listing day — and remember that grey market premiums are sentiment signals, not promises.
Related: HD Fire Protect IPO: Price Band, Dates, GMP & Review · HD Fire Protect Final Subscription: 131.73x