HD Fire Protect IPO: Price Band, Lot Size and Investor Demand as Subscription Enters Day Two

HD Fire Protect’s initial public offering (IPO) has entered its second day of bidding, drawing attention to its issue price, minimum investment requirement and grey market premium. The company is seeking to raise approximately ₹712.31 crore through a public offering that opened on October 13 and is scheduled to close on October 15, 2026.

The IPO has a price band of ₹258 to ₹271 per share, giving investors a three-day window to submit applications. Market participants are tracking subscription figures and unofficial grey market indications as they assess interest in the issue. However, neither early demand nor the grey market premium guarantees how the shares will perform after listing.

HD Fire Protect IPO: Key Details

The offering is a mainboard IPO, with the shares expected to trade on the BSE and NSE after the listing process is completed.

The key details are:

• Issue size: Approximately ₹712.31 crore
• Price band: ₹258–₹271 per share
• Lot size: 55 shares
• Minimum investment: ₹14,190 at the lower price and ₹14,905 at the upper price
• Subscription opening date: October 13, 2026
• Closing date: October 15, 2026
• Expected allotment date: October 16, 2026
• Expected listing date: October 21, 2026

A retail applicant choosing the upper end of the price band would need ₹14,905 for one lot of 55 shares. The final amount depends on the price selected and the number of lots applied for.

The IPO is structured as an offer for sale, meaning existing shareholders are selling shares to public investors rather than the company raising fresh equity through newly issued shares. In an offer for sale, the proceeds generally go to the selling shareholders, subject to the terms of the issue.

Subscription Status and Grey Market Premium

At the end of the first day of bidding on October 13, the IPO had received bids for approximately 4.62 times the shares available, based on reported subscription figures. Demand was particularly strong in the non-institutional investor category, while retail investors and qualified institutional buyers also participated.

The category-wise figures at the end of Day 1 were approximately:

• Non-institutional investors: 11.38 times subscribed
• Retail investors: 3.78 times subscribed
• Qualified institutional buyers: 1.04 times subscribed, excluding the anchor portion

These figures represent the first day's position and may change as applications arrive during the remaining subscription period.

The grey market premium (GMP) was reported at around ₹91 per share on October 13. Compared with the upper issue price of ₹271, that indicated an unofficial premium of roughly 33.6%. Such figures reflect informal market activity and can fluctuate before listing. They are not an assurance of listing gains or future share-price performance.

What Does HD Fire Protect Do?

HD Fire Protect operates in the fire-protection equipment and systems sector. Its business focuses on products and solutions used to address fire safety requirements across industrial and commercial applications.

The company's prospects are linked to demand for fire-safety infrastructure, industrial activity and compliance requirements across the markets it serves. Investors evaluating the IPO may consider its financial performance, competitive position, customer base and ability to sustain growth.

Because the issue is structured as an offer for sale, the proceeds are intended for the selling shareholders rather than being raised as fresh capital for the company's expansion. Investors should understand this distinction when assessing the purpose and structure of the offering.

Allotment and Listing Schedule

The bidding window is scheduled to close on October 15, 2026. The basis of allotment is expected to be finalised on October 16, while trading on the stock exchanges is tentatively scheduled to begin on October 21.

Investors should check the final subscription figures and official issue documents before making any decision. Strong subscription demand and a positive grey market premium can indicate interest, but neither replaces an assessment of the company's financials, valuation and business risks.

With the IPO now in its second day, attention remains on how demand develops across investor categories before the closing date. The final subscription figures will provide a clearer picture of overall interest in HD Fire Protect's public offering.