HD Fire Protect IPO saw explosive demand on Day 2, with the issue subscribed 10.63 times by the final update. Non-Institutional Investors drove the surge, bidding over 29 times the quota, while Retail participation jumped to 7.86x.

Subscription Status

The fire protection equipment manufacturer saw its overall subscription more than double from Day 1 to Day 2. The cumulative demand stood at 10.63x as of the latest update on October 14, 2026. The momentum was primarily driven by high-net-worth individuals and retail participants, although Qualified Institutional Buyers remained relatively cautious at 1.06x.

Subscription Progression

Category-wise Breakdown

Non-Institutional Investors (NII) emerged as the strongest category, with both big HNIs (bHNI) and small HNIs (sHNI) recording subscriptions above 28x. The bHNI category jumped from 12.51x on Day 1 to 28.96x on Day 2, reflecting aggressive bidding by wealthy retail participants. Similarly, sHNI subscriptions rose from 10.80x to 30.44x.

Retail Individual Investors (RII) also showed strong appetite, increasing their subscription from 3.77x to 7.86x. In contrast, Qualified Institutional Buyers (QIB) maintained a steady but lower interest level, moving marginally from 1.04x to 1.06x. Employee subscriptions were recorded at 5.62x.

Intra-day Timeline

Demand accelerated significantly throughout Day 2. The total subscription climbed from 7.37x at 11:15 AM to 10.63x by 1:15 PM IST, driven largely by a spike in NII and Retail bids. NII (bHNI) jumped +46.7% during this period, while Retail bids rose +40.9%.

Offer Details

The HD Fire Protect IPO is priced between ₹258.00000 and ₹271.00000 per share. The minimum bid quantity is set at 55 shares. The issue opened for subscription on October 13, 2026, and will close on October 15, 2026, at 17:00:00.

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 the largest exporter by value in FY2025, offering a 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. The company holds the highest number of UL Listed (21) and FM Approved (87) certifications among Indian fire protection peers as of September 2026.

Financial Highlights

The company has demonstrated consistent growth, with revenue from operations growing at a CAGR of 14.54% from FY2024 to FY2026. Operating EBITDA margins stood at ~30.75%, and PAT margins were ~23.12% in FY2026.

Objects of the Issue

• Offer for Sale: The IPO involves an Offer for Sale of Equity Shares by Promoter Selling Shareholders. The company will not receive any proceeds from this offer.
• Listing Benefits: The listing is expected to enhance visibility and brand image while providing liquidity for equity shares.
• Offer Expenses: Proceeds from the sale cover listing fees, underwriting fees, selling commission, brokerage, and other incidental expenses.

Risk Factors

• Product Liability: Failure in emergency scenarios could lead to significant financial outlays and reputational harm, despite a low replacement rate.
• Supplier Concentration: Top 10 suppliers accounted for up to 59.28% of total expenses in recent periods, posing supply chain risks.
• Import Dependency: Approximately 45% of total procurement is imported, with China accounting for 24.98%–30.96%, exposing the company to price volatility and geopolitical risks.
• Regulatory Compliance: Stringent certifications like UL Listing and FM Approval are critical; failure to maintain them could restrict market access.
• Geographic Concentration: Manufacturing is concentrated in Maharashtra, exposing operations to regional disruptions.

HD Fire Protect IPO saw explosive demand on Day 2, with the issue subscribed 10.63 times by the final update. Non-Institutional Investors drove the surge, bidding over 29 times the quota, while Retail participation jumped to 7.86x.

Subscription Status

The fire protection equipment manufacturer saw its overall subscription more than double from Day 1 to Day 2. The cumulative demand stood at 10.63x as of the latest update on October 14, 2026. The momentum was primarily driven by high-net-worth individuals and retail participants, although Qualified Institutional Buyers remained relatively cautious at 1.06x.

Subscription Progression

Category-wise Breakdown

Non-Institutional Investors (NII) emerged as the strongest category, with both big HNIs (bHNI) and small HNIs (sHNI) recording subscriptions above 28x. The bHNI category jumped from 12.51x on Day 1 to 28.96x on Day 2, reflecting aggressive bidding by wealthy retail participants. Similarly, sHNI subscriptions rose from 10.80x to 30.44x.

Retail Individual Investors (RII) also showed strong appetite, increasing their subscription from 3.77x to 7.86x. In contrast, Qualified Institutional Buyers (QIB) maintained a steady but lower interest level, moving marginally from 1.04x to 1.06x. Employee subscriptions were recorded at 5.62x.

Intra-day Timeline — 13 October 2026

Offer Details

The HD Fire Protect IPO is priced between ₹258.00000 and ₹271.00000 per share. The minimum bid quantity is set at 55 shares. The issue opened for subscription on October 13, 2026, and will close on October 15, 2026, at 17:00:00.

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 the largest exporter by value in FY2025, offering a 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. The company holds the highest number of UL Listed (21) and FM Approved (87) certifications among Indian fire protection peers as of September 2026.

Financial Highlights

The company has demonstrated consistent growth, with revenue from operations growing at a CAGR of 14.54% from FY2024 to FY2026. Operating EBITDA margins stood at ~30.75%, and PAT margins were ~23.12% in FY2026.

Objects of the Issue

• Offer for Sale: The IPO involves an Offer for Sale of Equity Shares by Promoter Selling Shareholders. The company will not receive any proceeds from this offer.
• Listing Benefits: The listing is expected to enhance visibility and brand image while providing liquidity for equity shares.
• Offer Expenses: Proceeds from the sale cover listing fees, underwriting fees, selling commission, brokerage, and other incidental expenses.

Risk Factors

• Product Liability: Failure in emergency scenarios could lead to significant financial outlays and reputational harm, despite a low replacement rate.
• Supplier Concentration: Top 10 suppliers accounted for up to 59.28% of total expenses in recent periods, posing supply chain risks.
• Import Dependency: Approximately 45% of total procurement is imported, with China accounting for 24.98%–30.96%, exposing the company to price volatility and geopolitical risks.
• Regulatory Compliance: Stringent certifications like UL Listing and FM Approval are critical; failure to maintain them could restrict market access.
• Geographic Concentration: Manufacturing is concentrated in Maharashtra, exposing operations to regional disruptions.