HD Fire Protect IPO subscribed 13.9 times on day two of Rs 712 cr OFS

The Development

HD Fire Protect Limited's initial public offering was subscribed about 13.9 times by mid-afternoon on the second day of its three-day bidding window, according to data published by the National Stock Exchange. The issue is an offer for sale of up to 2,62,84,500 equity shares of face value Rs 5 each. Per the exchange record, bidding opened on 13 October 2026 and is scheduled to close on 15 October 2026, with a price band of Rs 258 to Rs 271 per share. At the upper end of that band the offer is sized at about Rs 712.31 crore.

As of 15:06 on 14 October 2026, NSE bid data showed the offer covered 13.93 times overall. The non-institutional investor category was subscribed 39.93 times, the retail individual investor portion 9.97 times, the qualified institutional buyer portion 1.44 times and the employee reservation 6.91 times. The offer document, a red herring prospectus dated 5 October 2026, was filed with the Registrar of Companies, Mumbai and is on record with SEBI and the exchanges. The offer is entirely an offer for sale, so the company receives no proceeds.

The Company

HD Fire Protect Limited is an Indian manufacturer and supplier of fire protection equipment and systems. Per the RHP, its portfolio spans water, foam and gas-based fire suppression systems, serving high-hazard industrial applications as well as residential and commercial sectors. The company discloses that it supplied equipment to 2,066 customers in Fiscal 2026 and has reached customers across more than 90 countries between inception and 31 March 2026. It operates two manufacturing facilities, at Jalgaon and Thane in Maharashtra, spanning a combined 8.50 acres. Citing a CRISIL report, the RHP states the company was the second-largest manufacturer of fire protection equipment and systems in India by operating income in Fiscal 2025.

The offer document records revenue from operations of Rs 4,892.81 million (about Rs 489 crore) in Fiscal 2026, up from Rs 4,327.99 million in Fiscal 2025 and Rs 3,729.53 million in Fiscal 2024. Profit after tax was Rs 1,167.87 million (about Rs 117 crore) in Fiscal 2026, against Rs 1,097.18 million in Fiscal 2025 and Rs 879.20 million in Fiscal 2024, the company discloses. The RHP reports an operating EBITDA margin of 30.75 per cent and a return on equity of 30.17 per cent for Fiscal 2026, and states the company has been debt-free on a fund-based basis across the periods presented. The promoters include Harish Narshi Dharamshi and Kusum Harish Dharamshi.

The Offer Structure

The offer is entirely an offer for sale of up to 2,62,84,500 equity shares of face value Rs 5 each by two promoter selling shareholders, per the RHP. Harish Narshi Dharamshi is offering up to 89,83,700 shares and Kusum Harish Dharamshi up to 1,73,00,800 shares. The stated objects are to carry out the offer for sale and to achieve the benefits of listing on the stock exchanges; the company will not receive any proceeds.

The price band is set at Rs 258 to Rs 271 per share, per NSE, valuing the offer at up to about Rs 712.31 crore at the upper band. Applications are made for a minimum of one lot and in multiples thereof, with the lot size and minimum application amount set out in the RHP and on the exchange platform. Anchor bidding took place on 12 October 2026. The book-running lead managers are Ambit Private Limited, Anand Rathi Advisors Limited and IIFL Capital Services Limited, and the registrar is MUFG Intime India Private Limited; BSE is the designated stock exchange. Readers working through the arithmetic of an allotment may use Oquilia's lumpsum calculator and CAGR calculator; prior coverage sits on the /news desk.

Risk Factors

The RHP sets out ten internal risk factors. The company discloses that any malfunction or failure of its fire protection equipment and systems could result in loss of life, property damage, invocation of warranties, legal claims and reputational harm. It lists its exposure to overseas markets, noting that between 32.78 per cent and 36.24 per cent of revenue from operations across the reported periods came from outside India, concentrated in markets such as the Middle East and Rest of Asia.

Among the risk factors the company discloses, the RHP lists supplier concentration, noting its top 10 suppliers accounted for 59.28 per cent of total expenses in the three months to 30 June 2026 and that it has no long-term purchase agreements with them. It flags geographical concentration, with its Maharashtra facilities accounting for between 61.02 per cent and 67.94 per cent of revenue across the reported periods. Among the governance disclosures, the company states that one of its joint statutory auditors resigned before the completion of their term and was subsequently appointed as its chief financial officer, which, the RHP notes, may be perceived negatively by investors.

What Happens Next

With the bidding window closing on 15 October 2026, the standard sequence follows: once bidding ends, the registrar, MUFG Intime India, finalises the basis of allotment, after which money blocked under the ASBA and UPI mechanisms is either debited for allotted shares or unblocked for applicants who did not receive an allotment. Allotted shares are then credited to demat accounts ahead of listing on BSE and NSE. The specific allotment, refund and listing dates are set out in the RHP and the exchange notices.

These are process steps, not forecasts. A category's subscription multiple describes bids received against shares on offer as of a point in time; it does not determine the eventual listing price, which is established only when trading begins.

FAQ

What is the price band and lot size?

The price band is Rs 258 to Rs 271 per share, per NSE, for an offer of up to 2,62,84,500 equity shares of face value Rs 5 each. At the upper end the offer is sized at about Rs 712.31 crore. Applications are made for a minimum of one lot, with the exact lot size and minimum application amount set out in the red herring prospectus.

What do the exchange subscription figures mean?

A subscription multiple compares shares bid for against shares on offer in a category at a point in time. Per NSE data at 15:06 on 14 October 2026, the offer was covered 13.93 times overall, with the non-institutional portion at 39.93 times, retail at 9.97 times and qualified institutional buyers at 1.44 times. The figures change through the window.

When does the issue open and close?

Per the exchange record, bidding opened on 13 October 2026 and is scheduled to close on 15 October 2026, with the anchor investor allocation completed on 12 October 2026. The UPI mandate confirmation cut-off is 5.00 p.m. on the closing date, as stated in the offer document.

How is the basis of allotment decided?

After bidding closes, the registrar finalises the basis of allotment under SEBI rules. Where a category is oversubscribed, retail allotment is generally decided by a lottery among valid applicants at or above the cut-off, so bidding for more lots does not guarantee a larger allotment. The RHP sets out the detailed allocation.

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges, and should be read directly before making any decision.

Where can I read the RHP?

The red herring prospectus dated 5 October 2026 is on record with SEBI and on the BSE and NSE websites. It contains the full financial statements, the objects of the offer and the complete risk-factors section.

This report is based on the red herring prospectus filed with SEBI and subscription data from the NSE. It was surfaced via coverage in The Economic Times.