Shares of HD Fire Protect, a fire protection equipment maker, listed on Wednesday, 21 October 2026, at ₹335 on the NSE, a premium of 23.62% over the issue price of ₹271. On the BSE, the stock opened at ₹334.40, up 23.39%.
What happened
According to a PTI report carried by BusinessLine, the shares later gave up part of the gain. On the NSE they traded at ₹306.75, down 8.43% from the listing price. On the BSE they traded at ₹304.70, down 8.88% from the opening level.
At those post-listing levels, BusinessLine reported the company’s market capitalisation (the total value of all its shares at the market price) at about ₹5,284 crore using NSE prices and about ₹5,276 crore using BSE prices. Over the same morning, the Sensex rose 413.15 points, or 0.56%, to 74,266.05, and the Nifty gained 88 points, or 0.38%, to 22,976.95.
The IPO in numbers
The ₹712 crore IPO was open from 13 to 15 October 2026. The price band was ₹258 to ₹271 per share, with a lot size of 55 shares. One lot at the top of the band needed ₹14,905.
The issue was subscribed 131.70 times overall, according to Economic Times. Qualified institutional buyers (large institutions) bid for 256.65 times the shares on offer, non-institutional investors 203.21 times and retail investors 30.55 times.
The issue was entirely an offer for sale (OFS) of 2.63 crore shares, where existing shareholders sell their stake. Two promoter shareholders sold: Harish Narshi Dharamshi offered 89,83,700 shares worth ₹243.46 crore, and Kusum Harish Dharamshi offered 1,73,00,800 shares worth ₹468.85 crore. Because it was an OFS, the company gets no money from the issue; it goes to the selling shareholders.
Ambit, Anand Rathi Advisors and IIFL Capital Services managed the issue, with MUFG Intime India as registrar.
What it means for you
If you applied and received shares, they are now trading on the exchanges, and the price can move through the day as it did on listing. A listing premium only shows how the stock opened compared with the issue price. It does not say where the price will go next.
Since the issue was an OFS, the listing does not add funds to the company’s balance sheet. Investors weighing the stock can look at the company’s financials and the size of the stake sold by promoters.
Background
Incorporated in April 1997, HD Fire Protect makes water-, foam- and gas-based fire suppression equipment, including sprinklers, valves, foam equipment and gas suppression systems. It has two manufacturing facilities in Jalgaon and Thane, Maharashtra.
Total income rose 12% to ₹505 crore in FY26 from ₹451 crore in FY25. Profit after tax rose 6% to ₹117 crore from ₹110 crore. Its order book was ₹1,586.01 million as of 30 June 2026. Revenue from operations grew at a compound annual growth rate of 14.54% between fiscal 2024 and fiscal 2026.
