HD Fire Protect IPO Crosses 9 Times Subscription on Day 2 as NII Demand Tops 24 Times

Demand for HD Fire Protect's initial public offering nearly doubled on its second day, with the Rs 712 crore issue subscribed 9.05 times by about 12:17 pm on Wednesday, according to NSE data. The issue had closed Tuesday at 4.62 times (see our day-one coverage).

By midday, the offer had drawn bids for about 16.67 crore shares against roughly 1.84 crore shares on offer.

Where the new money came from

The jump was driven almost entirely by individual investors rather than institutions:

• Non-institutional investors (NIIs): 24.63 times, up from 11.37 times at the end of day one
• Retail investors: 6.97 times, up from 3.78 times
• Qualified institutional buyers (QIBs): 1.06 times, barely changed from 1.04 times

The pace through the morning was steady rather than a single late burst. Exchange data at around 11:16 am showed the issue at 7.72 times, with NIIs at about 21 times and retail at 5.89 times, meaning roughly another 1.3 times of fresh demand arrived in the following hour.

The near-flat QIB figure is the most telling number in the book. Institutional bids typically come in on the final day, and how heavily they arrive on Thursday will decide whether the issue ends as a strong retail-and-HNI story or a broad-based one.

The business behind the bids

Mumbai-based HD Fire Protect makes water, foam and gas-based fire suppression systems for sectors including oil and gas, power, refining, pharmaceuticals and data centres. Its filings show steady growth over the last three years:

Revenue grew about 31% between FY24 and FY26, while net profit rose about 33%. Profit growth slowed sharply in FY26, however, to around 6% from about 25% a year earlier, even as revenue kept rising at a double-digit pace. That slowdown is one reason investors may want to weigh the strong subscription numbers against valuation rather than treat demand alone as a signal.

Because the issue is entirely an offer for sale by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi, none of the money raised goes to the company.

Grey market and timeline

Unofficial grey market indications on Wednesday continued to point to a listing premium of roughly 34% over the upper price band of Rs 271. These quotes are unregulated and can shift quickly with market mood.

Bidding closes on Thursday, October 15. The basis of allotment is expected to be finalised on October 16, and the shares are scheduled to list on the NSE and BSE on October 21.

This is an original summary based on public reporting. See our editorial policy for how we source, write, and correct our stories.