The initial public offering (IPO) of HD Fire Protect opened for subscription today, with the issue booked over 4.62 times by 5:00 pm on October 13, as per the NSE data.

The Rs 712.1-crore IPO received bids for 8,50,40,395 shares against 1,84,20,492 shares on offer. Non-institutional investors (NIIs) led the demand, subscribing to their allotted portion 11.38 times, while the retail investor category was subscribed 3.78 times.

HD Fire Protect has fixed a price band of Rs 258–271 per share for the public issue, which will remain open for subscription until October 15.

Investors can bid for a minimum of 55 equity shares and in multiples of 55 shares thereafter. At the upper end of the price band, the minimum investment for retail investors stands at Rs 14,905.

The allotment of shares is expected to be finalised on October 16, while the company's shares are scheduled to list on the stock exchanges on October 21.

The IPO is entirely an offer for sale (OFS) of 2.62 crore equity shares, with no fresh issue component. Promoters Harish Narshi Dharamshi  Harish Narshi Dharamshi and his wife, Kusum Dharamshi, are selling their shares through the offering.

Since the issue comprises only an OFS, the company will not receive any proceeds from the IPO. After deducting offer-related expenses, the proceeds will go to the selling shareholders.

The company has reserved 50 percent of the net offer, excluding the employee portion, for qualified institutional buyers (QIBs). Non-institutional investors have been allocated 15 percent,while retail investors have been allotted 35 percent of the net offer.

HD Fire Protect has also reserved shares worth Rs 1.75 crore for eligible employees, who will receive a discount of Rs 25 per share to the final offer price.

Ambit, Anand Rathi Advisors and IIFL Capital Services are the book-running lead managers for the issue.

HD Fire Protect reported a 6.4 percent year-on-year increase in profit to Rs 116.8 crore for the financial year ended March 2026. Revenue from operations rose 13.05 percent to Rs 489.3 crore during the same period.

For the June 2026 quarter, the company reported a profit of Rs 23.8 crore and revenue of Rs 109 crore.

The domestic market accounted for 65 percent of HD Fire Protect's revenue from operations in FY26, while international markets contributed the remaining 35 percent.