HD Fire Protect IPO GMP ₹91 Today (15 Oct), Price Band, Subscription Status, Allotment Date

HD Fire Protect IPO Review & Analysis

Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.

HD Fire Protect is a mainboard issue raising ₹712 Cr, offered in a band of ₹258–₹271 per share. At the upper end that is 54.2 times the ₹5 face value, so ₹266 of every share subscribed is share premium rather than capital.

A retail application for HD Fire Protect needs one lot of 55 shares, which works out to ₹14,905 at the upper band of ₹271. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application. Retail applications are capped at ₹2,00,000, which here is 13 lots; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 68 lots.

For HD Fire Protect, bidding runs 13-15 October, allotment is finalised on 16 Oct 2026, the shares list on 21 Oct 2026. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 6 days before listing decides what the holding is worth.

The issue is reserved 49.86% to qualified institutional buyers, 14.96% to non-institutional investors, 34.91% to retail. At 34.91%, the retail portion is on the narrower side, so retail allotment turns into a lottery quickly once the book fills. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.

The most recent figures the company has filed cover 30 Jun 2026, which is a different length of period from 31 Mar 2026. Year-on-year growth is not stated here because the two periods are not comparable — read the reported numbers side by side rather than as a growth rate.

Recently listed companies in the same space trade at a median price-to-earnings ratio of about 13.7. Comparing that with the multiple implied by this issue's ₹258–₹271 band is a more useful test of pricing than looking at the grey market premium alone.

With the retail portion subscribed 17.82 times, roughly one in 18 single-lot applications can expect an allotment once the draw is made. Applying for more lots does not improve those odds in an oversubscribed retail book — every application is cut back to one lot before the lottery — so the practical lever is the number of distinct PANs applying, not the size of any one bid.

MUFG Intime India Pvt.Ltd. is the registrar for this issue, which means the allotment status for HD Fire Protect is published on their portal from 16 Oct 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.

A grey market premium of ₹91 on the upper band of ₹271 implies a listing gain of roughly 33.6%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.

The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.