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HD Fire Protect IPO subscribed 20.54x by 10:20 am on final day; GMP seen at ₹84–₹91
HD Fire Protect’s IPO was subscribed 20.54 times by 10:20 am on Oct 15, the final day of bidding. Grey-market premiums stayed elevated at roughly ₹84–₹91, implying a listing near ₹355–₹362 versus the ₹271 cap price. Listing is scheduled for Oct 21.
R
4 min
HD Fire Protect’s initial public offering (IPO) headed into the final hours of bidding on Thursday, with demand running well ahead of the shares on offer and grey-market pricing pointing to a strong debut, even as the premium reported by trackers differed.
By 10:20 am on October 15, the issue had been subscribed 20.54 times, based on NSE data. Bids were received for 37,83,37,850 shares against 1,84,20,492 shares on offer. The company has set a price band of ₹258–₹271 per share, with investors required to apply for a minimum lot of 55 shares.
In the unofficial grey market, the stock was changing hands at a premium of roughly a third over the IPO’s upper price, with reports putting the grey market premium (GMP) in a band of about ₹84–₹91 through late October 14 and the morning of October 15. At the top end of that range, the implied listing price works out to around ₹360–₹362 versus the ₹271 cap price. GMP is not an exchange-published number, and it can shift quickly.
Demand led by NIIs, retail
The strongest interest on October 15 was seen in the non-institutional investor (NII) bucket. By 10:20 am, NIIs had subscribed 63.89 times their allocation, while the retail category was subscribed 12.93 times.
A day earlier, the exchange snapshot as of 5:00 pm on October 14 showed the IPO subscribed 16.50 times overall. That same snapshot also showed qualified institutional buyers (QIBs) at 1.49 times, indicating that much of the early momentum came from non-institutional and retail money rather than institutions.
The October 14, 5:00 pm exchange-position data is set out below.
| Category | Shares offered | Shares bid | Subscription (x) |
|---|---|---|---|
| QIB | 52,42,672 | 78,23,310 | 1.49 |
| Retail | 91,74,677 | 10,40,17,705 | 11.34 |
| Total | 1,84,20,492 | 30,39,19,990 | 16.50 |
Data last updated: 15 October 2026, 11:13 AM IST
The issue size has been widely cited at ₹712.31 crore, while one published figure put it at ₹712.13 crore. The offer is described as an offer for sale.
Grey-market chatter remained firm on October 15, but the exact GMP depended on the tracker and the time of the update. Reports early Thursday put the GMP at ₹89 per share, while other published updates showed ₹88 and ₹84. A late October 14 update had placed the premium at ₹91.
At a GMP of ₹89, the implied listing level is about ₹360 (₹271 plus ₹89), which translates to an expected gain of roughly 33% over the upper end of the price band. At ₹84, the implied level drops to around ₹355. These are indicative numbers, not a promise of where the stock will open.
Investors often watch GMP alongside subscription data as a rough sentiment check ahead of listing. Still, grey-market trades are unofficial and unregulated, and the premium can narrow sharply if broader market conditions change or if demand cools once the stock begins trading on the exchanges.
What happens next
With bidding scheduled to close on October 15, the next steps on the IPO calendar are set. The basis of allotment is due on Friday, 16 October 2026. Refunds and the credit of shares to demat accounts are scheduled for Monday, October 19.
The shares are slated to list on BSE and NSE on Wednesday, October 21.
Promoters named in published IPO details include Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, Anik Narendra Dharamshi, Narendra Visanji Dharamshi and Frenal Rishi Lodaya, among others.
For applicants, the immediate question is allotment rather than premium. A strong subscription, especially in the NII and retail categories, typically means a tougher draw for smaller investors applying at the minimum lot size of 55 shares, which at the ₹271 cap price works out to ₹14,905.
If the grey market remains elevated into allotment and listing, HD Fire Protect could enter the market with high expectations already priced in. The range of GMP prints over the past 24 hours is a reminder that the “premium” investors discuss most loudly is also the one with the least standardisation.
R
4 min
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