HD Fire Protect IPO Subscription Status Day 1: Issue Fully Subscribed Within 2 Hours, NII Demand at 2.69x

HD Fire Protect's ₹712.31-crore initial public offering (IPO) was fully subscribed within two hours of opening on Tuesday, October 13, as strong bids from non-institutional and retail investors pushed overall demand to 1.23 times the shares on offer.

Non-institutional investors (NIIs) led the bidding, subscribing 2.69 times their reserved portion, while the retail category was booked 1.31 times. Qualified institutional buyers (QIBs) were yet to place bids at the time of the latest update.

The three-day IPO will remain open until October 15. HD Fire Protect has set a price band of ₹258–₹271 per share and a lot size of 55 shares, translating into a minimum retail investment of ₹14,905 at the upper end.

The issue is entirely an offer for sale (OFS) of around 2.63 crore shares by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi, meaning the company will not receive proceeds from the IPO.

HD Fire Protect IPO Subscription Status Day 1

Demand was concentrated in the NII and retail portions during the first few hours of bidding. NIIs received bids for more than twice the shares reserved for the category, while the retail book also crossed full subscription.

Institutional participation was yet to begin at the time of the update, with the QIB book remaining unsubscribed.

HD Fire Protect IPO Bidding Details

HD Fire Protect is offering 2,62,84,500 equity shares through the public issue. At the upper end of the price band, the OFS is valued at ₹712.31 crore.

Promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi are the selling shareholders. Since no fresh shares are being issued, the entire proceeds from the offer, after applicable expenses, will go to the selling shareholders.

Up to 50% of the net offer has been reserved for QIBs, at least 15% for NIIs and at least 35% for retail investors.

HD Fire Protect IPO Price Band and Lot Size

The company has priced the issue between ₹258 and ₹271 per share. Applications can be made for a minimum lot of 55 shares and in multiples of 55 thereafter. At the upper end of the band, one lot costs ₹14,905.

HD Fire Protect IPO Anchor Investors

Ahead of the public issue, HD Fire Protect raised around ₹213.11 crore from anchor investors on October 12.

The anchor book included SBI Mutual Fund, HDFC Asset Management Company, ICICI Prudential Asset Management Company, Bajaj Life and Axis Max Life, among other institutional investors.

HD Fire Protect IPO Allotment and Listing

Bidding will close on October 15, following which the basis of allotment is expected to be finalised on October 16.

HD Fire Protect shares are scheduled to make their stock market debut on the NSE and BSE on October 21.

With the public offer crossing full subscription within the first two hours, investor participation on the opening day was driven primarily by NIIs and retail bidders. The focus now shifts to institutional participation and how demand builds over the remaining two days before the issue closes on October 15.

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