HD Fire Protect IPO: price band, lot size, dates and what the ₹75 GMP does (and doesn't) tell you

HD Fire Protect is the first of two mainboard IPOs opening this week, and searches for it shot up as soon as the price band came out. Here's what the prospectus actually says, what one lot costs, and how to read the grey-market number everyone is quoting.

The numbers that matter

• Price band: ₹258 to ₹271 a share. Bids are in multiples of 55 shares.
• One lot: ₹14,190 at the lower price, ₹14,905 at the upper price. Most retail investors bid at the "cut-off", which blocks the upper price in your account through UPI.
• Retail ceiling: a retail individual can bid up to ₹2 lakh. That's 13 lots (715 shares, ₹1,93,765) at ₹271.
• Employees get a ₹25-a-share discount in a reserved portion of up to ₹1.75 crore.

Our IPOs this week calculator does this maths for any number of lots, for both HD Fire Protect and Fusion CX.

Who gets the money

None of it goes to the company. The issue is 100% an offer for sale: promoters Harish Narshi Dharamshi (up to 89.8 lakh shares) and Kusum Harish Dharamshi (up to 1.73 crore shares) are selling. The prospectus puts their weighted average cost of acquisition at ₹0.05 and ₹0.09 a share. That isn't unusual for founders who've held shares for decades, but it means the IPO is an exit for them, not funding for growth. The company's share count stays at 17.52 crore.

What the company does

HD Fire Protect makes fire protection equipment: water, foam and gas-based suppression systems, from plants in Jalgaon and Thane, Maharashtra. It supplied 2,066 customers in FY26, and roughly a third of revenue comes from outside India. Citing an industry report in the prospectus, it calls itself the second-largest fire protection equipment maker in India by revenue in FY25, and the largest exporter.

At ₹271, the whole company is valued at about ₹4,749 crore (17.52 crore shares). That's about 40.7 times FY26 earnings per share of ₹6.66. These are our calculations from the prospectus figures.

What the ₹75 GMP does and doesn't tell you

The grey-market premium (GMP) is what informal dealers say they'll pay over the issue price before listing. On 11 October at 5:24 AM, IPO Guru quoted ₹75, which would suggest a listing near ₹346 (about 27.7% above ₹271). Since 7 October it has ranged from ₹63 to ₹80.

What it tells you: how traders feel about demand right now.

What it doesn't: it is unofficial and unregulated. It isn't published by SEBI, NSE, BSE or the company. It isn't a price you can trade at through your broker, and it often swings in the last two days, after institutional bids come in. Treat ₹4,125 a lot (55 × ₹75) as a mood reading, not a figure to plan around. Allotment isn't guaranteed either: in heavily oversubscribed issues, retail allotment is usually a lottery for one lot.

The other IPOs this week

• Fusion CX (mainboard): ₹275–289, lot 51 shares (₹14,739), bidding 14–16 Oct, listing 22 Oct. ₹702 crore, of which ₹500 crore is fresh issue. Registrar: KFin Technologies. IPO Guru quoted its GMP at ₹53 (unofficial).
• Vaibhav Vyapaar (SME): ₹51–54, 13–15 Oct.
• Ravita Engineering Services (SME): ₹105–112, 13–15 Oct.
• Sahajanand Medical Technologies (mainboard): opens 15 Oct, but the price band wasn't announced as of this morning.

All of them, with lot sizes and dates, are on IPOs this week. The big one later this month is Jio Platforms; see what one Jio lot is reported to cost.

How to apply and check allotment

1. Bid through your broker's app (UPI) or your bank's net banking (ASBA) between 13 and 15 October.
2. Approve the UPI mandate by 5 PM on 15 October, or the bid lapses.
3. From 16 October, check allotment on the registrar's site, MUFG Intime, using your PAN.
4. If you don't get shares, the blocked amount is released, expected from 19 October.

This is an explainer, not investment advice. KyunTrend is not a SEBI-registered adviser. Read the prospectus before investing.

Timeline

1. Mon 5 Oct

   Red herring prospectus filed (dated 5 Oct) with the ₹258–271 price band.

2. Mon 12 Oct

   Anchor investor bidding.

3. Tue 13 Oct

   Public bidding opens (Fusion CX opens on 14 Oct).

4. Thu 15 Oct

   Bidding closes; UPI mandates must be approved by 5 PM.

5. Fri 16 Oct

   Basis of allotment expected. Check status at MUFG Intime.

6. Mon 19 Oct

   Refunds and UPI unblocks; shares credited to demat accounts.

7. Wed 21 Oct

   Listing on BSE and NSE (tentative).