HD Fire Protect shares list at nearly 24% premium, pare gains after strong debut

Shares of HD Fire Protect, a fire protection equipment manufacturer, made a strong start on the stock exchanges on Wednesday, listing 24% above the issue price of ₹271 each. The stock opened at ₹335 on the National Stock Exchange (NSE), marking a 23.62% premium. Later, it traded at ₹306.75, down 8.43% from its listing price. On the Bombay Stock Exchange (BSE), shares debuted at ₹334.40, up 23.39% from the issue price, before falling to ₹304.70, or 8.88% lower than the opening level.

Following the debut, HD Fire Protect's market capitalization stood at ₹5,284.06 crore on the NSE and ₹5,276.18 crore on the BSE. The ₹712-crore Initial Public Offering (IPO) was subscribed 131.70 times on the last bidding day. The IPO involved a complete offer sale of 2.63 crore equity shares by the promoters. HD Fire Protect designs and manufactures fire safety equipment like water, foam, and gas-based suppression systems.

The company operates two manufacturing units in Maharashtra and serves industries like oil and gas, refining, petrochemicals, power, pharmaceuticals, aerospace, data centers, and warehousing.