HD Fire Protect vs Vaibhav Vyapaar IPO: Which Should You Consider?

The IPOs of HD Fire Protect and Vaibhav Vyapaar are both set to close on October 15, 2026. Retail investors need to evaluate these offerings based on various factors including sector performance, subscription demand, and business fundamentals.

Side-by-Side Comparison

GMP Comparison

HD Fire Protect has a strong grey market premium (GMP) of ₹89, which reflects a potential gain of 32.84% over its issue price. In contrast, Vaibhav Vyapaar does not have any available GMP data, making it difficult to assess its market performance ahead of listing.

Subscription Demand

As of October 14, 2026, HD Fire Protect has received robust subscription demand with a total subscription of 16.56 times, including significant interest from non-institutional investors (NII) at 48.77 times and retail investors at 11.43 times. Conversely, Vaibhav Vyapaar has seen limited demand, with a total subscription of only 0.39 times, indicating a lack of interest across all investor categories.

Sector Analysis

HD Fire Protect operates in the Other Consumer Services sector, focusing on fire protection equipment, which is critical across various industries including oil, gas, and infrastructure. This positions the company well in a high barrier industry with a strong global presence. In contrast, Vaibhav Vyapaar is in the Non-Banking Financial Company (NBFC) sector, providing digital lending solutions, which is a competitive and rapidly evolving field but currently shows lower investor interest.

Issue Size and Investment

HD Fire Protect has a larger issue size of ₹712.13 crores, with a minimum investment requirement of ₹14,905. Vaibhav Vyapaar, on the other hand, has a smaller issue size of ₹42.1 crores, but it requires a significantly higher minimum investment of ₹216,000 due to its lot size of 2000 shares.

Business Fundamentals

HD Fire Protect has a well-established business model with a comprehensive portfolio of fire protection products and a strong distribution network. Its strengths include advanced manufacturing capabilities and a diversified customer base. Vaibhav Vyapaar, while being an RBI-registered NBFC, lacks detailed strengths and weaknesses in the provided data, which may raise concerns for potential investors.

Disclaimer: This is an objective comparison of publicly available IPO data, not investment advice or a personal recommendation to apply for any specific IPO. GMP is unofficial and unregulated. TopFund is not a SEBI-registered investment adviser — please do your own research or consult a qualified adviser before applying.