Mumbai-based HD Fire Protect has fixed the price band for its Rs 712.31-crore initial public offering at Rs 258-271 per share. The IPO will open for subscription on October 13, 2026, and close on October 15, with the anchor book opening a day earlier on October 12.
The issue is entirely an offer for sale (OFS) of 2,62,84,500 equity shares — there is no fresh-issue component, so the company will not receive any proceeds and the entire amount will go to the selling shareholders. Promoter Harish Narshi Dharamshi will offer 89,83,700 shares worth Rs 243.46 crore, while fellow promoter Kusum Harish Dharamshi will offer 1,73,00,800 shares worth Rs 468.85 crore. The allotment is expected to be finalised on October 16, with listing proposed on both the NSE and BSE on October 21.
Issue details
The IPO has a lot size of 55 shares, with retail investors required to bid for a minimum of one lot — a minimum investment of Rs 14,905 at the upper end of the band. Half of the net offer is reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 35 per cent for retail investors. Eligible employees bidding in the employee reservation portion will get a discount of Rs 25 per share. Ambit, Anand Rathi Advisors and IIFL Capital Services are the book-running lead managers, while MUFG Intime India is the registrar.
At the upper end of the band, the issue values the company at nearly Rs 4,750 crore. The price-to-earnings ratio at the upper band, based on diluted earnings per share for fiscal 2026, stands at 40.69 times, against an average industry peer P/E of 62.95 times.
The business
Set up in 1997, HD Fire Protect designs and manufactures water, foam and gas-based fire suppression equipment from two plants in Maharashtra, at Thane and Jalgaon. It served 2,066 customers in FY26 across oil and gas, refining, power, aerospace, pharmaceuticals, warehousing and data centres, with domestic business accounting for 65 per cent of revenue and international markets the remaining 35 per cent.
For the year ended March 2026, the company reported revenue of Rs 489 crore, up 13 per cent year-on-year, and net profit of Rs 117 crore, up 6 per cent. Its catalogue runs from sprinklers and alarm valves to monitors, nozzles and custom-engineered systems for hazardous sites.
Sources:
The Economic Times — HD Fire Protect IPO price band set at Rs 258-271; Rs 712 crore issue opens on October 13
Moneycontrol — HD Fire Protect sets IPO price band at Rs 258-271, seeks valuation of Rs 4,750 crore
The issue is entirely an offer for sale (OFS) of 2,62,84,500 equity shares — there is no fresh-issue component, so the company will not receive any proceeds and the entire amount will go to the selling shareholders. Promoter Harish Narshi Dharamshi will offer 89,83,700 shares worth Rs 243.46 crore, while fellow promoter Kusum Harish Dharamshi will offer 1,73,00,800 shares worth Rs 468.85 crore. The allotment is expected to be finalised on October 16, with listing proposed on both the NSE and BSE on October 21.
Issue details
The IPO has a lot size of 55 shares, with retail investors required to bid for a minimum of one lot — a minimum investment of Rs 14,905 at the upper end of the band. Half of the net offer is reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 35 per cent for retail investors. Eligible employees bidding in the employee reservation portion will get a discount of Rs 25 per share. Ambit, Anand Rathi Advisors and IIFL Capital Services are the book-running lead managers, while MUFG Intime India is the registrar.
At the upper end of the band, the issue values the company at nearly Rs 4,750 crore. The price-to-earnings ratio at the upper band, based on diluted earnings per share for fiscal 2026, stands at 40.69 times, against an average industry peer P/E of 62.95 times.
The business
Set up in 1997, HD Fire Protect designs and manufactures water, foam and gas-based fire suppression equipment from two plants in Maharashtra, at Thane and Jalgaon. It served 2,066 customers in FY26 across oil and gas, refining, power, aerospace, pharmaceuticals, warehousing and data centres, with domestic business accounting for 65 per cent of revenue and international markets the remaining 35 per cent.
For the year ended March 2026, the company reported revenue of Rs 489 crore, up 13 per cent year-on-year, and net profit of Rs 117 crore, up 6 per cent. Its catalogue runs from sprinklers and alarm valves to monitors, nozzles and custom-engineered systems for hazardous sites.
Sources:
The Economic Times — HD Fire Protect IPO price band set at Rs 258-271; Rs 712 crore issue opens on October 13
Moneycontrol — HD Fire Protect sets IPO price band at Rs 258-271, seeks valuation of Rs 4,750 crore
