HD Fire Protect IPO (₹499 cr) is open Oct 13–15 at ₹258–271. Check lot size, category-wise subscription, financials, allotment steps and listing date.
Last updated: Tue, Oct 13, 2026, 11:05 AM IST
- IPO dates: Tue, Oct 13, 2026 to Thu, Oct 15, 2026
- Price band: ₹258 to ₹271 per share
- Lot size: 55 shares (₹14,905 at the upper band)
- Issue size: ₹499 crore
HD Fire Protect Ltd., a manufacturer of fire protection equipment and systems, is raising ₹499 crore through its IPO, which opened on Tue, Oct 13, 2026 and closes on Thu, Oct 15, 2026 at a price band of ₹258 to ₹271 per share. Here is everything you need to know about the HD Fire Protect IPO.
HD Fire Protect IPO Details
| Field | Value |
|---|---|
| IPO date | Tue, Oct 13, 2026 to Thu, Oct 15, 2026 |
| Listing date | To be announced |
| Face value | ₹5 per share |
| Price band | ₹258 to ₹271 per share |
| Lot size | 55 shares |
| Total issue size | 2,62,84,500 shares (₹499 crore) |
| Listing at | NSE & BSE |
| Lead managers | Ambit Corporate Finance Pvt Ltd, Anand Rathi Advisors Ltd., IIFL Capital Services Ltd. |
| Registrar | MUFG Intime India Pvt Ltd. |
HD Fire Protect IPO Timeline
| Event | Date |
|---|---|
| Anchor bidding | Mon, Oct 12, 2026 (tentative) |
| IPO opens | Tue, Oct 13, 2026 |
| IPO closes | Thu, Oct 15, 2026 |
| UPI mandate cut-off | Thu, Oct 15, 2026, 5 PM |
| Basis of allotment | Fri, Oct 16, 2026 (tentative) |
| Refunds initiated | Mon, Oct 19, 2026 (tentative) |
| Shares credited to demat | Mon, Oct 19, 2026 (tentative) |
| Listing date | Tue, Oct 20, 2026 (tentative) |
Dates other than IPO open, close and listing follow SEBI’s standard T+3 listing schedule (T = the close date) and can shift for exchange holidays.
HD Fire Protect IPO Lot Size and Minimum Investment
| Application | Lots | Shares | Amount (₹, at upper band) |
|---|---|---|---|
| Retail (minimum) | 1 | 55 | 14,905 |
| Retail (maximum) | 13 | 715 | 1,93,765 |
| sNII (minimum) | 14 | 770 | 2,08,670 |
| sNII (maximum) | 67 | 3,685 | 9,98,635 |
| bNII (minimum) | 68 | 3,740 | 10,13,540 |
For example, at the upper price band of ₹271, one lot of 55 shares needs ₹14,905 (55 × ₹271). Retail investors can apply for up to 13 lots (₹1,93,765), within the ₹2 lakh retail limit.
About HD Fire Protect
HD Fire Protect Limited manufactures fire protection equipment and systems, including sprinklers, alarm valves, deluge valves, foam equipment, monitors, and gas suppression systems. As per the DRHP, the company has a 36-year history and operates two manufacturing facilities in Jalgaon and Thane, Maharashtra. It serves over 905 clients across 90+ countries in sectors such as industrials, heavy engineering, aerospace, oil and gas, and data centers. The company is the only player in India with a presence across all fire suppression equipment and systems, excluding fire extinguishers.
Revenue is primarily earned through the sale of goods and rendering of services. As of June 30, 2026, the company employed 532 people, including 279 permanent staff and 253 contractual employees. The business has evolved over three decades to build a diversified customer base across India and international markets. The company maintains eight product categories, including deluge skids and pre-action systems, which are essential for fire safety in complex industrial environments.
HD Fire Protect Financial Performance
| Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|
| Revenue from operations (₹ crore) | 432.80 | 372.95 | 324.08 |
| Total income (₹ crore) | 450.68 | 392.07 | 337.82 |
| Profit after tax (₹ crore) | 109.55 | 87.92 | 70.23 |
| Net worth (₹ crore) | 397.06 | 343.41 | 275.61 |
| Total borrowings (₹ crore) | — | — | — |
| EPS (₹) | 6.25 | 5.01 | 3.99 |
- Revenue from operations grew 15.1% in FY 2023-24 to ₹372.95 crore and further by 16% in FY 2024-25 to ₹432.80 crore, showing a consistent upward trend in total sales.
- Profit after tax grew 25.2% in FY 2023-24 to ₹87.92 crore and increased by 24.6% in FY 2024-25 to ₹109.55 crore, reflecting steady growth in bottom-line earnings.
- The PAT margin improved from 21.67% in FY 2022-23 to 23.57% in FY 2023-24 and reached 25.31% in FY 2024-25, indicating rising efficiency in converting revenue into profit.
- The company maintains a strong financial profile with a return on equity of 29.59% in FY 2024-25, demonstrating effective use of shareholder capital to generate returns.
HD Fire Protect IPO Valuation and Key Ratios
| Metric | Value |
|---|---|
| Return on equity, FY 2024-25 (%) | 29.59 |
| PAT margin, FY 2024-25 (%) | 25.31 |
The IPO is priced at a valuation reflecting the company’s financial performance, with a return on equity of 29.59% and a PAT margin of 25.31% for FY 2024-25. The company identifies listed peers such as Azad Engineering Limited, KSB Limited, Kirloskar Pneumatic Company Limited, Elgi Equipment Limited, and Ingersoll-Rand (India) Limited. These peers operate in the capital goods and industrial equipment sector. For instance, KSB Limited reported an EPS of ₹15.54, while Ingersoll-Rand (India) Limited recorded an EPS of ₹81.10. Investors often compare these ratios to assess the pricing relative to established players in the industrial equipment space.
Promoters and Shareholding
Promoters: Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, Anik Narendra Dharamshi.
| Holder | Pre-issue % | Post-issue % |
|---|---|---|
| Promoter & promoter group | 100% | — |
| Public | 0% | — |
The promoters of the company are Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, and Anik Narendra Dharamshi. The promoter and promoter group held 100% of the company before the issue. The IPO involves an offer for sale by these existing shareholders, which will reduce their collective stake as shares are transferred to public investors.
Objects of the Issue
The objects of the issue are to carry out an Offer for Sale (OFS) of up to 26,284,500 equity shares by the promoter selling shareholders and to achieve the benefits of listing on stock exchanges. The company will not receive any proceeds from the offer, as all funds raised through the OFS will go directly to the selling shareholders.
Strengths and Risks
Strengths
- The company maintains a well-established global presence in a high-barrier industry, serving clients across 90+ countries as of the DRHP.
- It offers a comprehensive portfolio spanning eight product categories, including sprinklers and deluge systems, with a 36-year business legacy.
- The customer base is diversified with over 905 clients, and 88.05% of revenue in FY 2024 came from repeat customers.
- The management team is experienced, and the company has demonstrated a consistent track record of profitability and financial performance.
Risks
- The company relies on repeat orders from a limited number of customers, with 79.76% of revenue coming from repeat business in the three months ended June 30, 2026.
- It depends on a limited number of third-party suppliers, with the top 10 suppliers contributing 59.28% of total expenses for the three months ended June 30, 2026.
- Manufacturing operations are concentrated in Maharashtra, which presents potential geographical risks to production and supply chain continuity.
- The company and its directors are involved in certain legal proceedings, and any adverse outcome could impact the business and financial condition.
Things Investors Should Know
- The minimum investment at the upper price band of ₹271 per share is ₹14,905 for one lot of 55 shares.
- The IPO is managed by lead managers Ambit Corporate Finance Pvt Ltd, Anand Rathi Advisors Ltd., and IIFL Capital Services Ltd.
- MUFG Intime India Pvt Ltd. serves as the registrar for the issue.
- The company will not receive any proceeds from the offer as it is an offer for sale by promoters.
- There is no material civil litigation or regulatory action against the company, its directors, or its promoters.
- The UPI mandate cut-off for retail investors is Thu, Oct 15, 2026, at 5 PM.
How to Check HD Fire Protect IPO Allotment Status
- Registrar: open the IPO allotment status page of MUFG Intime India Pvt Ltd. (https://in.mpms.mufg.com/), select HD Fire Protect, and enter your PAN, application number or DP/client ID.
- BSE: on bseindia.com, open the IPO allotment status page, choose “Equity”, select the issue name, and enter your application number and PAN.
- NSE: look up the issue on nseindia.com and use its application status option with your application number and PAN.
- Broker or UPI app: most brokers and UPI apps also show whether your application was allotted.
If you are not allotted shares, the amount blocked in your bank account through ASBA or your UPI mandate is released after the refund date. No money is debited.
HD Fire Protect IPO Listing Details
| Field | Value |
|---|---|
| Exchanges | NSE & BSE |
HD Fire Protect IPO FAQs
What is the HD Fire Protect IPO price band?
The HD Fire Protect IPO price band is set between ₹258 and ₹271 per share. Investors typically bid at the upper end of the price band to increase their chances of allotment. The face value of each equity share is ₹5.
When does the HD Fire Protect IPO open and close?
The HD Fire Protect IPO opened for subscription on Tue, Oct 13, 2026. The issue will remain open for retail and institutional investors until the close of business on Thu, Oct 15, 2026. Ensure your applications are submitted before the deadline.
What is the HD Fire Protect IPO lot size and minimum investment?
The lot size for the HD Fire Protect IPO is 55 shares. At the upper price band of ₹271 per share, the minimum investment required for a retail investor is ₹14,905. You must apply for shares in multiples of this lot size.
What is the HD Fire Protect IPO allotment date and how do I check allotment status?
The tentative basis of allotment for the HD Fire Protect IPO is Fri, Oct 16, 2026. You can check your allotment status by visiting the official website of the registrar, MUFG Intime India Pvt Ltd., once the process is complete and the data is uploaded.
Who are the promoters of HD Fire Protect and how much will they hold after the IPO?
The promoters are Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, and Anik Narendra Dharamshi. They held 100% of the company before the IPO. The issue is an offer for sale, meaning their shareholding will decrease as they sell a portion of their equity to the public.
How will HD Fire Protect use the IPO money?
HD Fire Protect will not receive any proceeds from this IPO. The entire issue is an offer for sale of up to 26,284,500 equity shares by the promoter selling shareholders. The money raised will go to these selling shareholders, and the company will benefit from being listed on the stock exchanges.
Who is the registrar and lead manager of the HD Fire Protect IPO?
The registrar for the HD Fire Protect IPO is MUFG Intime India Pvt Ltd. The lead managers responsible for managing the issue are Ambit Corporate Finance Pvt Ltd, Anand Rathi Advisors Ltd., and IIFL Capital Services Ltd. These entities facilitate the IPO process and ensure regulatory compliance.
Is the HD Fire Protect IPO a fresh issue or an offer for sale?
The HD Fire Protect IPO is an offer for sale of up to 26,284,500 equity shares. This means existing shareholders are selling their stake to the public. There is no fresh issue of shares, so the company will not receive any capital from this public offering.
What are the key risks of the HD Fire Protect IPO?
Key risks include a high reliance on repeat customers and a limited number of third-party suppliers for raw materials. The company also faces geographical concentration risks as its manufacturing facilities are located in Maharashtra. Additionally, the company and its directors are involved in certain ongoing legal proceedings.
This article is for information only and is not investment advice. Business, risk and litigation details are as per the company’s DRHP; issue, financial and exchange data are from ThePip’s IPO database as of Tue, Oct 13, 2026, 11:05 AM IST. IPO investments are subject to market risks; read the offer document carefully before investing.
