HD Fire Protect IPO Price Band Set at ₹258 to ₹271 per Share

Mumbai | 8 October 2026 

HD Fire Protect, a Mumbai-based fire protection equipment manufacturer, fixed the price band for its IPO at ₹258 to ₹271 per share on 7 October 2026. The company seeks a valuation of ₹4,750 crore. 

What Are the Key Details of the HD Fire Protect IPO? 

The IPO aims to raise ₹712.1 crore through an offer for sale of 2.62 crore equity shares, with no fresh issue. Promoters Harish Narshi Dharamshi and his wife, Kusum Dharamshi, are the selling shareholders. MUFG Intime India is the registrar, the firm that processes applications and allots shares. 

Ambit, Anand Rathi Advisors and IIFL Capital Services are the book-running lead managers, the investment banks that manage the issue. 

When Does the HD Fire Protect IPO Open? 

The IPO opens for public subscription on 13 October 2026 and closes on 15 October. The anchor book opens for one day on 12 October. Anchor investors are large institutions that buy shares before the issue opens to the public. 

How Much Do Investors Need to Apply? 

Investors can bid for a minimum of 55 shares and in multiples of 55 thereafter. At the upper end of the price band, retail investors need at least ₹14,905 for one lot. The maximum a retail investor can bid is ₹1,93,765, which equals 13 lots. 

The net offer is the total issue minus the employee portion. HD Fire Protect has reserved shares worth ₹1.75 crore for employees, who can bid at a discount of ₹25 per share to the final offer price. 

What Does an Offer for Sale Mean for HD Fire Protect? 

In an offer for sale, existing shareholders sell their shares to the public, and the company issues no new shares. As this IPO is entirely an OFS, HD Fire Protect will not receive any proceeds. All net proceeds, after offer expenses, will go to the selling shareholders. 

What Does HD Fire Protect Do? 

Incorporated in April 1997, HD Fire Protect makes systems that put out fires using water, foam or gas. It runs two factories, in Jalgaon and Thane, Maharashtra. In the financial year ended March 2026 (FY26), it supplied 2,066 customers. Domestic markets contributed 65% of its revenue from operations and international markets 35%. 

The company has exported to more than 90 countries since it started. Its products have been used in projects such as the Samruddhi Mahamarg, the Jamnagar refinery and the new Indian Parliament building. Its order book, the value of orders still to be delivered, stood at ₹158.601 crore as of 30 June 2026. 

How Has HD Fire Protect Performed Financially? 

HD Fire Protect’s profit rose 6.4% year on year to ₹116.8 crore in FY26, while revenue grew 13.05% to ₹489.3 crore. In the quarter ended June 2026, the company reported a profit of ₹23.8 crore on revenue of ₹109 crore. 

Outlook 

Once the shares list, the promoter group’s holding is set to fall from 100% to 85%, with public shareholders holding the remaining 15%. 

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