HD Fire Protect sets IPO price band at Rs 258-271, seeks valuation of Rs 4,750 crore

HD Fire Protect, the Mumbai-based fire protection equipment manufacturer, on October 7 fixed the price band at Rs 258-271 per share for its upcoming IPO, seeking a valuation of Rs 4,750 crore.

The company aims to raise Rs 712.1 crore through the offer-for-sale of 2.62 crore equity shares, with no fresh issue component.

Promoters Harish Narshi Dharamshi and his wife, Kusum Dharamshi, will be the selling shareholders in the offer-for-sale.

The initial public offering (IPO) will open for public subscription on October 13 and close on October 15, while the anchor book will open for a day on October 12.

HD Fire Protect is likely to finalise the IPO share allotment by October 16 and is expected to list its shares on the bourses on October 21.

Investors can bid for a minimum of 55 equity shares, and thereafter in multiples of 55 shares. Accordingly, the minimum investment for retail investors would be Rs 14,905, while the maximum would be Rs 1,93,765.

Half of the net offer size, excluding the employee portion, has been reserved for qualified institutional buyers, while 15 percent of the shares are set aside for non-institutional investors and the remaining 35 percent for retail investors.

HD Fire Protect has reserved Rs 1.75 crore worth of shares for employees, who will be offered shares at a discount of Rs 25 per share to the final offer price.

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As the IPO comprises entirely an offer-for-sale, the company will not receive any proceeds from the public issue, and all the net proceeds, excluding offer expenses, will go to the selling shareholders.

The fire protection equipment and systems manufacturer offers water-, foam- and gas-based fire suppression systems in domestic as well as international markets, which contributed 65 percent and 35 percent, respectively, to revenue from operations in fiscal 2026.

HD Fire Protect reported a 6.4 percent year-on-year growth in profit to Rs 116.8 crore for the year ended March 2026, while revenue for the same period grew 13.05 percent to Rs 489.3 crore. Profit in the June 2026 quarter stood at Rs 23.8 crore, while revenue was Rs 109 crore.

Ambit, Anand Rathi Advisors and IIFL Capital Services are acting as the book-running lead managers for the HD Fire Protect IPO.