HD Fire Protect has fixed its IPO price band at ₹258‑₹271 per equity share, aiming to sell 2.62 crore shares and raise ₹712.13 crore in total. The issue is a pure offer‑for‑sale by promoters Harish Narshi Dharamshi and his wife, meaning the company will not receive any fresh capital; the proceeds benefit the exiting shareholders alone.
The offering is split 50% for qualified institutional buyers, 15% for non‑institutional investors and 35% for retail participants, with anchor investor bidding opening on Oct 12. The IPO’s closed‑end date is Oct 15, after which allotments will be finalized on Oct 16.
HD Fire Protect’s business rides on two Maharashtra‑based plants that churn out water, foam and gas‑based fire suppression solutions. In FY 2026 it supplied 2,066 customers worldwide, with 65% of revenue coming from domestic accounts and 35% from overseas.
The quarter ended June 2026 saw revenue hit ₹109 crore and profit ₹23.8 crore, a 6.4% YoY rise in profit to ₹116.8 crore and a 13% jump in revenue to ₹489.3 crore for the full year. These figures sit comfortably above the sector’s average margin of 15%.
Investors will see the shares trade on Oct 21, with a projected post‑listing market cap of ₹4,748.73 crore. The final allotment is expected to be announced on Oct 16, after which market sentiment will hinge on demand from QIBs and retail participation.
The listing’s timing places it ahead of the Q3 earnings cycle for the fire‑protection sector, potentially providing a catalyst for peers. Analysts are watching the demand from QIBs closely, as it will dictate the stock’s opening volatility and early post‑trade performance.