Mumbai-based HD Fire Protect, a manufacturer of fire protection equipment and systems, has finalized the price band at ₹258-271 per equity share for its initial public offering. The public issue will open for subscription on October 13, 2026 and close on October 15, 2026. At the upper end of the price band, the company is looking to raise ₹712.31 crore through the IPO. Investors can bid for a minimum of 55 shares and in multiples thereof. The issue is entirely an offer for sale (OFS) of 2.63 crore equity shares by promoter shareholders, with no fresh issue of shares. Since there is no fresh issue, HD Fire Protect will not receive any proceeds from the IPO, with the primary objective being to provide an exit opportunity to selling shareholders and facilitate the listing of the company's equity shares on the stock exchanges.
According to InvestorGain, the grey market premium (GMP) for HD Fire Protect IPO stands at around 30% ahead of its subscription opening on October 13. At a GMP of 29.52%, the unlisted market is indicating a potential listing price of around ₹351 per share against the upper end of the IPO price band of ₹271. This translates into a potential listing gain of around ₹80 per share, although grey market premiums are unofficial and can change before listing. The GMP serves as an unofficial indicator of market sentiment and is not a guaranteed indication of the actual listing price.
As reported by The Hindu BusinessLine, Harish Narshi Dharamshi will offer 89.84 lakh shares worth ₹243.46 crore, while fellow promoter Kusum Harish Dharamshi will offer 1.74 crore shares worth ₹468.85 crore. Together, the two promoter selling shareholders will offer 2.63 crore shares aggregating ₹712.31 crore. The floor price is 51.60 times the face value of the equity shares, while the cap price is 54.20 times the face value. At the upper end of the price band, HD Fire Protect is expected to have a post-listing market capitalization of ₹4,750 crore. The company has reserved shares worth ₹1.75 crore for its employees, with eligible employees bidding in the employee reservation portion offered a discount of ₹25 per equity share. The selling shareholders include Harish Narshi Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi as promoters of HD Fire Protect.
According to The Hindu BusinessLine, HD Fire Protect operates with two manufacturing facilities in Maharashtra - Jalgaon MIDC and Thane MIDC, covering an area of 8.50 acres each. The company designs and manufactures a comprehensive portfolio of fire protection equipment and systems spanning water, foam and gas-based fire suppression solutions. In fiscal 2026, the company supplied fire protection equipment and systems to 2,066 customers across domestic and international markets, which accounted for 65 percent and 35 percent of its business, respectively. The company serves oil, gas, power, manufacturing and infrastructure industries with its internationally certified products. As of September 2026, the company had 21 UL Listed and 87 FM Approved product certifications. The company has supplied products for several prestigious projects including master stream nozzle installations at India's space launch pad in Sriharikota, fire protection equipment at India's largest refinery in Jamnagar, and fire protection equipment for the new Indian Parliament building. HD Fire Protect also supplies products to Saudi Aramco and has a total export footprint exceeding 90 countries.
As reported by The Hindu BusinessLine, HD Fire Protect reported total income of ₹489 crore in fiscal 2026, representing a 13% year-on-year growth from ₹451 crore in fiscal 2025. Profit after tax (PAT) rose 6% to ₹117 crore from ₹110 crore in the previous fiscal. The company's revenue from operations increased from ₹3,729.53 million in Fiscal 2024 to ₹4,892.81 million in Fiscal 2026, representing a CAGR of 14.54%. The company's order book stood at ₹1,586.01 million as of June 30, 2026. At the upper end of the price band, the company's price-to-earnings (P/E) ratio, based on diluted EPS for Fiscal 2026, stands at 40.69 times, while at the lower end, it is 38.74 times. The average P/E ratio of the industry peer group is 62.95 times. In the June quarter, the company reported profit of ₹24 crore with revenue of ₹109 crore.
According to The Hindu BusinessLine, Ambit Pvt. Ltd., Anand Rathi Advisors and IIFL Capital Services are acting as the book running lead managers for the HD Fire Protect IPO. The allotment of shares is expected to be finalized on October 16, 2026, while the company's shares are proposed to be listed on both the NSE and BSE on October 21, 2026. The IPO has a lot size of 55 shares, with retail investors required to bid for a minimum of one lot. At the upper end of the price band, the minimum investment for retail investors will be ₹14,905. HD Fire Protect had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in September 2025, and received regulatory approval for the IPO in January 2026.
