HD Fire Protect IPO: Price Band, Dates, GMP & Review

# HD Fire Protect IPO: Price Band, Dates, GMP & Review Mumbai-based fire protection equipment maker **HD Fire Protect** has filed its Red Herring Prospectus (RHP) and will open its IPO for public subscription on **13 October 2026**. The issue is a **100% offer for sale (OFS)** by promoters — the company itself will not receive any fresh capital. With a price band of **₹258–271 per share** and a listing targeted on **21 October 2026**, here is a complete look at the issue details, company background, financials and what investors should know. ## HD Fire Protect IPO Details

Particular	Detail
IPO opening date	13 October 2026
IPO closing date	15 October 2026
Anchor book	12 October 2026
Price band	₹258–271 per share
Lot size	55 shares
Minimum investment (retail)	₹14,905 (55 × ₹271)
Face value	₹5 per share
Issue type	100% Offer for Sale (OFS)
OFS shares	2,62,84,500 equity shares
Issue size	₹676.39–710.56 crore (at price band)
Employee reservation	Shares worth ₹1.75 crore; ₹25 discount per share
Listing	BSE and NSE
BRLMs	Ambit, Anand Rathi Advisors, IIFL Capital Services
Registrar	MUFG Intime India

## HD Fire Protect IPO Key Dates

Event	Date
Anchor investors bidding	12 October 2026
IPO opens	13 October 2026
IPO closes	15 October 2026
Basis of allotment	16 October 2026 (expected)
Refunds & demat credit	19 October 2026 (expected)
Listing	21 October 2026 (expected)

## About HD Fire Protect: Company Background HD Fire Protect is an Indian manufacturer and supplier of **fire protection equipment and systems**, with decades of industry experience behind it. Its product portfolio spans eight categories, including: - Sprinklers and alarm valves - Deluge valves and pre-action systems - Foam equipment and monitors - Water spray, gas suppression and custom-engineered systems The company serves high-hazard industries — oil & gas, refining, petrochemicals, power, heavy engineering, aerospace, pharmaceuticals and data centres — as well as commercial and residential segments. It operates **two manufacturing facilities in Maharashtra (Jalgaon and Thane)**, an R&D centre and a fire test laboratory, and had **279 permanent employees** as of June 2026. Key credentials that stand out: - **Second-largest fire protection equipment manufacturer in India** by operating income and the **largest exporter by value** (CRISIL). - **21 UL Listed and 87 FM Approved certifications** — the highest among Indian fire-protection-focused peers. - Export footprint of **90+ countries in FY26** (49 countries in the June 2026 quarter alone); exports were ~35% of FY26 business. - Supplied products for marquee projects: master stream nozzles at the Sriharikota space launch pad, fire protection equipment at the Jamnagar refinery and the new Indian Parliament building, deluge valves for Saudi Aramco's Ras Tanura project, and equipment for Oman's Integrated Power & Water Plant. - Order book of **₹158.60 crore** as of 30 June 2026. ### Promoters and Selling Shareholders The promoters are **Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi**. The OFS comprises up to **8,983,700 shares by Harish Narshi Dharamshi** and up to **17,300,800 shares by Kusum Harish Dharamshi**. After the issue, the promoters will continue to hold a majority stake in the company. ## HD Fire Protect Financials

Particular (₹ crore)	FY24	FY25	FY26	Q1 FY27
Revenue	372.95	432.80	489.28	109.05
Profit after tax (PAT)	87.92	109.72	116.79	23.86
PAT margin	23.57%	25.35%	23.87%	21.88%

Revenue has compounded steadily from ₹372.95 crore in FY24 to ₹489.28 crore in FY26, while PAT grew from ₹87.92 crore to ₹116.79 crore. Net margins are healthy and remarkably stable — around **24% in each of the last three fiscals**. At the upper price band of ₹271, the implied market capitalisation on the pre-issue share count (17.52 crore shares) works out to roughly **₹4,750 crore**, which translates to a P/E of about **40.7x FY26 earnings** — investors should weigh this against listed industrial peers before subscribing. ## 100% OFS: What Investors Should Know Unlike a fresh issue, a pure OFS means **no money flows into the company** — the entire ₹677–711 crore will go to the two selling promoters. Consider this structure carefully: - **No expansion capital:** capacity growth, debt reduction and capex must be funded internally. - **Promoter stake sale:** while promoters retain majority control, selling shareholders are cashing out a meaningful portion of their holding. - **Listing benefit:** the primary gain for the company is the listed-equity currency and improved brand visibility in export markets. This does not automatically make the IPO a poor investment — many profitable, dividend-paying companies list via OFS — but subscription decisions should be driven by the **business quality and the price**, not the size of the issue. ## HD Fire Protect IPO GMP As of 7 October 2026, **grey market premium (GMP) trackers show no active GMP for HD Fire Protect** (₹0) ahead of the 13 October opening. GMP for this issue may begin trading closer to the anchor date. Note that GMP is **unofficial and market-reported**, can change quickly, and is not an official indicator of listing performance. Watch IPOlist.in's live GMP tracker at https://www.ipolist.in/ for updates through the subscription window. ## HD Fire Protect IPO Review: Strengths and Risks **Strengths:** - Clear market leadership in a specialised niche — #2 in India by revenue, #1 exporter, with global certifications that are hard to replicate. - Consistent, high-margin financials: ~24% PAT margin across FY24–FY26 with steady revenue growth. - Diversified end markets and a 90+ country export footprint reduce dependence on any single sector. - Healthy order book of ₹158.60 crore provides near-term revenue visibility. **Risks:** - **Pure OFS** — the company raises nothing; investor money goes entirely to exiting promoters. - Exposure to **cyclical industries** (oil & gas, refining, petrochemicals) and meaningful **export dependence (~35%)** with currency and trade-policy risk. - Valuation: ~40x FY26 earnings at the upper band leaves limited room for error versus industrial peers. - Order-driven business with large, lumpy project contracts — quarterly numbers can be uneven. For more on upcoming IPOs this month, see our Upcoming IPOs This Week roundup at https://www.ipolist.in/blog/upcoming-ipos-this-week-october-2026-dates-gmp-listings, and track the giant Jio Platforms listing in https://www.ipolist.in/blog/jio-platforms-ipo-date-size-drhp-details. ## FAQs **When does the HD Fire Protect IPO open?** The HD Fire Protect IPO opens on 13 October 2026 and closes on 15 October 2026. Anchor bidding is on 12 October 2026. **What is the price band and lot size of the HD Fire Protect IPO?** The price band is ₹258–271 per share with a lot size of 55 shares. Retail investors need a minimum of ₹14,905 at the upper band. **Is HD Fire Protect IPO a fresh issue or OFS?** It is a 100% offer for sale of 2,62,84,500 shares by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi. The company will not receive any proceeds. **When will HD Fire Protect shares list?** Allotment is expected on 16 October 2026, and listing on the BSE and NSE is expected on 21 October 2026. **What does HD Fire Protect do?** It manufactures fire protection equipment and systems — sprinklers, deluge valves, foam equipment, monitors and gas suppression systems — from two plants in Maharashtra, exporting to 90+ countries. It is India's second-largest fire protection equipment maker by revenue (CRISIL). ## Conclusion The **HD Fire Protect IPO** (13–15 October, ₹258–271) brings a profitable, market-leading fire safety equipment business to the public markets — but as a **pure promoter OFS at ~40x FY26 earnings**, the key question for investors is whether the price fairly values a niche, cyclical, export-linked business. Check the latest GMP and subscription figures on IPOlist.in at https://www.ipolist.in/ through the bidding window before applying.