About HD Fire Protect Ltd IPO
HD Fire Protect IPO is heading to the Indian primary market, following the company's filing of its Draft Red Herring Prospectus (DRHP) dated September 24, 2025. HD Fire Protect IPO is a book-built equity issue comprising an Offer for Sale of up to 2,62,84,500 equity shares, each carrying a face value of ?5, with a proposed listing on the BSE and NSE.
Ambit Private Limited, Anand Rathi Advisors Limited and IIFL Capital Services Limited are the Book Running Lead Managers, while MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the Registrar to the Issue.
The HD Fire Protect IPO is being offered by promoter selling shareholders Harish Narshi Dharamshi and Kusum Harish Dharamshi. Harish Narshi Dharamshi is offering up to 89,83,700 equity shares, while Kusum Harish Dharamshi is offering up to 1,73,00,800 equity shares. The company is promoted by Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi.
The proceeds from the Offer for Sale will go to the promoter selling shareholders after deducting applicable expenses and taxes. Since the IPO comprises entirely an Offer for Sale, the company will not receive any proceeds from the issue.
About HD Fire Protect Ltd
Incorporated in April 1997, HD Fire Protect is an Indian manufacturer and supplier of fire protection equipment and systems, offering a comprehensive portfolio of water, foam and gas-based fire suppression systems for industrial, residential and commercial applications.
According to the CRISIL Report, HD Fire Protect was the second-largest manufacturer of fire protection equipment and systems in India in terms of operating income in Fiscal 2025 and the largest exporter by value of equipment in the same year. The company has a strong international presence, with products exported to more than 90 countries as of Fiscal 2026, including key markets such as the UAE, Saudi Arabia, Brazil, Turkey, Malaysia and Indonesia.
As of June 30, 2026, the company's product portfolio spans eight categories, including sprinklers and alarm valves, deluge valves and systems, foam equipment and suppression systems, monitors and nozzles, system valves and accessories, water spray nozzles, custom-engineered systems and gas suppression systems. Its products cater to a wide range of industries, including oil and gas, refining and petrochemicals, power and energy, heavy engineering, pharmaceuticals, aerospace, data centres, warehousing and other industrial sectors, as well as hospitality, healthcare, retail, education and banking.
HD Fire Protect operates two manufacturing facilities in Maharashtra, located at Jalgaon MIDC and Thane MIDC, covering a combined area of 8.50 acres. The company develops a majority of its products in-house and focuses on proprietary designs, research and development, and compliance with national and international standards. It has a strong portfolio of product certifications, including 21 UL Listed and 87 FM Approved certifications as of September 2026, giving it the highest number of such certifications among fire protection equipment-focused peers in India, according to the CRISIL Report.
HD Fire Protect was the first Indian fire protection equipment and systems manufacturer to receive UL Listing for deluge valves and FM approval for a range of products used in low-expansion foam systems. It also holds patents in the United States, India, Turkey and Saudi Arabia and has developed custom-engineered fire protection systems for specialized applications.
In Fiscal 2026, HD Fire Protect supplied its products and systems to 2,066 customers. Its established distributor-led international supply chain and stockist network in India support its growing domestic and export business. The company maintains a strong focus on product quality, with a replacement rate of just 0.01% during the three months ended June 30, 2026 and across the past three fiscals, with no product recalls reported during these periods.
As of June 30, 2026, the Company’s workforce included 279 permanent and 253 contractual personnel.
HD Fire Protect IPO is heading to the Indian primary market, following the company's filing of its Draft Red Herring Prospectus (DRHP) dated September 24, 2025. HD Fire Protect IPO is a book-built equity issue comprising an Offer for Sale of up to 2,62,84,500 equity shares, each carrying a face value of ?5, with a proposed listing on the BSE and NSE. Ambit Private Limited, Anan
hd fire protect IPO Subscription Breakdown
| Investory Category | Subscription Percentage | Amount Raised (₹ Crores) |
|---|---|---|
| Qualified Institutional Buyers (QIBs) | 50% | 1,31,42,250 crores |
| Non-Institutional Investors (NIIs) | 15% | 39,42,675 crores |
| Retail Individual Investors (RIIs) | 35% | 91,99,575 crores |
hd fire protect IPO Strengths & Weaknesses
36+ years of industry experience, with exports to 90+ countries and certifications including UL, FM, ASME U Stamp and CE.
Diversified portfolio of eight fire protection solution categories using water, foam and gas technologies, serving oil & gas, power, aerospace, pharma, data centres and heavy engineering.
End-to-end in-house capabilities covering design, casting, machining, assembly, testing and quality control, supporting customised solutions and better quality control.
Strong R&D and quality track record, supported by patents and global certifications, with no product recalls and just 0.01% replacement rate during the three months ended June 30, 2026 and the preceding three fiscals.
Strong financial growth, with revenue from operations CAGR of 14.54% from FY2024–FY2026, reaching ?4,892.81 million in FY2026; Operating EBITDA was ?1,504.59 million and PAT ?1,167.87 million.
hd fire protect IPO Important Dates & Issue Details
| Allotment Date | Listing Date | Refund Date |
|---|---|---|
| 16 Oct '26 | 21 Oct '26 | 19 Oct '26 |
| Issue Composition: | |
|---|---|
| Face Value | ₹5 per share |
| Total Issue Size | 2,62,84,500 shares (aggregating up to To be announced) |
| Fresh Issue | 0 shares (aggregating up to To be announced) |
| Offer for Sale | 52,56,900 shares of ₹5 (aggregating up to ₹2,62,84,500 crores) |
| Issue Type | Book Building IPO |
| Post-Issue Shareholding Pattern: | |
|---|---|
| Pre-Issue Shareholding | 100 shares |
| Post-Issue Shareholding | 85 shares |
hd fire protect IPO Lot Size and Investment Details
| Minimum Lot Size | 55 shares |
| Maximum Lot Size (Retail) | -- |
The lot size of hd fire protect ipo has been designed to ensure broad participation while maintaining optimal price discovery.
How to Apply for hd fire protect IPO
- Log in to your Choice account
- Select IPO
- Enter the number of lots and your price
- Verify UPI ID
- Complete the transaction on your UPI app
hd fire protect IPO Contact & Registrar Details
Contact Details
Address
O-611 6th Floor, Runwal R Square Opp. Veena Nagar, L. B. S. Marg, Mulund West Mumbai
Phone Number
Website
Registrar Details
Registrar Name
MUFG Intime India Pvt.Ltd.
Phone Number
hd fire protect Lead Manager(s)
| Book Running Lead Manager(s) |
|---|
| Ambit Pvt.Ltd. | Anand Rathi Advisors Ltd. | IIFL Capital Services Ltd. |
