HD Fire Protect sets Rs 258-271 band for Rs 712 crore IPO, opens October 13

The Development

HD Fire Protect Limited has fixed the price band for its initial public offering at Rs 258 to Rs 271 per equity share, setting the terms for a Rs 712.31 crore issue that opens for subscription on 13 October 2026 and closes on 15 October 2026. The band and dates were reported by The Economic Times and align with the red herring prospectus filed with SEBI, which was listed on the regulator's public-issues record on 5 October 2026.

This is a mainboard offering proposed for listing on both the NSE and the BSE. Per the offer document, the issue is structured entirely as an offer for sale of up to 2,62,84,500 equity shares by the company's two promoter selling shareholders, meaning HD Fire Protect itself will not receive any of the proceeds. The band and dates announcement marks the price-discovery stage of the pipeline: the RHP is now the legally operative offer document. The allotment is expected to be finalised on 16 October 2026, with shares proposed to list on 21 October 2026.

The Company

HD Fire Protect Limited, incorporated in April 1997, is an Indian manufacturer and supplier of fire protection equipment and systems, offering water-, foam- and gas-based fire suppression solutions. The company discloses that its portfolio spans eight product categories, including sprinklers, alarm and deluge valves, foam equipment, monitors and nozzles, water spray nozzles, custom-engineered systems and gas suppression systems. It serves industrial, residential and commercial customers across sectors such as oil and gas, petrochemicals, power, aerospace, pharmaceuticals, data centres, hospitality and healthcare.

Per the offer document, the company operates two manufacturing facilities at Jalgaon and Thane in Maharashtra, spread across roughly 8.50 acres, with a fire test laboratory and R&D facilities. It discloses exports to more than 90 countries since inception, including 49 countries during the three months ended 30 June 2026, and held 21 UL Listed and 87 FM Approved product certifications as of September 2026.

On financials, per the reporting of the figures, total income rose about 12% year on year to Rs 505 crore in Fiscal 2026 from Rs 451 crore in Fiscal 2025, while profit after tax rose about 6% to Rs 117 crore from Rs 110 crore. The company discloses that revenue from operations grew from Rs 3,729.53 million in Fiscal 2024 to Rs 4,892.81 million in Fiscal 2026, a CAGR of 14.54%, with an order book of Rs 1,586.01 million as of 30 June 2026.

The Offer Structure

Per the RHP, the offer comprises entirely an offer for sale of up to 2,62,84,500 equity shares of face value Rs 5 each by the promoter selling shareholders. Promoter Harish Narshi Dharamshi will offer 89,83,700 shares worth about Rs 243.46 crore and promoter Kusum Harish Dharamshi will offer 1,73,00,800 shares worth about Rs 468.85 crore, together aggregating the Rs 712.31 crore issue. The offer document states the objects of the offer are to carry out the offer for sale and to achieve the benefits of listing on the stock exchanges; the company will receive no proceeds.

The lot size is 55 shares, so a single-lot retail application at the upper band is Rs 14,905 per the exchange record. Eligible employees bidding in the employee reservation portion are offered a discount of Rs 25 per share. Ambit Private Limited is the book-running lead manager and MUFG Intime India Private Limited is the registrar. Readers working through the arithmetic of a potential allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior coverage sits on the Oquilia news desk.

Risk Factors

The RHP sets out its top internal risk factors, which are reported here as the company's own disclosures rather than any assessment by this desk. The company discloses that any malfunction or failure of its fire protection equipment and systems could result in loss of life, property damage, warranty invocation, legal claims and reputational harm.

Among the risk factors the company discloses, it generated between roughly 32% and 36% of revenue from operations from outside India across the three months ended 30 June 2026 and Fiscals 2026, 2025 and 2024, exposing it to conditions in key overseas markets such as the Middle East and the rest of Asia. The RHP also lists supplier concentration, noting its top 10 suppliers contributed between about 35% and 59% of total expenses across those periods, with no long-term purchase agreements in place.

The RHP further lists geographic concentration of manufacturing in Maharashtra, under-utilisation of capacity, working-capital risk from customer payment defaults or delays, pending legal proceedings involving the company and its directors, and that one of its joint statutory auditors resigned before the end of their term and was subsequently appointed as the company's CFO, which it notes may be perceived negatively.

What Happens Next

With the band and dates set, the standard mechanics follow. An anchor book is typically allotted a day before the issue opens, after which the three-day subscription window runs from 13 to 15 October 2026, during which exchange bid data will show demand category-wise for qualified institutional buyers, non-institutional investors and retail applicants. Applications are made through the ASBA and UPI framework, under which the application amount is blocked rather than debited until allotment.

Per the offer document, the basis of allotment is expected to be finalised on 16 October 2026, followed by refunds or unblocking of application money for unsuccessful or partially successful bids and the crediting of shares to demat accounts. Listing on the NSE and BSE is proposed for 21 October 2026. Each of these steps is a process milestone recorded by the registrar and the exchanges, not a prediction of demand or price.

FAQ

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision.

What is the price band and lot size?

Per the RHP, the price band is Rs 258 to Rs 271 per equity share of face value Rs 5. The lot size is 55 shares, so a retail bid for one lot at the upper band works out to Rs 14,905, as the offer document and exchange record state.

When does the issue open and close?

Per the offer document, the issue opens on 13 October 2026 and closes on 15 October 2026. The basis of allotment is expected to be finalised on 16 October 2026, with listing on the NSE and BSE proposed for 21 October 2026.

Why will the company receive no money from the IPO?

The issue is entirely an offer for sale of up to 2,62,84,500 equity shares by the two promoter selling shareholders. Per the RHP, all proceeds, net of offer expenses and taxes, go to the selling shareholders and the company receives nothing.

Where can I read the RHP?

The red herring prospectus and abridged prospectus are filed with SEBI and available on sebi.gov.in, on the exchanges, and on the company and lead manager websites. The document sets out the financials, objects and the full risk-factors section.

This report is based on the abridged red herring prospectus filed with SEBI and was surfaced via coverage in The Economic Times.