HD Fire Protect IPO closes 131.70 times subscribed, lists October 21

The Development

HD Fire Protect Limited, a Thane-based manufacturer of fire protection equipment, closed its initial public offering on Thursday, October 15, 2026, with the offer subscribed about 131.70 times, as reported by The Economic Times. The offer is a pure offer for sale of up to 26,284,500 equity shares of face value Rs 5 each, which at the upper end of the price band aggregates to about Rs 712.31 crore. The basis of allotment is being finalised, with listing on the exchanges scheduled for October 21, 2026.

Per NSE data, the price band was Rs 258 to Rs 271 per share and the bidding window ran from October 13 to October 15, 2026, with the anchor-investor allocation a day earlier. The category-wise demand on the NSE was led by the qualified institutional buyer portion at 156.82 times, the non-institutional portion at 128.10 times, the retail individual portion at 20.83 times and the employee portion at 15.74 times. The offer document, the red herring prospectus, was filed with SEBI and is dated October 5, 2026.

The Company

HD Fire Protect describes itself in the RHP as an Indian manufacturer and supplier of fire protection equipment and systems, spanning water, foam and gas-based fire suppression products developed largely in-house to national and international standards. The company discloses that it supplied its equipment to 2,066 customers in Fiscal 2026 and has served customers across more than 90 countries between inception and March 31, 2026. Its end markets span high-hazard industrial sectors such as oil and gas, refining and petrochemicals, power, pharmaceuticals and data centres, alongside residential and commercial sectors.

On financials, the company discloses restated revenue from operations of Rs 4,892.81 million (about Rs 489 crore) in Fiscal 2026, up from Rs 4,327.99 million in Fiscal 2025 and Rs 3,729.53 million in Fiscal 2024. Profit for the year was Rs 1,167.87 million (about Rs 117 crore) in Fiscal 2026, against Rs 1,097.18 million in Fiscal 2025, per the RHP. Operating EBITDA was Rs 1,504.59 million and return on net worth was 30.97% in Fiscal 2026. The RHP states the company had zero fund-based outstanding borrowings and has been debt-free across the periods presented, with a net worth of Rs 3,771.47 million as at March 31, 2026. The promoters are Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi, who together held 95.33% of the pre-offer equity capital.

The Offer Structure

The offer is entirely an offer for sale, which means all proceeds, net of offer-related expenses and taxes, accrue to the two selling shareholders rather than to the company. Per the RHP, the selling promoters are Harish Narshi Dharamshi, offering up to 8,983,700 equity shares, and Kusum Harish Dharamshi, offering up to 17,300,800 equity shares, for a total of up to 26,284,500 shares of Rs 5 face value. At the price band of Rs 258 to Rs 271, the offer size works out to roughly Rs 678 crore at the floor and Rs 712.31 crore at the cap. The minimum bid lot and application amount were set out in the exchange bidding advertisement.

The stated objects of the offer, per the RHP, are to carry out the offer for sale by the promoter selling shareholders and to achieve the benefits of listing the equity shares on the stock exchanges. The book-running lead managers are Ambit Private Limited, Anand Rathi Advisors Limited and IIFL Capital Services Limited, and the registrar to the offer is MUFG Intime India Private Limited. The shares are proposed to be listed on both BSE Limited and the National Stock Exchange of India, with the BSE as the designated stock exchange. Readers working through the arithmetic of an allotment may find Oquilia's lumpsum calculator and CAGR calculator useful, and prior desk coverage sits on the Oquilia news desk.

Risk Factors

The RHP sets out the top internal risk factors, which are the company's own required disclosures and not an assessment by this desk. Among them, the company discloses a product-safety risk, stating that any malfunction or failure of its fire protection equipment could result in loss of life, property damage, warranty invocation, legal claims and reputational harm.

The RHP lists an export-concentration risk, disclosing that 34.69% of Fiscal 2026 revenue from operations came from outside India, with key markets including the Middle East and the rest of Asia, so adverse conditions in those markets could affect results. It also discloses a supplier-concentration risk, noting that its top 10 suppliers accounted for 47.76% of total expenses in Fiscal 2026 and that it has no long-term purchase agreements with them. Further risk factors the company discloses include geographical concentration, with its Maharashtra facilities contributing 63.49% of Fiscal 2026 revenue, the price volatility and availability of raw materials, and the resignation of one of its joint statutory auditors, who was subsequently appointed the company's chief financial officer.

What Happens Next

With the bidding window closed on October 15, the process now moves to the basis of allotment, which is finalised in consultation with the designated stock exchange, the BSE. Where a category is oversubscribed, allotment follows the SEBI framework for that category, which for retail investors is a lottery for the minimum lot when demand exceeds supply. Allotment status is published by the registrar, MUFG Intime India, and on the exchange websites.

Following allotment, shares are credited to the demat accounts of successful applicants and funds are unblocked for applications that were not allotted, ahead of listing. Per the reported schedule, the equity shares are expected to list on the BSE and the NSE on October 21, 2026, at which point a market price is established for the first time. The exchanges publish the confirmed allotment and listing dates on their public-issue pages.

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, and can be read directly before making any decision.

What was the price band and offer size?

Per NSE data, the price band was Rs 258 to Rs 271 per equity share. The offer was a pure offer for sale of up to 26,284,500 equity shares of Rs 5 face value, aggregating to about Rs 678 crore at the floor and Rs 712.31 crore at the cap of the band. The company received no proceeds from the offer.

How was the offer subscribed?

The offer closed on October 15, 2026 subscribed about 131.70 times overall, as reported by The Economic Times. Per NSE bid data, the qualified institutional buyer portion was subscribed 156.82 times, the non-institutional portion 128.10 times, the retail portion 20.83 times and the employee portion 15.74 times.

What are the objects of the offer?

Because the offer is a pure offer for sale, the RHP states its objects are to carry out the sale of shares by the promoter selling shareholders and to achieve the benefits of listing on the stock exchanges. All proceeds accrue to the selling shareholders, not to the company.

Where can I read the RHP?

The red herring prospectus is available on SEBI's website at sebi.gov.in and on the NSE and BSE public-issue pages, as well as on the company and lead-manager websites, as the abridged prospectus notes.

This report is based on the red herring prospectus filed with SEBI and subscription data from the NSE. It was surfaced via coverage in The Economic Times.