HD Fire Protect files RHP for offer-for-sale IPO; bids open October 13

The Development

HD Fire Protect Limited, a Thane-based manufacturer of fire protection equipment and systems, has filed its red herring prospectus (RHP) with the Registrar of Companies, Mumbai, dated 5 October 2026, advancing its initial public offering to the stage at which the offer terms become legally operative. The abridged prospectus containing the salient features of that RHP is available on the website of the Securities and Exchange Board of India (SEBI), here, and on the BSE and NSE.

Per the RHP, the issue is structured entirely as an offer for sale of up to 26,284,500 equity shares of face value Rs 5 each by the company's promoters. There is no fresh issue component, so the company itself will not receive any proceeds. The document sets the bidding calendar: the anchor investor allocation is scheduled for Monday, 12 October 2026, the bid and offer period opens on Tuesday, 13 October 2026 and closes on Thursday, 15 October 2026, with the UPI mandate confirmation window ending at 5 p.m. on the closing date.

The price band and lot size appear as placeholders in the abridged prospectus and, per the RHP, will be fixed by the company with the book-running lead managers and published in a price band advertisement ahead of the anchor date. The filing was surfaced via IPO coverage aggregated on Google News. Because the offer size in rupees depends on the final offer price, only the share count is fixed at this stage.

The Company

HD Fire Protect describes itself in the RHP as an Indian manufacturer and supplier of fire protection equipment and systems, with a portfolio spanning water, foam and gas-based fire suppression products. The company discloses that it supplied 2,066 customers in Fiscal 2026 and has served customers across more than 90 countries since inception, with end-users ranging from heavy engineering, oil and gas, power and data centres to hospitality, healthcare and banking. It operates two manufacturing facilities in Jalgaon and Thane, Maharashtra.

Citing a CRISIL report, the RHP states the Indian fire protection equipment market grew at a 12% compound annual rate between Fiscals 2020 and 2026 to Rs 109 billion and is expected to reach Rs 175 to 195 billion by Fiscal 2031. The company discloses it was the second-largest manufacturer of fire protection equipment and systems in India by operating income in Fiscal 2025 and the largest exporter by value that year.

On financials, the RHP's restated information shows 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 a year earlier. The company discloses a return on net worth of 30.97% for Fiscal 2026 and states it has been debt-free on a fund-based basis across the periods presented.

The Offer Structure

The offer is, per the RHP, entirely an offer for sale by the two promoter selling shareholders: Harish Narshi Dharamshi, offering up to 8,983,700 equity shares, and Kusum Harish Dharamshi, offering up to 17,300,800 equity shares, together totalling the 26,284,500 shares on offer. The RHP states the objects of the offer are to carry out the offer for sale and to achieve the benefits of listing; the company will not receive any proceeds, which accrue to the selling shareholders net of expenses and taxes.

The book-running lead managers are Ambit Private Limited, Anand Rathi Advisors Limited and IIFL Capital Services Limited, with MUFG Intime India Private Limited (formerly Link Intime) as registrar. The shares are proposed to be listed on the BSE and the NSE, with the BSE as the designated stock exchange. The price band, lot size and minimum application amount are to be fixed before the anchor date. Readers working through the arithmetic of a potential allotment once the band is announced can use Oquilia's lumpsum calculator or CAGR calculator, and prior primary-market coverage sits on the Oquilia news desk.

Risk Factors

The RHP sets out ten top internal risk factors, several of which bear on the company's core operations. The company discloses 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 also lists supplier concentration as a risk, noting the top 10 suppliers accounted for 59.28% of total expenses in the three months ended 30 June 2026, and that the company has no long-term purchase agreements with them.

Among the other risk factors the company discloses are its exposure to overseas markets, with 34.69% of Fiscal 2026 revenue from operations generated outside India, chiefly the Middle East and rest of Asia; geographical concentration, with its Maharashtra facilities accounting for 63.49% of Fiscal 2026 revenue from operations; and stringent certification and regulatory requirements in India and abroad. The RHP also notes that one of its joint statutory auditors resigned before completing their term and was later appointed as the company's chief financial officer, and that the company and its directors are involved in certain legal proceedings. These are disclosures the company was required to make and not an assessment by this desk.

What Happens Next

With the RHP filed, the standard mechanics now follow the announced calendar. The company is expected to publish a price band advertisement fixing the floor price, cap price and lot size before the anchor investor allocation, which the RHP schedules for 12 October 2026. The three-day bidding window then runs from 13 October to 15 October 2026, with applications made through the ASBA and UPI framework and the UPI mandate window closing at 5 p.m. on the final day.

After the issue closes, the basis of allotment is finalised with the registrar and the designated stock exchange, followed by refunds or unblocking of application money for unsuccessful bids, credit of shares to demat accounts, and listing on the BSE and the NSE. The abridged prospectus does not specify the allotment and listing dates; these are confirmed through exchange notices once the subscription closes. Each step is a process milestone, 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?

They are not yet fixed. The abridged prospectus shows the price and lot size as placeholders. Per the RHP, the floor price, cap price and lot size will be set by the company with the book-running lead managers and published in a price band advertisement before the anchor allocation on 12 October 2026.

When does the issue open and close?

Per the RHP, the anchor investor allocation is scheduled for 12 October 2026, and the bid and offer period runs from 13 October 2026 to 15 October 2026. The UPI mandate confirmation window ends at 5 p.m. on the closing date.

Is the company raising fresh capital in this IPO?

No. The RHP states the issue is entirely an offer for sale of up to 26,284,500 shares by the two promoter selling shareholders. The company will not receive any proceeds; these accrue to the selling shareholders net of offer-related expenses and taxes.

Where can I read the RHP?

The red herring prospectus and its abridged version are available on SEBI's website at sebi.gov.in, on the BSE and NSE websites, and on the company's website, as stated in the abridged prospectus.

This report is based on the abridged red herring prospectus filed with the RoC and hosted on SEBI's website. It was surfaced via IPO coverage aggregated on Google News.