Raajmarg Infra Investment Trust IPO...
05 Mar, 2026
HD Fire Protect IPO
The HD Fire Protect IPO is a book-built issue, which is entirely an offer for sale (OFS) of 2.62 crore equity shares. The company has filed its DRHP with SEBI on Sep 24, 2025.
The price band and official dates of subscription and listing will be announced by the company later, but the shares are supposed to list on the BSE and the NSE platforms. The book-running lead managers for this issue are Ambit Private Ltd., Anand Rathi Advisors Ltd., IIFL Securities Ltd. and Equirus Capital Private Ltd., while the registrar to the offer is MUFG Intime India Private Ltd.
Company Background
HD Fire Protect Ltd. was incorporated as a private company on April 24, 1997. However, it was founded in 1990 by Harish Dharamshi. It has been over three decades since the company underwent a tremendous transformation, from being a local manufacturing company to becoming a renowned company in the world in the fire safety sector.
It was converted into a public limited company to raise the necessary funds for the IPO. It is based in Thane, Maharashtra. It has undergone a tremendous transformation in becoming the second-largest fire protection equipment manufacturer in India in terms of revenue (Fiscal 2024).
Operations & Product Range
HD Fire Protect Ltd. offers a broad range of firefighting equipment, including compliance with stringent safety requirements. Their products include fire sprinklers, deluge valves, foam proportioning systems and gas suppression systems. They serve industries with high-hazard risks, including Oil & Gas, Petrochemical and defense. They provide dependable safety solutions.
Facilities & Capacity
HD Fire Protect Ltd. has two main manufacturing facilities in Maharashtra, located in Jalgaon MIDC and Thane MIDC, covering an area of around 8.50 acres. The company has in-house foundries and CNC machine shops, as well as fabrication shops, with ASME 'U' stamp approval for pressure vessel manufacturing. The company also has extensive testing facilities to meet international quality standards.
Brands & Market Presence
HD Fire Protect Ltd. is operating under its brand name, HD Fire Protect and is establishing itself as a 'Global Supply with Local Support' company. It is the largest exporter of fire protection equipment, originating from India and supplying it to over 90 countries. The company is in possession of prestigious international certifications from UL, FM Approvals and ASME, which are imperative for international acceptance in the industry.
Revenue Streams & Business Model
HD Fire Protect Ltd. is a B2B manufacturer and exporter and the major source of revenue comes from the sale of fire protection systems and equipment. A significant portion of the revenue is generated by exporting goods and therefore, the company is a net foreign exchange earner. The company has a good presence in the Indian market and is targeting the Middle East and Southeast Asian countries for further growth.
Management & Shareholding
HD Fire Protect Ltd. is owned and operated by the Dharamshi and Ghotikar families, who are the promoters and selling shareholders of the company in this IPO issue. The promoter group owns the entire paid-up equity capital of 17.52 crore shares. Although the promoter share will be reduced after the issue of shares in this IPO, they will continue to hold the controlling stake in the company.
Board & Key Management
HD Fire Protect Ltd.’s board of directors is headed by its Chairman and Managing Director, Harish Dharamshi, together with Whole Time Directors like Miheer Sadanand Ghotikar, Parika Miheer Ghotikar and Anik Narendra Dharamshi. For effective corporate governance, the company’s board of directors is also composed of independent directors like Ramesh Chandak, Nagesh Pinge and Sudha Ravi.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
HD Fire Protect IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
HD Fire Protect IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹5 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | 100% Book Built Offer |
| Total Issue Size | Up to 26,284,500 Equity Shares |
| Fresh Issue(Ex Market Maker) | [.] |
| Offer for Sale | Up to 26,284,500 Equity Shares |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 175,230,000 Equity Shares |
| Share Holding Post Issue | 175,230,000 Equity Shares |
HD Fire Protect IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | 5:00 PM on the Bid/Offer Closing Date |
HD Fire Protect IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | - | ₹14,000 – ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | - | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | - | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | - | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | - | Over ₹10,00,000 |
HD Fire Protect IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 83.65% |
| Promoter Holding Post Issue | [.] |
Competitive Strength:
- • With exports to over 90 countries after crossing high entry barriers in international markets
- • Offering a wide array of specialized products (sprinklers, valves, foam systems) to serve diverse and critical sectors like Oil & Gas and Infrastructure effectively.
- • A solid revenue CAGR of roughly 15.56% between Fiscal 2023 and 2025.
HD Fire Protect IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | 226.70 | 450.68 | 70.22 | 156.40 | 147.60 | 0.25 | ||||||||||||||||||||||||||||||||||
| FY 2024 | 172.10 | 392.02 | 53.30 | 124.50 | 115.70 | 0.15 | ||||||||||||||||||||||||||||||||||
| FY 2023 | 148.60 | 333.77 | 42.50 | 110.20 | 101.40 | 0.10 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 29.59% |
| ROCE | 39.64% |
| Debt/Equity | - |
| RoNW | 27.67% |
| PAT Margin | 24.31% |
| EBITDA Margin | 31.89% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹6.25 | ₹6.25* |
| P/E (x) | [.] | [.] |
IPO Objectives
Since the HD Fire Protect IPO is an offer for sale, the company will receive no proceeds for that, as this issue is for
- • To achieve the benefits of listing equity shares on the stock exchanges.
- • To enhance the company's visibility and brand image.
- • To provide liquidity to existing shareholders and create a public market for the equity shares.
Conclusion
HD Fire Protect IPO is an opportunity for investors to invest in a growing company that presents a profile of a financially stable, export-driven manufacturer in a niche but essential industry. The company has maintained a track record of high margins and global acceptance that appears well-positioned. This issue is a smooth and clear exit for the existing shareholders of the company and also a chance for the company to gain credibility and new projects by using the popularity of the listing stage.
IPO DRHP Status
| # | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 24-09-2025 | View DRHP |
| 2 | SEBI/Exchange approval received | 29-01-2026 | - |
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Frequently Asked Questions (FAQs)
-
What is the face value of HD Fire Protect Ltd. shares?
The face value of each equity share is ₹5.
-
Does the HD Fire Protect IPO have a fresh issue component?
No, the IPO is a 100% Offer for Sale (OFS), meaning no new shares are being issued by the company.
-
Who are the Book Running Lead Managers for the HD Fire Protect IPO?
The BRLMs are Ambit Private Ltd., Anand Rathi Advisors Ltd., IIFL Securities Ltd. and Equirus Capital Private Ltd.
-
Where are the manufacturing units of HD Fire Protect Ltd. located?
The company has two manufacturing facilities in Maharashtra: Jalgaon MIDC and Thane MIDC.
-
What industries does HD Fire Protect Ltd. serve?
They serve high-hazard industries, including Oil & Gas, Petrochemicals, Energy, Infrastructure and Defense.
-
How many countries does HD Fire Protect Ltd. export to?
The company exports its fire safety products to over 90 countries globally.
