HD Fire Protect has fixed the price band for its Rs 712.31 crore initial public offering (IPO) at Rs 258-271 per equity share. The IPO will open for subscription on October 13, 2026, and close on October 15, 2026.

The IPO is entirely an offer for sale (OFS) of 2,62,84,500 equity shares worth Rs 712.31 crore. Since the issue comprises 100% OFS, HD Fire Protect will not receive any proceeds from the IPO, with the entire issue proceeds going to the selling shareholders.

Promoter Harish Narshi Dharamshi will offer 89,83,700 shares worth Rs 243.46 crore, while fellow promoter Kusum Harish Dharamshi will offer 1,73,00,800 shares worth Rs 468.85 crore. Together, the two promoter selling shareholders will offer 2.63 crore shares aggregating Rs 712.31 crore. The allotment of shares is expected to be finalised on October 16, 2026, while the company’s shares are proposed to be listed on both the NSE and BSE on October 21, 2026.

The IPO has a lot size of 55 shares, with retail investors required to bid for a minimum of one lot. At the upper end of the price band, the minimum investment for retail investors will be Rs 14,905.

Ambit Pvt. Ltd. is the book-running lead manager to the issue, while MUFG Intime India Pvt. Ltd. is the registrar.

The floor price is 51.60 times the face value of the equity shares, while the cap price is 54.20 times the face value. Eligible employees bidding in the employee reservation portion will be offered a discount of Rs 25 per equity share.

At the upper end of the price band, the company’s price-to-earnings (P/E) ratio, based on diluted EPS for Fiscal 2026, stands at 40.69 times, while at the lower end, it is 38.74 times. The average P/E ratio of the industry peer group is 62.95 times.

HD Fire Protect financial performance

HD Fire Protect Ltd.’s total income increased 12% year-on-year to Rs 505 crore in Fiscal 2026 from Rs 451 crore in Fiscal 2025, while profit after tax (PAT) rose 6% to Rs 117 crore from Rs 110 crore in the previous fiscal.

About HD Fire Protect

Incorporated in April 1997, HD Fire Protect Ltd. is an Indian manufacturer and supplier of fire protection equipment and systems, offering water-, foam- and gas-based fire suppression solutions. 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.

The company serves industrial, residential and commercial sectors, including oil and gas, petrochemicals, power, engineering, aerospace, pharmaceuticals, data centres, hospitality and healthcare. Most of its products are developed in-house and designed to meet national and international standards.

With over three decades of experience, the company has exported to more than 90 countries since inception, including 49 countries during the three months ended June 30, 2026. As of September 2026, it had 21 UL Listed and 87 FM Approved product certifications.

The company operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, spread across approximately 8.50 acres, along with a fire test laboratory and R&D facilities.

In Fiscal 2026, HD Fire Protect supplied products to 2,066 customers. Its revenue from operations increased from Rs 3,729.53 million in Fiscal 2024 to Rs 4,892.81 million in Fiscal 2026, representing a CAGR of 14.54%.

Its order book stood at Rs 1,586.01 million as of June 30, 2026. As of the same date, the company had 279 permanent employees and 253 contractual employees.

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