Q2. Why is the company raising funds via IPO?

HD Fire Protect is raising funds via IPO as 100% Offer‑For‑Sale by promoters to achieve equity listing benefits and provide liquidity to selling shareholders.

HD Fire Protect Limited

Closed

HD Fire Protect Limited

Market Cap

₹4,748.73 Cr

IPO Issue Size

₹712.31 crores

Expected Price by IPOCorner

₹238 to ₹242

IPO Score

*Score varies on actual price

HD Fire Protect Limited is primarily engaged in the design, development, manufacture and supply of comprehensive range of fire protection equipment and engineered fire suppression systems for industrial, commercial and residential applications, including water‑based, foam‑based and gas‑based fire safety systems conforming to stringent national and international standards. The company has filed its DRHP with SEBI for its IPO structured as a book‑built Only OFS up to ₹ 712.31 crores .

HD Fire Protect Limited was incorporated in the year 1997.Mr. Harish Dharamshi is the Chairman and Managing Director of the company.It serves a global customer base with product installations in more than 90 countries, supporting thousands of clients through a broad distribution network.

The company offers design, development and manufacture of water‑based, foam‑based and gas‑based fire protection and suppression equipment for industrial, commercial and residential applications.

Subscription date to apply for HD Fire Protect Limited yet to be announced. Price band for the IPO is not declared yet.

Year	2025
Networth	₹ 395.8 Cr
Revenue	₹ 432.8 Cr
EBITDA	₹ 138 Cr
PAT	₹ 109.5 Cr
EBITDA Margin	~31.89%
PAT Margin	~24.31%
Face Value	Rs.05 per Equity Share

IPO Important Dates

#	Date
Open Date	Oct 13, 2026
Close Date	Oct 15, 2026
Anchor Investor Bidding	Oct 12, 2026
Allotment Date	Oct 16, 2026
Refunds& Demat Credit	Oct 19, 2026
Tentative Listing Date	Oct 21, 2026

Use Of Proceeds

Purpose	Amount
-	-
-	-
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	324	373	433
PAT (₹ Cr)	70	88	110
Asset (₹ Cr)	320	393	450
Net Worth (₹ Cr)	274	342	396

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
18-Sep	₹ –	₹ –	₹ –
17-Sep	₹ –	₹ –	₹ –
16-Sep	₹258 to ₹271	₹ 90	₹ 4,950
15-Sep	₹258 to ₹271	₹ 90	₹ 4950
14-Sep	₹258 to ₹271	₹ 93	₹ 5115

Pros

Strong industry position with diversified fire protection product portfolio across water, foam, and gas systems.
Established global footprint with exports to over 90 countries and long‑standing customer relationships.
Consistent revenue and profit growth with healthy EBITDA margins and repeat customers.
High capacity utilisation across key products indicating operational efficiency.
First‑mover certifications and technical approvals in India for several specialized products.

Cons

Entire IPO is an offer‑for‑sale with no fresh capital raised for the company, limiting growth funding
The fire safety business is highly regulated and subject to compliance risk and penalties.
Operational dependency on third‑party installers may affect execution quality.
Competitive pressure from established players could constrain pricing and margins.
Market and IPO valuation risk with typical volatility in newly listed stocks.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Harish Narshi Dharamshi	~56.13%
Kusum Harish Dharamshi	~17.83%
Miheer Sadanand Ghotikar	~10.49%
Parika Miheer Ghotikar	~6.62%
Anik Narendra Dharamshi	~4.26%
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	55	1	55	₹ 14,905
Retail (Max)	55	13	715	₹ 193,765
HNI (Min)	55	14	770	₹ 208,670
HNI (Max)	55	66	3,630	₹ 983,730
Big HNI (Min)	55	67	3,685	₹ 998,635

Key Performance Index (KPI)

ROE	6.13%
ROCE	8.36%
RoNW	5.97%

Lead / Book Running Lead Managers

Ambit Private Limited ,Anand Rathi Advisors Limited, IIFL Capital Services Limited

Registrar (RTA)

MUFG Intime India Private Limited

Q2. Why is the company raising funds via IPO?
HD Fire Protect is raising funds via IPO as 100% Offer‑For‑Sale by promoters to achieve equity listing benefits and provide liquidity to selling shareholders.