Last updated on January 22nd, 2026 at 11:44 pm
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.
These include water‑based, foam‑based and gas‑based fire safety systems conforming to stringent national and international standards.
HD Fire serves global customer base with product installations in more than 90+ countries, supporting thousands of clients through a broad distribution network.
HD Fire Protect has filed DRHP to raise funds via IPO by offering 26,284,500 equity shares of which all being as Offer for Sale (OFS) for 26,284,500 equity shares.
Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.
| Issue Size: | 26,284,500 shares |
| Fresh Issue: | 0 shares |
| Offer for Sale: | 26,284,500 shares |
| Price Range: | TBA |
| Lot Size: | TBA |
HD Fire Protect Limited important data points
Revenue, PAT, EBITDA
| Year | Fiscal 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
| Open Date: | TBA |
| Close Date: | TBA |
| Anchor Investor Bidding | TBA |
| Allotment Date: | TBA |
| Refunds & Demat Credit | TBA |
| Tentative Listing Date: | TBA |
Use of Proceeds
| Purpose | Amount |
| Borrowing payment | ~ ₹ 0 Cr |
| Purchasing new Fleets. | ~ ₹ 0 Cr |
| General Corporate Purpose | ~ ₹ 0 Cr |
| Technology & Infrastructure | ~ ₹ 0 Cr |
| Offer for Sale: | 26,284,500 shares |
HD Fire Protect Financial Data
| 2023 | 2024 | 2025 | |
| Revenue (₹ Cr) | ₹ 324.1 | ₹ 373.0 | ₹ 432.8 |
| Gross Profit (₹ Cr) | ₹ 70.2 | ₹ 87.9 | ₹ 109.5 |
| Asset (₹ Cr) | ₹ 319.9 | ₹ 392.6 | ₹ 449.9 |
| Net Worth (₹ Cr) | ₹ 274.4 | ₹ 342.2 | ₹ 395.8 |
HD Fire Protect IPO Grey Market Premium
| Date | IPO Price | IPO GMP | Profit per lot |
| 17-Jan | ₹ – | ₹ – | ₹ – |
| 16-Jan | ₹ – | ₹ – | ₹ – |
| 15-Jan | ₹ – | ₹ – | ₹ – |
| 14-Jan | ₹ – | ₹ – | ₹ – |
| 13-Jan | ₹ – | ₹ – | ₹ – |
| 12-Jan | ₹ – | ₹ – | ₹ – |
HD Fire Protect Limited Promoters – Pre offer equity (Approx)
| 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% |
HD Fire Protect Limited IPO Pros & Cons
Strengths:
- 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.
Risks:
- 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.
HD Fire Protect Limited Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | – | 1 | – | ₹ – |
| Retail (Max) | – | 13 | – | ₹ – |
| Small HNI (Min) | – | 14 | – | ₹ – |
| Small HNI (Max) | – | 66 | – | ₹ – |
| Big HNI (Min) | – | 67 | – | ₹ – |
Lead Managers / Registrars of HD Fire Protect Limited
| Lead / Book Running Lead Managers | Ambit Private Limited, Anand Rathi Advisors Limited, IIFL Capital Services Limited |
| Registrar (RTA) | MUFG Intime India Pvt Ltd |
Founding Year of HD Fire Protect Limited & Managing Director
HD Fire Protect Limited was incorporated in the year 1997.
Mr. Harish Dharamshi is the Chairman and Managing Director of the company.
HD Fire Protect Limited FAQ
- Q1. What is the business of HD Fire Protect Limited?
Last updated on January 22nd, 2026 at 11:44 pm
It is manufacturer and supplier of engineered fire protection and suppression equipment, offering water, foam and gas‑based systems for industrial, commercial and residential safety applications. - Q2. Why is the company raising funds via IPO?
Last updated on January 22nd, 2026 at 11:44 pm
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. - Q3. What is the size of the issue and where will it list?
Last updated on January 22nd, 2026 at 11:44 pm
The issue size of the IPO is up to 26,284,500 equity shares offered by promoters. It will be listed on the BSE & NSE platform. - Q4. What are the risks to an investor?
Last updated on January 22nd, 2026 at 11:44 pm
Investor risks to invest in the IPO are sector regulatory compliance exposure, reliance on third‑party installers, competitive pricing pressure and potential valuation volatility on listing. - Q5. What are the potential upsides?
Last updated on January 22nd, 2026 at 11:44 pm
Positive sides to invest in the IPO is its strong export footprint across 90+ countries and established product portfolio with repeat customers. - Q6. How to apply for the IPO?
Last updated on January 22nd, 2026 at 11:44 pm
You can apply for the IPO via Demat/Trading account or ASBA through bank UPI, selecting lot size and price once it opens for subscription. - Q 7. When is the tentative listing date?
Last updated on January 22nd, 2026 at 11:44 pm
Expected listing date is yet to be announced.
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