HD Fire Protect's Rs 712 crore IPO opens October 13 at Rs 258-271 a share

HD Fire Protect, a Maharashtra-based maker of fire protection equipment, will open its Rs 712 crore initial public offering (IPO) for subscription on Tuesday, October 13, 2026, at a price band of Rs 258 to Rs 271 a share. The issue closes on Thursday, October 15, with bidding for anchor investors on Monday, October 12. The IPO is entirely an offer for sale of about 2.63 crore shares by the promoters, Harish Narshi Dharamshi and Kusum Dharamshi, so the company itself will not receive any of the money raised. Shares are tentatively due to list on the BSE and NSE on October 21.

Fire safety equipment is a steady, regulation-driven business. New factories, warehouses, hospitals, malls and high-rise housing all need fire protection systems to get approvals, so demand tends to follow construction and industrial investment. HD Fire Protect, which has plants at Jalgaon and Thane in Maharashtra, served 2,066 customers in FY26 and had an order book of Rs 158.60 crore at the end of June 2026, according to its filings. About 65% of its FY26 revenue came from India, with the rest from exports.

For investors, the structure of the issue is the first thing to note. Because it is a pure offer for sale, every rupee goes to the selling promoters, not into the business for expansion or debt reduction. That is common in IPOs of profitable family-run companies, but it means buyers are paying to share in existing growth rather than funding new capacity.

Valuation is the second point. At about 40.7 times FY26 earnings, the price assumes healthy growth ahead, while the reported figures show revenue rising faster than profit last year. Analysts reviewing the offer documents have also flagged that dividends paid during FY26, about Rs 140 crore, were higher than the year's profit, and that working capital needs rose. Neither point is unusual before a listing, but both are worth reading about in the red herring prospectus before applying.

Short-term: The issue will test investor appetite for mid-sized industrial IPOs in a volatile market, with retail investors able to apply for at least one lot of 55 shares from October 13.

Long-term: A successful listing would give investors a new listed play on India's fire safety and building-compliance market and could encourage similar niche manufacturers to tap the market.

Who is affected: Retail and institutional investors weighing the IPO, the selling promoters, competitors in fire safety equipment, and customers in construction and industry.

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