HD Fire Protect IPO Opens; Anchors Put In ₹213 Crore

HD Fire Protect opened its ₹712.31 crore IPO on October 13 at ₹258 to ₹271 per share. The issue is a pure offer for sale, and 16 anchor investors put in ₹213.11 crore.

HD Fire Protect IPO Dates and Price Band

The public issue opens on Tuesday, October 13, and closes on Thursday, October 15. Bids must be for a minimum of 55 shares and multiples after that, which works out to ₹14,190 at the lower price band and ₹14,905 at the upper price band. Shares are proposed to list on the NSE and BSE on October 21.

HD Fire Protect filed its draft red herring prospectus with SEBI in September 2025 and received regulatory approval in January 2026.

Who Bought in the ₹213.11 Crore Anchor Round

HD Fire Protect raised ₹213.11 crore from 16 anchor investors ahead of the public issue, allocating 78.64 lakh shares at the upper price band of ₹271. The domestic participants included SBI Mutual Fund, HDFC Asset Management Company and ICICI Prudential Asset Management Company, along with insurers Bajaj Life Insurance and Axis Max Life Insurance.

The anchor allocation is a separate tranche taken before the public subscription opens. It does not change the size of the overall issue, which stays at ₹712.31 crore. The anchor book equals about 30% of the total issue, and 78.64 lakh shares at ₹271 works out to the ₹213.11 crore reported.

An Offer for Sale With No Fresh Capital

The entire IPO is an offer for sale by two promoter selling shareholders. Harish Narshi Dharamshi is offering up to 8,983,700 shares and Kusum Harish Dharamshi is offering up to 17,300,800 shares, which together make up 26,284,500 shares.

Because there is no fresh issue, HD Fire Protect will not receive any money from the offer. Proceeds go to the selling shareholders after offer-related expenses and taxes.

The offer equals about 15% of the share count implied by the ₹4,748.73 crore post-listing market capitalisation at ₹271, which is about 17.5 crore shares. The five promoters together held 16.70 crore shares, or 95.33% of the pre-offer paid-up equity, so their combined holding would fall to roughly 80% if only these two sellers sold. Harish Narshi Dharamshi held 56.13% and Kusum Harish Dharamshi held 17.83%.

What the Company Makes and Where It Sells

HD Fire Protect, based in Mumbai, manufactures and supplies fire protection equipment and systems. Its range covers sprinklers, alarm valves, deluge valves, foam equipment, monitors and nozzles, and gas suppression systems. Customers span oil and gas, power, pharmaceuticals, data centres and warehousing, as well as commercial buildings such as hotels and hospitals.

The company runs two manufacturing facilities in Maharashtra, at Jalgaon MIDC and Thane MIDC, with a combined area of about 8.50 acres. It supplied products to 2,066 customers in FY26 and has exported to more than 90 countries since inception. Exports made up 34.69% of revenue from operations in FY26.

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Three Years of Financials Before the Issue

Revenue and profit have risen each year, although profit growth slowed in FY26. The table below uses figures from the company’s offer documents as reported.

Operating EBITDA rose from ₹106.63 crore in FY24 to ₹138.01 crore in FY25 and ₹150.46 crore in FY26. Revenue grew about 16% in FY25 and about 13% in FY26. Profit after tax grew about 25% in FY25 and about 6% in FY26, and the EBITDA margin eased from 31.89% to 30.75% in the latest year.

For the three months ended June 30, 2026, the company reported revenue from operations of ₹109.05 crore and profit after tax of ₹23.87 crore. The book running lead managers are Ambit, Anand Rathi Advisors and IIFL Capital Services, and MUFG Intime India is the registrar.