HD Fire Protect IPO Price Band Fixed at Rs 258-271; Rs 712 Cr Issue Opens October 13

Fire protection equipment maker HD Fire Protect Ltd has fixed the price band for its upcoming IPO at Rs 258-271 per share. The public issue will open for subscription on October 13, 2026, and close on October 15.

At the upper end of the price band, the Mumbai-based company will have a valuation of around Rs 4,750 Cr. The shares are expected to list on the BSE and NSE on October 21.

Rs 712 Crore IPO Is Entirely OFS

The IPO comprises an Offer for Sale (OFS) of 2.63 crore equity shares.

The shares will be sold by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi. Since the issue is completely an OFS, HD Fire Protect will not receive any money from the IPO. The proceeds will go directly to the selling shareholders.

At Rs 271 per share, the issue size will be around Rs 712.13 Cr, while at the lower end of Rs 258, it will be approximately Rs 678 crore.

Anchor investor bidding will take place on October 12.

What Does HD Fire Protect Do?

HD Fire Protect designs and manufactures fire protection equipment and systems for different types of industrial and commercial projects.

Its portfolio includes water-based, foam-based, and gas-based fire suppression solutions.

The company operates two manufacturing facilities in Maharashtra and serves customers across sectors such as heavy engineering, aerospace, oil and gas, refining, petrochemicals, power, pharmaceuticals, data centres and warehousing.

Projects Across India and Overseas

HD Fire Protect has supplied its products for several major projects in India and international markets.

Its project portfolio includes master stream nozzle installations at the space launch facility in Sriharikota, fire protection equipment for the Jamnagar refinery, equipment for the new Parliament building, and international projects such as Saudi Aramco's Ras Tanura Sea Island project and Oman's Integrated Power & Water Plant Project.

The company is also looking to expand its international business, particularly in Saudi Arabia, Southeast Asia and other selected markets.

Rising infrastructure spending and stricter fire safety rules in these markets could support demand for its products, according to the company's offer document.

India's Fire Safety Market Is Growing

The Indian fire protection equipment market is also expected to see strong growth.

According to a CRISIL report cited in the company's offer document, India's fire protection equipment market could reach Rs 16,500-17,500 Cr by FY30.

The growth is expected to be supported by increasing investment in fire safety infrastructure and tighter compliance requirements.

For HD Fire Protect, the IPO comes as the company looks to benefit from this growing demand in India as well as international markets.

IPO Details at a Glance

• Price Band: Rs 258-271 per share
• Issue Size: Up to Rs 712.13 Cr
• Subscription: October 13-15, 2026
• Expected Listing: October 21, 2026
• Issue Type: 100% Offer for Sale
• Promoter Sellers: Harish Narshi Dharamshi and Kusum Harish Dharamshi
• Lead Managers: Ambit, Anand Rathi Advisors and IIFL Capital Services

Key Numbers

• Rs 712.13 Cr - IPO size at the upper price band
• Rs 4,750 Cr - Approximate valuation at Rs 271 per share
• Rs 16,500-17,500 Cr  Expected size of India's fire protection equipment market by FY30

Promoters: Harish Narshi Dharamshi and Kusum Harish Dharamshi.