The Initial Public Offering (IPO) for HD Fire Protect, a Mumbai-based manufacturer and supplier of fire protection equipment, commenced today, October 13, 2026. The company aims to raise Rs 712 crore through an entirely offer-for-sale (OFS) issue, with shares priced in a band of Rs 258-271 apiece.
Investors can subscribe to a minimum of 55 equity shares, and the bidding window will close on Thursday, October 15, 2026. As the entire issue is an OFS of up to 2,62,84,500 equity shares by its promoters, HD Fire Protect will not receive any proceeds from the offering; all funds will go to the selling shareholders.
HD Fire Protect IPO Details and Market Buzz
Prior to its public debut, HD Fire Protect successfully garnered Rs 213.11 crore from 25 anchor investors, allocating 78.64 lakh equity shares at the upper price band of Rs 271 each. The grey market premium (GMP) for HD Fire Protect shares was last reported at Rs 86-90, suggesting a potential listing gain of 31-33 percent.
Established in April 1997, HD Fire Protect specializes in water, foam, and gas-based fire suppression solutions. The company boasts a comprehensive portfolio across eight product categories, with a significant focus on in-house development and proprietary designs that adhere to both national and global standards, including prestigious UL and FM certifications.
Financial Performance and Brokerage Recommendations
For the financial year ended March 31, 2026, HD Fire Protect reported a net profit of Rs 116.79 crore on a revenue of Rs 505.12 crore. In the June 2026 quarter (Q1 FY27), the company posted a net profit of Rs 23.87 crore with a revenue of Rs 114.07 crore. The current valuation pegs the company's market capitalization near Rs 4,750 crore.
Brokerage firms have largely issued 'subscribe' ratings for the HD Fire Protect IPO, citing several key strengths:
- SBI Securities: Highlighted established customer relationships, a global presence in over 90 countries, and available capacity headroom for growth without significant capital expenditure. They noted cost-competitive products and global certifications as key strengths.
- Choice Broking: Emphasized existing growth capacity, including a new 2.5-acre unit in Jalgaon and a Thane facility due by November 2026. They pointed to expanding margins as new capacity fills and a shift towards high-value products.
- Swastika Investmart: Identified HD Fire Protect as India’s second-largest focused fire protection manufacturer and largest exporter, with industry-leading UL and FM certifications.
- Sushil Finance: Stressed the company's competitive moats, including extensive UL and FM certifications (21 UL, 87 FM) and multi-year vendor empanelment with major customers like Saudi Aramco.
- KC Securities: Cited a growing order book, scope for higher capacity utilization, and manufacturing expansion as drivers for future growth, supported by a debt-free balance sheet.
- GEPL Capital: Believes the company is well-positioned to benefit from increasing fire safety requirements across various industrial sectors.
- Ventura Securities: Noted consistent growth and healthy profitability, with an EBITDA margin of 31.9 percent and PAT margin of 23.9 percent in FY26.
While some analysts noted the issue's valuation at a post-issue FY26 P/E multiple of 40.7 times, they generally found it reasonable given the company's competitive strengths, strong return ratios, and growth prospects in the expanding global fire protection equipment market.
Shares of HD Fire Protect are expected to list on both the BSE and NSE on Wednesday, October 21, 2026.