HD Fire Protect IPO raises ₹213 crore from anchor investors ahead of opening

HD Fire Protect raised ₹213.11 crore from anchor investors on Monday, locking in firm institutional backing ahead of its ₹712-crore initial public offering.

The Mumbai-based safety equipment manufacturer allotted 78.64 lakh equity shares to 25 institutional funds at ₹271 apiece, the ceiling of its price band, according to exchange disclosures. Domestic institutions drove the round, with local mutual funds securing 56.52 lakh shares—or 71.88 per cent of the anchor allocation—spread across 17 schemes.

Participants included HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life, Mirae Asset, Bandhan Mutual Fund, and UTI Mutual Fund. Insurers Bajaj Life Insurance and Axis Max Life Insurance also picked up allotments, alongside international asset manager Allianz Global Investors Fund.

Issue details and valuation

The public issue opens for subscription on Tuesday, 13 October, and runs through Thursday, 15 October, with trading on the BSE and the National Stock Exchange scheduled to begin on 21 October. The price band has been fixed at ₹258 to ₹271 per share.

The entire ₹712-crore offering is an offer for sale of 2.63 crore shares by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi. Because no fresh capital is being issued, proceeds will go directly to the selling promoters after expenses and taxes, bringing promoter shareholding down from 100 per cent to 85 per cent. At the upper price band, the company is valued at roughly ₹4,750 crore.

Strategic role in national infrastructure

Incorporated in 1997, HD Fire Protect has emerged as a key domestic manufacturer in an industry historically dependent on overseas technology. Operating production plants in Thane and Jalgaon, Maharashtra, the firm produces water-, foam-, and gas-based suppression hardware.

Its installations protect critical national assets, including the new Parliament building in New Delhi, the space launch complex at Sriharikota, and the Jamnagar refinery, alongside data centres, pharmaceutical plants, and power stations across the country. According to Crisil, the company is India's second-largest manufacturer of fire protection systems by revenue and the nation's largest exporter in the segment by value, supplying clients in more than 90 countries.

Financial performance

The company has demonstrated consistent balance-sheet expansion, supported by strong order visibility across heavy industry and commercial construction.

Operating cash flow expanded at an annual rate of 20.4 per cent over the same period, touching ₹92.5 crore in FY26. The firm's order book stood at ₹158.6 crore by the end of June 2026, up from ₹75.3 crore in FY24.

While imported raw materials and contract-manufactured components account for 37 per cent of operating expenses, exposing the business to global supply chains and foreign exchange swings, repeat domestic and overseas clients generate roughly 85 per cent of annual revenue.