HD Fire Protect’s ₹712 crore IPO opens on October 13, with shares priced between ₹258 and ₹271. As a 100% offer for sale, the entire amount goes to promoters rather than the company. While unofficial market sentiment shows a 32% premium, investors should weigh the company's valuation against the fact that no new capital is being raised for growth.
Mumbai-based fire safety equipment manufacturer HD Fire Protect is set to enter the public market with its initial public offering (IPO) starting October 13, 2026. The company plans to raise ₹712.31 crore through this issue, which will remain open for public subscription until October 15, 2026. The price band for the shares has been fixed between ₹258 and ₹271. Retail investors looking to apply will need to bid for at least one lot, which consists of 55 shares, requiring a minimum investment of ₹14,905 at the upper price band.
It is important for potential investors to understand the structure of this IPO. This is an entirely "offer for sale" (OFS) issue. This means the company is not creating new shares to raise money for business expansion, paying off debt, or investing in new projects. Instead, the existing promoters, Harish Narshi Dharamshi and Kusum Dharamshi, are selling a portion of their own stake. Consequently, the company will not receive any of the proceeds from this IPO to fund its operations or future growth.
Financially, the company has shown a stable performance. For the financial year ending March 2026, HD Fire Protect reported a net profit of ₹116.79 crore on revenues of ₹489.28 crore. The company maintains strong operating margins, with an EBITDA margin of approximately 30.75%. Being essentially debt-free is a notable feature of its financial health, suggesting the company currently generates enough cash to sustain its operations without heavy borrowing.
As of October 12, 2026, the grey market premium (GMP) for the stock is hovering around ₹86, reflecting a premium of roughly 32% over the upper price band. While this high demand indicates positive investor sentiment, it is crucial to remember that grey market data is unofficial and highly volatile; it provides no guarantee of how the stock will perform once it lists on the exchange. At the upper end of the price band, the IPO is valued at approximately 40.7 times its FY2026 earnings. Investors may want to consider whether this valuation is appropriate compared to other players in the industrial safety and engineering sector.
Beyond valuation, investors should monitor business-specific risks. These include the company's concentration on specific raw materials, the volatility in material prices, and the competitive nature of the global fire suppression equipment market. Following the close of the subscription window on October 15, the company will finalize the share allotment on October 16. The stock is tentatively scheduled to debut on the BSE and NSE on October 21, 2026.