HD Fire Protect’s Rs 712-Cr IPO To Open on Oct 13; Fixes Price Band at Rs 258–271/Share

New Delhi: Fire protection equipment and systems manufacturer HD Fire Protect Ltd on Wednesday fixed the price band at Rs 258-271 per equity share for its upcoming Rs 712-crore initial public offering (IPO).

At the upper end of the price band, HD Fire Protect will command a valuation of about Rs 4,750 crore.

The issue will open for public subscription on October 13 and close on October 15. The bidding for anchor investors will take place on October 12, according to a company’s public announcement.

The IPO comprises an Offer for Sale (OFS) of 2.63 crore equity shares by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi.

Since the issue is entirely an OFS, HD Fire Protect will not receive any proceeds from the public issue. The proceeds will go to the selling shareholders.

At the upper end of the price band, the issue size works out to Rs 712.13 crore, while at the lower end it is about Rs 678 crore.

Mumbai-based HD Fire Protect designs and manufactures a comprehensive portfolio of fire protection equipment and systems spanning water-, foam- and gas-based fire suppression solutions.

It operates two manufacturing facilities in Maharashtra and caters to customers across diverse sectors, including industrials, heavy engineering, aerospace, oil and gas, refining and petrochemicals, power and energy, pharmaceuticals, data centres and warehousing.

The company supplies products for several projects in India and overseas. These include master stream nozzle installations at India’s space launch pad in Sriharikota, fire protection equipment at India’s largest refinery in Jamnagar, fire protection equipment for the new Parliament building, deluge valves for Saudi Aramco’s Ras Tanura Sea Island project, and fire protection equipment for Oman’s Integrated Power & Water Plant Project.

As part of its international growth strategy, the company is focusing on expanding its footprint across Saudi Arabia, Southeast Asia and other strategically aligned markets, where rising infrastructure investments and increasingly stringent fire safety regulations are expected to drive demand, according to its offer document.

According to a Crisil report cited in the company’s offer document, the Indian fire protection equipment market is projected to reach Rs 16,500-17,500 crore by FY30, driven by increasing investments in fire safety infrastructure and stricter regulatory compliance.

HD Fire Protect is expected to make its stock-market debut on October 21 on the BSE and NSE.

Ambit, Anand Rathi Advisors and IIFL Capital Services are the book-running lead managers for the issue.

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