HD Fire Protect sets INR 258–271 IPO band for an entirely promoter-sale offer

HD Fire Protect Limited will open its initial public offering on October 13 at INR 258 to INR 271 a share, with bidding scheduled to close on October 15. Anchor bidding is scheduled for October 12.

The offer comprises up to 26,284,500 existing shares sold by promoters Harish Narshi Dharamshi and Kusum Harish Dharamshi. There is no fresh issue. At the upper band, the gross offer works out to INR 712.31 crore before the employee discount. A minimum bid of 55 shares requires INR 14,905 at that price.

The SEBI-hosted abridged prospectus confirms that the company receives no offer proceeds. The objects are the promoter sale and the benefits of listing, rather than financing a factory or repaying company debt.

Its restated figures show FY26 revenue from operations of INR 489.28 crore and profit after tax of INR 116.79 crore. Revenue rose 13.05% from FY25, while profit increased 6.44%. Profit divided by operating revenue works out to 23.87%; the filing’s separately defined PAT margin uses total income.

For April-June 2026, revenue from operations was INR 109.05 crore and profit INR 23.87 crore. These are three-month figures and have not been annualised.

Using the disclosed 175.23 million shares, the upper band implies an equity valuation of about INR 4,748.73 crore, or 40.66 times FY26 profit. This is arithmetic on offer terms and restated earnings, rather than an assessment of the shares’ attractiveness.

Ambit, Anand Rathi Advisors and IIFL Capital Services are the book-running lead managers. The company proposes listing on BSE and NSE.

Disclosure: The final offer price, allotment and actual net proceeds to the selling shareholders have not yet been determined.