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The Rs 712.31-crore HD Fire Protect IPO is entirely an offer for sale (OFS) of 2.63 crore equity shares. As the issue comprises only an OFS, the company will not receive any proceeds from the offering. Instead, the entire amount raised will go to the selling shareholders. The company has fixed the price band at Rs 258–271 per equity share, with a lot size of 55 shares. Retail investors can apply for a minimum of one lot, translating into an investment of Rs 14,905 at the upper end of the price band. The IPO comprises 2,62,84,500 equity shares offered by two promoter selling shareholders. Harish Narshi Dharamshi will offload 89,83,700 shares worth Rs 243.46 crore, while Kusum Harish Dharamshi will sell 1,73,00,800 shares valued at Rs 468.85 crore. Together, the two promoters will sell shares worth Rs 712.31 crore through the public issue. The share allotment is expected to be finalised on October 16, 2026. The company's equity shares are scheduled to list on both the National Stock Exchange (NSE) and the BSE on October 21, 2026. HD Fire Protect IPO valuation: The IPO's floor price is 51.60 times the face value of the equity shares, while the cap price is 54.20 times the face value. Eligible employees applying under the employee reservation portion will receive a discount of Rs 25 per equity share. Based on diluted earnings per share (EPS) for fiscal 2026, the company's price-to-earnings (P/E) ratio stands at 38.74 times at the lower end of the price band and 40.69 times at the upper end. In comparison, the average P/E ratio of the industry peer group is 62.95 times. Ambit Pvt.Ltd., Anand Rathi Advisors Ltd., and IIFL Capital Services Ltd. are the book-running lead managers for the issue, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar. HD Fire Protect financial performance HD Fire Protect Ltd.'s total income increased 12% year-on-year to Rs 505 crore in Fiscal 2026 from Rs 451 crore in Fiscal 2025. Profit after tax (PAT) rose 6% to Rs 117 crore in Fiscal 2026 from Rs 110 crore in the previous fiscal. About HD Fire Protect Ltd. Incorporated in April 1997, HD Fire Protect Ltd. is an Indian manufacturer and supplier of fire protection equipment and systems, offering water-, foam- and gas-based fire suppression solutions. Its portfolio spans eight product categories, including sprinklers, alarm and deluge valves, foam equipment, monitors and nozzles, water spray nozzles, custom-engineered systems and gas suppression systems. The Company serves industrial, residential and commercial sectors, including oil and gas, petrochemicals, power, engineering, aerospace, pharmaceuticals, data centres, hospitality and healthcare. Most of its products are developed in-house and are designed to meet national and international standards. With over three decades of experience, the Company has exported to more than 90 countries since inception and 49 countries during the three months ended June 30, 2026. As of September 2026, it had 21 UL Listed and 87 FM Approved product certifications. The Company operates two manufacturing facilities in Jalgaon and Thane, Maharashtra, spread across approximately 8.50 acres, along with a fire test laboratory and R&D facilities. In Fiscal 2026, HD Fire Protect supplied products to 2,066 customers. Its revenue from operations increased from Rs 3,729.53 million in Fiscal 2024 to Rs 4,892.81 million in Fiscal 2026, representing a CAGR of 14.54%. Its order book stood at Rs 1,586.01 million as of June 30, 2026. As of the same date, the Company had 279 permanent employees and 253 contractual employees. 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