HD Fire Protect files IPO papers with entire offer for sale by promoters

HD Fire Protect IPO News

Fire protection equipment manufacturer HD Fire Protect has filed preliminary papers with the SEBI to raise funds via initial public offering (IPO).

The IPO comprises of entirely offer-for-sale of 2.6 crore equity shares by promoters with no fresh issue component, said the company in its draft red herring prospectus filed with the SEBI on September 24.

This clearly meant the entire IPO proceeds will be received by promoters and the company will not receive any funds from the offer.

"The objects of the issue are to carry out the offer-for-sale, and achieve the benefits of listing the equity shares on the stock exchanges," HD Fire Protect said.

Harish Narshi Dharamshi and his wife Kusum will be selling shareholders in the offer-for-sale, holding the largest stake at 56.13 percent and 17.83 percent, respectively, amongst promoters.

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Mumbai-based HD Fire Protect manufactures fire protection equipment and systems, offering spanning water, foam, and gas-based fire suppression systems through its two manufacturing facilities in Maharashtra.

"We are also constructing a new production facility and warehouse in Thane, and expanding Jalgaon facility, with one unit for manufacturing and another for a dedicated fire test laboratory, industrial warehouse and R&D centre, all of which are expected to be completed by March 2026," the company said.

In addition to in-house production, the company also undertakes contract manufacturing of off-the-shelf products as well as white labelling.

HD Fire Protect has reported profit at Rs 109.5 crore for the year ended March 2025, growing 24.6 percent compared to Rs 87.9 crore in previous year. Revenue during the same period increased by 16 percent to Rs 432.8 crore, up from Rs 373 crore.

Ambit, Anand Rathi Advisors, and IIFL Capital Services are appointed as the merchant bankers for managing the HD Fire Protect IPO.