HD Fire Protect plans ₹712 crore IPO through promoter share sale

HD Fire Protect, an Indian maker of fire protection equipment, plans to raise ₹712 crore through an initial public offering.

The offer is a sale of shares by the promoter group, whose stake is expected to fall from 100% to 85%.

Founded in 1997, the company makes systems that use water, foam and gas to control fires, and operates factories in Jalgaon and Thane, Maharashtra.

It exports to more than 90 countries, and repeat customers generated about 85% of its FY26 revenue.

Revenue, profit and operating cash flow all grew between FY24 and FY26, but imported materials and dependence on a relatively small group of suppliers create risks.

The company’s proposed valuation is about 41 times FY26 earnings, or 50 times annualised FY27 earnings.

The offering may interest investors seeking long-term growth, but the company’s costs, supply chain and valuation are important risks to consider.