HD Fire Protect Eyes To Launch IPO In October; Kicks Off Institutional Roadshows

Fire protection equipment and systems manufacturer HD Fire Protect Ltd is targeting to float its initial public offering (IPO) in October and is conducting institutional roadshows as part of its pre-launch marketing strategy, people familiar with the development said.

The proposed public issue is entirely an offer for sale (OFS) of 2.6 crore equity shares by the promoters, with no fresh issue component.

Since it's an OFS, the company will not receive any proceeds from the public issue, instead funds will go to selling shareholders.

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 & gas, refining and petrochemicals, power & energy, pharmaceuticals, data centres and warehousing.

The company has supplied 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 Indian 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 draft papers.

It plans to set up a local manufacturing and trading presence in Saudi Arabia over the next 1-2 years in collaboration with a shortlisted partner, subject to regulatory approvals.

The initiative is expected to strengthen customer servicing, improve localisation, reduce logistics challenges and enhance eligibility for large government projects, it added.

According to the Crisil report, the Indian fire protection equipment market is projected to reach ₹16,500-17,500 crore by FY30, driven by increasing investments in fire safety infrastructure and stricter regulatory compliance.

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