HD Fire Protect

HD Fire Protect IPO

Last updated:

HD Fire Protect IPO Price Range is ₹258 - ₹271, with a minimum investment of ₹14,905 for 55 shares per lot.

Subscription Rate

2.91x

as on 13 Oct 2026, 01:55PM IST

Minimum Investment

₹14,905

/ 55 shares

IPO Status

Live

Price Band

₹258 - ₹271

Bidding Dates

Oct 13, 2026 - Oct 15, 2026

Issue Size

₹712.31 Cr

Lot Size

55 shares

Min Investment

₹14,905

Listing Exchange

BSE

IPO Doc

RHP PDF HD Fire Protect

HD Fire Protect IPO Application Timeline

upcoming
Open Date13 Oct 2026
Close Date15 Oct 2026
Allotment Date16 Oct 2026
Listing Date21 Oct 2026

Objectives of IPO

  1. HD Fire Protect Limited is coming out with an initial public offering of up to 26,284,500 equity shares with a face value of ₹5 each. The entire issue is an Offer for Sale, meaning there is no fresh issue of shares. Up to 8,983,700 shares are being offered by Harish Narshi Dharamshi and up to 17,300,800 shares by Kusum Harish Dharamshi. Since there is no fresh issue, the company itself will receive ₹0 crore from the IPO. The money raised will instead go directly to the promoter selling shareholders. The company has disclosed two objectives for the IPO in its Red Herring Prospectus.
  2. One objective is to complete the Offer for Sale of up to 26,284,500 equity shares on behalf of the promoter selling shareholders. Since the proceeds go directly to these shareholders, the IPO will not bring fresh money into the company for business operations, expansion, or working capital. The company has also stated that all offer-related expenses will be paid by the promoter selling shareholders in proportion to the shares they sell. This means the transaction costs will not affect the company's financial position.
  3. The second objective is to gain the benefits of having its equity shares listed on BSE Limited and the National Stock Exchange of India Limited. A stock market listing creates a public market where the shares can be traded and gives existing shareholders greater liquidity. It can also improve the company's visibility, strengthen its brand image, and enhance its standing among international customers and industry partners.

Financial Performance of HD Fire Protect

*Value in ₹ crore
*Value in ₹ crore
*Value in ₹ crore
DetailsFY24FY25FY26
Total Revenue₹372.95₹432.80₹489.28
Total Assets₹392.63₹450.08₹432.03
Total Profit₹87.92₹109.72₹116.79

HD Fire Protect Limited grew its revenue from operations from ₹372.95 crore in FY24 to ₹432.80 crore in FY25 and further to ₹489.28 crore in FY26. This represents a compound annual growth rate of 14.54%. Revenue growth was 16.05% in FY25 and 13.05% in FY26. The growth was supported by steady domestic demand from important industrial sectors as well as a wider export distribution network.

 

Operating EBITDA increased from ₹106.63 crore in FY24, with a 28.59% margin, to ₹138.01 crore in FY25, with a 31.89% margin. It then reached ₹150.46 crore in FY26, with a 30.75% margin. Profit after tax also increased from ₹87.92 crore in FY24, or a 22.43% margin, to ₹109.72 crore in FY25, or 24.35%, and ₹116.79 crore in FY26, or 23.12%. Keeping operating margins around 30% points to the benefits of scale, cost control, and the company's ability to maintain pricing.

 

The company has a debt-free balance sheet, which gives it financial stability and flexibility. Net worth increased to ₹377.15 crore in FY26 through accumulated profits, while net working capital stood at ₹186.73 crore. Cash generated from core operations was ₹92.49 crore in FY26, following ₹98.32 crore in FY25 and ₹63.77 crore in FY24. This indicates that the company has been able to support its working capital requirements through operating cash flows without relying on external debt.

 

Capital efficiency has also remained strong. Return on Equity increased from 28.41% in FY24 to 29.63% in FY25 and 30.17% in FY26. Return on Capital Employed reached 40.33% in FY26, compared with 37.61% in FY24. Working capital remained relatively well managed, with inventory days at 85, receivable days at 57, and payable days at 40 in FY26. Together, this resulted in a 102-day cash conversion cycle, reflecting the time taken to convert inventory and receivables back into cash. 

Strengths and Risks

Strengths

Strengths

  • HD Fire Protect had 21 UL Listed and 87 FM Approved product certifications as of September 2026, the highest count among its focused Indian peers. It is also the only Indian peer with certifications across UL, FM, CE, VdS, ASME-U Stamp, and Lloyd's Register. Since obtaining these approvals can involve evaluation periods of 6 to 24 months, they create meaningful entry barriers for new competitors and help protect the company's position across more than 90 export markets.

  • The company has a broad product portfolio covering 8 core categories across water, foam, and gas-based fire suppression systems, excluding extinguishers. This allows it to serve demanding industries such as oil and gas, power, pharmaceuticals, data centres, and commercial real estate. Having customers across several industries also reduces the company's dependence on demand from any one sector.

  • HD Fire Protect also has strong customer retention. It supplied products to 2,066 customers in FY26, while repeat customers accounted for ₹413.50 crore, or 85.20% of operational revenue. Customers associated with the company for more than five years contributed 54.40%. This level of customer stickiness can reduce the need to constantly spend on acquiring new customers, while also providing better visibility into future orders.

  • Its manufacturing operations are vertically integrated across two facilities in Maharashtra covering 8.50 acres. The company manages processes ranging from casting and precision machining to flow testing and assembly in-house. This level of control helped keep the product replacement rate at just 0.01% between FY24 and FY26. The company also has 8 patents filed or granted across India, the United States, Turkey, and Saudi Arabia, supporting its ability to develop specialised and potentially higher-margin fire protection skids.

  • The business is led by Chairman and Managing Director Harish Narshi Dharamshi, who has more than 41 years of industry experience. Other promoters bring more than 16 years of experience each. This gives the company a leadership team with deep industry knowledge and long-standing customer relationships. Their experience also helps the company deal with complex international compliance requirements and execute specialised engineering projects.

  • Financially, the company has delivered strong numbers. In FY26, it generated ₹489.28 crore of operational revenue and ₹150.46 crore of Operating EBITDA, giving it a 30.75% margin. Return on Equity was 30.17%, while Return on Capital Employed stood at 40.33%. The company also had a debt-free balance sheet, which gives it more financial flexibility because it does not have interest costs weighing on its profits.

Risks

Risks

  • The company depends significantly on a relatively small group of third-party suppliers and does not have long-term purchase agreements with them. In FY26, its top 10 suppliers accounted for 47.76% of total expenses, compared with 35.59% in FY24. Since the company does not have contractual protection to automatically pass sudden cost increases to customers under fixed-price orders, sharp movements in commodity prices such as copper, steel, and iron could put pressure on margins and potentially affect production schedules.

  • HD Fire Protect also has considerable exposure to imported raw materials and contract-manufactured products. Imports accounted for 45.06% of total procurement in FY26, with China alone making up 30.96% of total purchases. Geopolitical tensions, tariffs, or disruptions in global logistics could therefore delay supplies, raise input costs, and put pressure on operating cash flows.

  • The company's manufacturing is concentrated entirely in Maharashtra, across its two facilities in Thane and Jalgaon. These facilities accounted for 63.49% of operational revenue in FY26. This concentration creates a geographic risk because events such as labour strikes, power outages, natural disasters, or changes in state-level policies could interrupt production and delay deliveries to both domestic and overseas customers.

  • The business also needs to maintain strict international product certifications and domestic regulatory approvals across its markets. In FY26, it spent ₹2.72 crore on maintaining international certifications, while obtaining new approvals can take between 6 and 24 months. If certifications such as UL Listing or FM Approval are delayed or not renewed, the company could lose eligibility for certain global tenders, face restrictions in its export markets, and see its competitive position weaken.

  • Revenue can also fluctuate because the company mainly operates through short-term purchase orders rather than long-term supply agreements. While repeat customers generated ₹413.50 crore, or 85.20% of operational revenue, in FY26, these customers are not contractually required to place future orders. Delays, budget cuts, or cancellations in project-driven sectors such as infrastructure and commercial real estate could therefore result in uneven revenue and create working capital pressure.

  • The company's sizeable export business also exposes it to foreign exchange movements. Export revenue stood at ₹168.41 crore, or 34.69% of operational revenue, in FY26, while most of its foreign currency exposure remained unhedged. Unfavourable currency movements could increase the cost of imported inputs, reduce export margins, and make cash flows less predictable.

How to Apply for HD Fire Protect IPO on INDmoney

  1. Download the INDmoney app and complete your KYC.
  2. Go to INDstocks → IPO, or just search “IPO”.
  3. Tap on HD Fire Protect IPO from the list of live IPOs.
  4. View key details like price band, lot size, and dates.
  5. Tap Apply Now and choose your number of lots.
  6. Use INDpay UPI for instant mandate tracking.
  7. Your funds will be blocked until the share allotment is finalized.

Listed Competitors of HD Fire Protect

Company Name

Revenue from Operations (₹ Cr)

Revenue Growth (YoY %)

Operating EBITDA (₹ Cr)

Operating EBITDA Margin (%)

PAT (₹ Cr)

PAT Margin (%)

P/E Ratio (x)

ROE / RoNW (%)

ROCE (%)

HD Fire Protect

₹489.28 Cr

13.05%

₹150.46 Cr

30.75%

₹116.79 Cr

23.12%

40.66x

31.07%

40.33%

Azad Engineering

₹603 Cr

31.84%

₹225 Cr

37%

₹134 Cr

20.59%

145.65x

N.A

12%

KSB

₹2,696 Cr

6.42%

₹377 Cr

14%

₹264 Cr

9.82%

55.68x

17.33%

25%

Kirloskar Pneumatic Company

₹1,759 Cr

8.02%

₹363 Cr

21%

₹258 Cr

14.66%

17.20x

21.56%

30%

Elgi Equipments

₹3,951 Cr

12.54%

₹583 Cr

15%

₹430 Cr

10.88%

44.83x

23.87%

22%

Ingersoll-Rand (India)

₹1,392 Cr

4.20%

₹333 Cr

24%

₹256 Cr

18.4%

51.39x

41.80%

57%

HD Fire Protect Shareholding Pattern

Promoters & Promoter Group 100%
NameRoleStakeholding
Harish Narshi DharamshiPromoter56.13%
Kusum Harish DharamshiPromoter17.83%
Miheer Sadanand GhotikarPromoter10.49%
Parika Miheer GhotikarPromoter6.62%
Anik Narendra DharamshiPromoter4.26%
Narendra Visanji DharamshiPromoter Group3.43%
Hiren Narshi Dharamshi (HUF)Promoter Group0.45%
Frenal Rishi LodayaPromoter Group0.26%
Avika Miheer GhotikarPromoter Group0.25%
Riaan Miheer GhotikaPromoter Group0.25%
Usha Ashwin ShahPromoter Group0.03%

About HD Fire Protect

Think of HD Fire Protect Limited as a specialist company that makes emergency fire protection systems for factories, commercial buildings, and other high-risk facilities. Its equipment is designed to automatically release water, foam, or gas to help control and extinguish fires quickly. The company earns revenue by designing, manufacturing, and selling these fire protection systems in India as well as overseas. In FY26, revenue from operations stood at ₹489.28 crore, with fire suppression equipment making up most of the business. Among its key product categories, sprinklers, alarm valves, and accessories generated ₹164.80 crore, or 33.95% of operational revenue. Deluge valves and pre-action systems contributed ₹106.08 crore, or 21.85%, while foam suppression systems added ₹90.83 crore, or 18.71%. This mix shows that the company is not dependent on just one type of product.

The company serves industrial customers across areas such as oil and gas, power, pharmaceuticals, data centres, warehousing, and commercial real estate. In FY26, it supplied products to 2,066 customers, with repeat customers contributing ₹413.50 crore, or 85.20% of operational revenue. That points to strong and continuing relationships with existing clients. India remains its biggest market, contributing ₹317.01 crore, or 65.31% of operational revenue. At the same time, exports to more than 90 countries generated ₹168.41 crore, or 34.69% of revenue. This gives the company a fairly balanced geographic presence rather than making it dependent on just one market.

Behind this wide market reach is the company's vertically integrated manufacturing setup, which means it handles several key production steps itself. These include sand casting, precision machining, testing, and final assembly. Manufacturing is carried out at two facilities in Thane and Jalgaon, Maharashtra, covering a combined 8.50 acres. Having these processes in-house gives the company greater control over product quality, delivery timelines, and manufacturing costs. It also invests in its own technical development and holds 8 patents filed or granted across India, the United States, Turkey, and Saudi Arabia for specialised valve systems.

Another important strength is its large portfolio of international safety certifications, which can make it harder for new competitors to enter the market. As of September 2026, the company had 21 UL Listed and 87 FM Approved product certifications, the highest number among its focused Indian peers. It is also the only Indian company among its focused peers with certifications across UL, FM, CE, VdS, ASME-U Stamp, and Lloyd's Register for its product categories. These approvals typically require years of testing and factory audits. As a result, they can strengthen customer confidence and make it more difficult for new players to become approved suppliers.

For more details, visit here: https://www.hdfire.com

The People Behind the Company: Leadership and Expertise

The Promoter

HD Fire Protect Limited is promoted by five members: Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, and Anik Narendra Dharamshi. Together, they hold 16,70,35,000 equity shares, representing 95.33% of the pre-IPO equity capital. The total promoter group holding stands at 17,52,30,000 shares, or 100.00%. Founder Harish Narshi Dharamshi brings more than 41 years of industry experience, while the executive promoters have more than 16 years of experience each. The business began as a partnership firm called M/s H.D. Fire Protect Company in 1990. It was incorporated as D.H. Fire Protect Private Limited in 1997, renamed HD Fire Protect Private Limited in 2005 after acquiring the original partnership business, and later became a public limited company on June 19, 2025.

Key Leadership and Management

Harish Narshi Dharamshi - Chairman and Managing Director

  • Background: Harish Narshi Dharamshi, aged 72, is the company's founding Chairman and Managing Director. He has been associated with the business since 1990 and has served as a Director since May 17, 1999. He owns 9,83,51,000 equity shares, representing a 56.13% stake. In FY26, he received ₹8.00 crore in remuneration and ₹78.68 crore in dividends. Related-party transactions include a ₹9.00 crore share buy-back in FY24 and the acquisition of commercial premises from M/s HD Electronics.
  • Qualification: He holds a Bachelor of Engineering in Mechanical Engineering from B.V.B. College of Engineering and Technology, Karnatak University.
  • Contribution: With more than 41 years of industry experience, he provides strategic leadership and oversees the company's R&D direction and expansion plans. He also serves on the UL Standards Technical Committee for UL-260 and has received several industry honours, including the Lifetime Achievement Award from IFE (India).
  • Legal / Regulatory Matters: He was involved in procedural compounding applications under Section 441 of the Companies Act relating to minor statutory delays involving buy-back procedures and the appointment of a cost auditor. Fines of ₹7.50 lakhs and ₹2.50 lakhs were imposed and fully settled. There are no criminal or material civil litigations.

Miheer Sadanand Ghotikar - Whole-Time Director

  • Background: Miheer Sadanand Ghotikar, aged 44, has served as a Whole-Time Director since January 1, 2010. He owns 1,83,92,000 equity shares, representing a 10.49% stake. In FY26, he received ₹4.00 crore in remuneration, ₹7.50 lakhs in insurance premiums, and ₹14.71 crore in dividends. Related-party transactions include a ₹1.68 crore share buy-back in FY24 and the receipt of gifted shares.
  • Qualification: He holds a B.E. in Biomedical Engineering from Mumbai University and an M.S. in Biomedical Engineering from the University of South Florida. He has also completed Harvard Business School's OPM Program.
  • Contribution: With more than 16 years of industry experience, he oversees international business, manufacturing operations, R&D, and technology infrastructure. He also serves on UL technical committees for UL-162 and UL-2901, as well as NFPA technical committees.
  • Legal / Regulatory Matters: No active legal or regulatory proceedings.

Parika Miheer Ghotikar - Whole-Time Director

  • Background: Parika Miheer Ghotikar, aged 43, has served as a Whole-Time Director since January 1, 2010. She owns 1,15,94,000 equity shares, representing a 6.62% stake. In FY26, she received ₹4.00 crore in remuneration, ₹57.50 lakhs in insurance premiums, and ₹9.28 crore in dividends. Related-party transactions include a ₹1.08 crore share buy-back in FY24 and commercial property dealings with M/s HD Electronics.
  • Qualification: She holds a B.S. in Mechanical Engineering from the University of Toledo, an M.S. in Engineering and Management from Case Western Reserve University, and a licentiate diploma from VJTI Mumbai.
  • Contribution: With more than 16 years of experience, she oversees business systems integration, corporate finance, treasury, human resources, and administration.
  • Legal / Regulatory Matters: No active legal or regulatory proceedings.

Anik Narendra Dharamshi - Whole-Time Director

  • Background: Anik Narendra Dharamshi, aged 42, has served as a Whole-Time Director since January 1, 2010. He owns 74,58,000 equity shares, representing a 4.26% stake. In FY26, he received ₹4.00 crore in remuneration, ₹22.50 lakhs in insurance premiums, and ₹5.97 crore in dividends. Related-party transactions include an ₹84.00 lakh share buy-back in FY24 and property transactions with his father.
  • Qualification: He holds a B.E. in Mechanical Engineering from Mumbai University and an M.S. in Manufacturing Engineering and Management from the University of Birmingham.
  • Contribution: With more than 16 years of industry experience, he leads manufacturing operations, engineering, procurement, and supply chain management. He also serves as President of the Fire Protection Association of India.
  • Legal / Regulatory Matters: No active legal or regulatory proceedings.

Hitesh Devji Dedhia - Chief Financial Officer

  • Background: Hitesh Devji Dedhia became CFO on May 2, 2025. He does not hold any equity shares but has 71,000 ESOP options. In FY26, he received ₹81.80 lakhs in remuneration. Before joining the company, he was a CA partner at M/s KKC & Associates LLP, one of the company's joint statutory auditors.
  • Qualification: He holds a B.Com from Mumbai University and is an Associate Member of the Institute of Chartered Accountants of India (ICAI).
  • Contribution: With more than 22 years of experience in auditing and financial reporting, he oversees corporate finance, strategic planning, risk management, and statutory reporting.
  • Legal / Regulatory Matters: No active legal or regulatory proceedings.

Sundaram Balasubramanian Iyer - Company Secretary and Compliance Officer

  • Background: Sundaram Balasubramanian Iyer was appointed Company Secretary on May 2, 2025. He does not hold any equity shares and has 21,067 ESOP options. In FY26, he received ₹9.40 lakhs in remuneration. Before joining HD Fire Protect, he worked at TPAC Packaging, Alchemie Finechem, and Vyoman Infravest.
  • Qualification: He holds a B.Com and LL.B. from Mumbai University and is a Member of the Institute of Company Secretaries of India (ICSI).
  • Contribution: With five years of experience in secretarial and legal work, he handles corporate governance, statutory compliance, board secretarial responsibilities, and regulatory filings.
  • Legal / Regulatory Matters: No active legal or regulatory proceedings.

Industry Overview

  • The global fire protection equipment market is worth around $62 billion in CY25 and is growing at a 6.5% to 7.5% CAGR to reach $85 to $90 billion by CY30. Within this market, HD Fire Protect Limited remains a key operational player, recording an operating revenue of ₹489.28 crore in FY26.
  • Non-extinguisher fire suppression systems dominate India's active fire safety market, with high-hazard industrial facilities and commercial infrastructure acting as primary end-use drivers. Operating primarily as a certified manufacturer holding 21 UL Listed and 87 FM Approved product certifications, HD Fire Protect Limited generated ₹164.80 crore or 33.95% of its FY26 operating revenue through sprinklers, alarm valves, and accessories, while its top 10 customers accounted for ₹114.98 crore or 23.69% of total revenue.
  • The Indian fire protection equipment market expanded at a 12% CAGR from ₹5,500 crore in FY20 to ₹10,900 crore in FY26 and is projected to touch ₹17,500 crore to ₹19,500 crore by FY31. HD Fire Protect Limited has aligned with this expanding demand, with its operating revenue growing at an 18% CAGR from FY20 to FY25 (and a 14.54% CAGR from ₹372.95 crore in FY24 to ₹489.28 crore in FY26).
  • Low per capita fire safety expenditure in India ($1 in FY26 versus $57 in North America and $52 in Europe) drives major growth opportunities across domestic compliance and high-value international markets. HD Fire Protect Limited has a strong presence across these markets, with domestic Indian sales and export sales to over 90 countries contributing ₹317.01 crore (65.31%) and ₹168.41 crore (34.69%) of its FY26 operating revenue, respectively.

HD Fire Protect IPO GMP

According to InvestorGain, HD Fire Protect IPO is currently showing a grey market premium (GMP) of around ₹50 or 18.45%, suggesting positive sentiment ahead of its listing. At this level, the grey market is indicating the possibility of a listing above the IPO issue price.

GMP reflects unofficial grey-market sentiment before listing and can change frequently, so it should be treated as an indicative figure rather than a guaranteed listing price. We do not promote or endorse GMP as a basis for investment decisions. Investors should consider the company's fundamentals, valuation, financial performance, and risks. 

Read our detailed guide on IPO GMP to understand how it works and its limitations.   

Know more about HD Fire Protect

HD Fire Protect IPO Review: Can High Profit Margins Justify Its Valuation?

HD Fire Protect IPO review: Explore its 30.75% profit margins, financials, valuation, business strengths and risks before evaluating the IPO.

HD Fire Protect IPO Review: Is Its High Valuation Justified?

Frequently Asked Questions of HD Fire Protect IPO

What is the size of the HD Fire Protect IPO?

The size of the HD Fire Protect IPO is ₹712.31 Cr.

What is the allotment date of the HD Fire Protect IPO?

HD Fire Protect IPO allotment date is Oct 16, 2026 (tentative).

What are the open and close dates of the HD Fire Protect IPO?

The HD Fire Protect IPO will open on Oct 13, 2026 and close on Oct 15, 2026

What is the lot size of HD Fire Protect IPO?

The lot size for the HD Fire Protect IPO is 55.

When will my HD Fire Protect IPO order be placed?

Your HD Fire Protect IPO order will be placed on Oct 13, 2026

Can we invest in HD Fire Protect IPO?

Yes, once HD Fire Protect IPO opens, you can invest in the shares of the company.

What would be the listing gains on the HD Fire Protect IPO?

The potential listing gains on the HD Fire Protect IPO will depend on various market factors and cannot be predicted with certainty.

What is 'pre-apply' for HD Fire Protect IPO?

'Pre-apply' for HD Fire Protect IPO indicates your interest in the IPO before it opens for subscription. This ensures quick application when the IPO goes live.

Who are the promoters of HD Fire Protect?

HD Fire Protect Limited is promoted by Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar, Parika Miheer Ghotikar, and Anik Narendra Dharamshi. Together, they hold 95.33% of the company's pre-IPO equity share capital. Harish Narshi Dharamshi holds 98,351,000 shares, representing 56.13%, followed by Kusum Harish Dharamshi with 31,240,000 shares, or 17.83%. Miheer Sadanand Ghotikar holds 18,392,000 shares, or 10.49%, Parika Miheer Ghotikar holds 11,594,000 shares, or 6.62%, and Anik Narendra Dharamshi holds 7,458,000 shares, or 4.26%.

Who are the competitors of HD Fire Protect?

The key competitors of HD Fire Protect Limited include Safex Fire Services Limited, Newage Fire Fighting Company Limited, Ceasefire Industries Private Limited, and Vimal Fire Controls Private Limited. These companies operate in the same or closely related areas and compete with HD Fire Protect across similar products, services, or markets.

How does HD Fire Protect make money?

HD Fire Protect Limited earns revenue by designing, manufacturing, and supplying water, foam, and gas-based fire suppression systems to industrial and commercial customers. In FY26, operational revenue was ₹489.28 crore. Sprinklers, alarm valves, and accessories contributed ₹164.80 crore, or 33.95%, while deluge valves and pre-action systems contributed ₹106.08 crore, or 21.85%. Foam systems generated ₹90.83 crore, or 18.71%. India contributed ₹317.01 crore, or 65.31% of operational revenue, while exports to more than 90 countries contributed ₹168.41 crore, or 34.69%.

What is the GMP of HD Fire Protect IPO?

According to InvestorGain, HD Fire Protect IPO is currently showing a grey market premium (GMP) of around ₹50 or 18.45%, suggesting positive sentiment ahead of its listing. At this level, the grey market is indicating the possibility of a listing above the IPO issue price. However, GMP is unofficial and can change quickly, so it should not be treated as a guaranteed indication of the actual listing price.

Should I Apply for HD Fire Protect IPO?

HD Fire Protect IPO may interest investors looking for exposure to the fire protection and safety solutions industry. The GMP of around 22.14% mentioned above points to positive grey market sentiment and expectations of a premium listing. At the same time, investors should look at the company's financial growth, profitability, IPO valuation, and key business risks before making a decision. Those mainly looking for listing gains should also keep in mind that GMP is unofficial and can change considerably before the shares begin trading.