HD Fire Protect IPO review: Brokerages bullish on long-term prospects

HD Fire Protect IPO is set issue price band at ₹258 to ₹271 per share and bidding will close on Oct 15, 2026

HD Fire Protect ₹712.13 crore IPO opened for bidding on Tuesday, and the issue received largely bullish views from brokerages, with analysts highlighting that the company’s products hold global certifications and approvals, including UL Listing, FM Approval, CE, VdS, ASME U-Stamp and Lloyd’s Register.

 

Brokerage view

 

SBI Securities 

 

The brokerage assigned a subscribe rating to the stock, noting that the company has served 905 customers and has developed relationships across domestic and international markets.

 

 SBI Securities noted that the company has vertically integrated capabilities covering R&D, product design, foundry operations, machining, fabrication, assembly, painting, testing, and quality control.

 

The brokerage noted that, HD Fire Protect has a business legacy of over 36 years and supplies fire-protection equipment and systems to more than 90 countries. It is the only fire-protection-focused Indian company to hold UL, FM, CE, VdS, ASME-U and Lloyd’s Register certifications across its product portfolio.

 

 

Master Trust

 

The brokerage firm said that the company develops most of its products in-house on proprietary designs that meet national and international standards. It was the first Indian fire protection equipment manufacturer to receive UL Listing for deluge valves in 1996, and the first Indian manufacturer to receive FM approval for a range of low-expansion foam system products. 

 

It noted that the company ‘s customised solutions and manufacturing infrastructure further positions HD Fire to cater to diverse fire safety requirements as the industry expands. “Investors may consider the IPO as a potential longterm investment opportunity,” it said.

 

IPO Details

 

HD Fire Protect IPO is entirely an offer for sale of 2.63 crore shares of ₹712.13 crore.

 

HD Fire Protect IPO bidding opened for subscription on Oct 13, 2026 and will close on Oct 15, 2026. The allotment for the HD Fire Protect IPO is expected to be finalised on Oct 16, 2026.

 

HD Fire Protect IPO is set issue price band at ₹258 to ₹271 per share. The lot size for an application is 55 shares. The minimum amount of investment required by an individual investor is ₹14,905.

 

Ambit Pvt.Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.  Disclaimer: Views and outlook in this report belong to the brokerages and analysts cited. They do not reflect the views of Business Standard. Readers are advised to exercise discretion.