HD Fire Protect files draft IPO papers with Sebi

New Delhi, Sep 25 (PTI) Manufacturer and supplier of firefighting products HD Fire Protect has filed preliminary papers with markets regulator Sebi to float an initial public offering (IPO).

The Mumbai-based company's IPO is entirely an offer-for-sale (OFS) of 26,284,500 equity shares by promoters with a fresh issue component, according to the draft red herring prospectus (DRHP) filed on Wednesday.

Since the entire issue is an OFS, all proceeds will go directly to the selling shareholders rather than the company.

The company said the IPO is intended to achieve the benefits of listing equity shares on the stock exchanges and to facilitate the OFS for selling shareholders.

HD Fire Protect is a manufacturer and supplier of fire protection equipment and systems, commonly known as firefighting products.

According to a report by Crisil, the Indian fire protection equipment market grew at a compound annual growth rate (CAGR) of 11 per cent between fiscals 2019 and 2025 to Rs 10,200 crore. This growth outpaced the global fire protection equipment market, which expanded at a CAGR of 7 per cent between 2020 and 2024.

Looking ahead, the Indian market is projected to sustain a strong growth momentum, with a CAGR of 11-12 per cent between fiscals 2025 and 2030, taking the market size to about Rs 16,500-Rs 17,500 crore, the report added.

To manage the public issue, HD Fire Protect has appointed Ambit, Anand Rathi Advisors, IIFL Capital Services and Equirus Capital as book-running lead managers. PTI SP SHW