Saudi Aramco supplier HD Fire plans to launch IPO in October

HD Fire Protect, a Mumbai-based manufacturer of fire protection systems and a supplier to Saudi Aramco, is planning an initial public offering in October through an offer for sale of 2.6 crore equity shares by the promoters. The proposed issue has no fresh equity component, and the company is currently conducting institutional roadshows as part of its IPO marketing. Ambit, Anand Rathi Advisors and IIFL Capital Services have been appointed as book-running lead managers for the transaction.

"The initiative is expected to strengthen customer servicing, improve localisation, reduce logistics and enhance eligibility for large government projects," the company said, outlining the strategic rationale for its international expansion plans.

HD Fire Protect supplies a range of fire safety equipment across industrial and infrastructure sectors. Its products have been deployed in several high-profile projects domestically and overseas, including the new Indian Parliament building, fire protection systems for India’s largest refinery complex in Jamnagar, master stream nozzle installations at the Sriharikota space launch site, deluge valves for Saudi Aramco’s Ras Tanura Sea Island project, and fire protection equipment for Oman’s Integrated Power & Water Plant Project.

Business footprint and growth strategy

• Operations: The company operates two manufacturing facilities in Maharashtra and serves sectors such as oil & gas, refining and petrochemicals, power & energy, aerospace, pharmaceuticals, data centres and warehousing.
• International focus: HD Fire is prioritising expansion across Saudi Arabia, Southeast Asia and other strategically aligned markets, targeting demand driven by rising infrastructure investments and tighter fire-safety regulations.
• Local presence in Saudi Arabia: The firm plans to establish a local manufacturing and trading presence in Saudi Arabia within the next one to two years in collaboration with a shortlisted partner, subject to regulatory approvals.

Management says the move to localise operations will support better customer service, reduce logistics costs and improve eligibility for large government tenders in the Middle East. The company is also deepening engagement in infrastructure and urban development projects across the Middle East and South Asia and expects to increase business from existing customers through customised solutions, closer collaboration during project design and enhanced compliance capabilities.

Market outlook

Market research cited by the company points to robust long-term demand for fire-protection equipment. A CRISIL report referenced in the company’s disclosures projects the Indian fire protection equipment market to reach between Rs 16,500 crore and Rs 17,500 crore by fiscal 2030, driven by rising investments in fire safety infrastructure and stricter regulatory compliance.

HD Fire is targeting emerging verticals such as data centres and warehousing, where certified fire-protection systems are increasingly mandated. The October-offer timetable and the absence of fresh issuance means proceeds will go to selling shareholders rather than to capital-raising for the company. Ambit, Anand Rathi Advisors and IIFL Capital Services will steer book-building and investor allocation as institutional roadshows continue ahead of the public launch.