HD Fire Protect IPO is a mainboard IPO raising ₹712 Cr at ₹258 – ₹271 a share. It listed on 21 Oct 2026 at ₹335, +23.6% against its issue price of ₹271, and trades at ₹281 today (+3.6% since issue). It was subscribed 132× in total.
131.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Read from the 460-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 322 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Hitesh Dedhia & Co, Chartered Accountants tendered their resignation with effect from March 27, 2025, before completion of their audit term... Hitesh Dedhia & Co were not peer reviewed... Hitesh Dedhia, in his individual capacity... was appointed as the Chief Financial Officer of our Company with effect from May 2, 2025
Hiren Dharamshi's proprietary firm, M/s. Dharamshi Capital Services, as a sub-broker was prohibited from accessing the capital market and dealing in securities in the past, for a period of 5 years, by the SEBI vide its order dated September 10, 2004 in relation to its involvement in irregular and manipulative trading activities
per- and polyfluoroalkyl substances (PFAS), including those used in AFFF and other foam-based fire protection equipment and systems, are increasingly under global regulatory scrutiny due to their potential environmental and health impacts. Several jurisdictions are moving towards restricting, regulating, or banning the use and manufacture of such substances
Related party transactions 49.88 4.57 1,619.58 33.10 853.04 19.71 414.59 11.12
Uninsured Assets... 2,707.79... 56.70... NA... NA
The Offer consists of only an Offer for Sale of up to 26,284,500 Equity Shares of face value ₹5 each aggregating up to ₹[●] million, by Harish Narshi Dharamshi and Kusum Harish Dharamshi. The entire proceeds from the Offer for Sale will be paid to the Promoter Selling Shareholders
Any malfunction or failure of our fire protection equipment and systems could result in loss of life, property damage, invocation of warranties, legal claims, and reputational harm
We have significant import dependency on China with our imports from China constituting 24.98%, 30.96%, 29.19% and 26.30%, of our total purchases
all of our manufacturing operations are centralized in two locations, namely, Thane and Jalgaon in Maharashtra, India
our top 10 suppliers contributed to 59.28%, 47.76%, 42.90% and 35.59% of the Total Expenses... we do not have any long-term purchase agreements or firm commitments with our suppliers
the RoC rejected the said adjudication application... there is no mechanism available to regularize the said Form MGT-7 filings, and the underlying discrepancies remain unrectified
As of June 30, 2026, we had engaged 9 independent contractors... under the Contract Labor (Regulation and Abolition) Act, 1970, we may be required to absorb a number of such contract labourers as permanent employees by virtue of any order from a regulatory body or court
We are aware of instances where counterfeit versions of our products have been distributed in the market... a company has attempted to adopt a deceptively similar name as ours... We have filed a petition dated November 6, 2025, with the Regional Director
79.76%, 85.20%, 86.30%, and 88.05% of our revenue from operations has been from repeat customers... we rely on short-term work orders and do not have long-term contracts or exclusivity arrangements with our customers
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹0.0 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 3 | 0 | ₹0.0 Cr |
| Subsidiaries | 0 | 0 | 0 | — |
| Directors | 2 | 0 | 0 | — |
| Promoters | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
Company — 1 direct tax matter (amount not quantifiable) and 2 indirect tax matters aggregating ₹0.40 million
Company v. CBDT — writ petition no. 12562/2024 before Bombay HC seeking to set aside order dated Aug 7, 2024 rejecting condonation of delay for opting new tax regime u/s 115BAA of IT Act for AY 2020-21
Drug Inspector, Gandhinagar vs. Sudha Ravi (in capacity as Independent Director of Alkem Laboratories) — criminal complaint re 'Zilokem' declared not of standard quality; Sudha Ravi filed Crl. Misc. Application No. 19281/2025 before Gujarat HC seeking quashing; ad-interim relief granted
Drug Inspector, Muzaffarpur vs. Sudha Ravi (as Independent Director of Alkem Laboratories) — criminal complaint re 'CLAVAM' alleging violations of Drugs & Cosmetics Act, 1940 and New Drugs and Clinical Trials Rules, 2019; quashing petition before Patna HC; further proceedings stayed by order dated Aug 20, 2024
No group companies exist; no material litigation involving group companies impacting the issuer
Amounts converted from ₹ million to ₹ crore (1 crore = 10 million). Only quantified amount stated is ₹0.40 million (₹0.04 crore) in indirect tax matters against the Company. The 1 direct tax case amount is stated as 'NA'. Direct criminal proceedings against directors arise solely from Sudha Ravi's role as independent director of Alkem Laboratories Limited, not from her role with the issuer. Material civil litigations, regulatory/statutory actions, SEBI disciplinary actions and KMP/Senior Management proceedings are all Nil across relevant parties.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
