Trilegal, TT&A, Chandhiok & Mahajan act on HD Fire Protect ₹712 crore IPO

HD Fire Protect Limited has raised ~₹712.132 crore from an initial public offering of equity shares which comprised an offer for sale of 26,284,500 equity shares by certain promoters.

Trilegal advised HD Fire Protect on this IPO.

The transaction was led by Richa Choudhary (Partner) and Maitreya Rajurkar (Partner), with support from Pooja Tada (Senior Associate) and Associates Shreyansh Gupta, Naman Shah and Arnab Goswami.

TT&A advised Harish Narshi Dharamshi and Kusum Harish Dharamshi, promoter selling shareholders of HD Fire Protect.

The transaction team consisted of Abhinav Kumar (Partner), Shubham Sancheti (Managing Associate), Indira Satish (Senior Associate) and Soham Vakil (Associate).

Chandiok & Mahajan advised the book running lead managers, Ambit Private Limited, Anand Rathi Advisors Limited, and IIFL Capital Services Limited, on this IPO.

The transaction team was led by Niruphama Ramakrishnan (Partner & Head of Capital Markets), with support from Pratima Pratihar (Senior Associate), Associates Sparsh Sharma and Saba Alam.

HD Fire Protect is the second-largest manufacturer of fire protection equipment and systems in India in terms of operating income (revenue from operations) in Fiscal 2024 and the largest exporter by value (equipment) in Fiscal 2024. They have export sales in more than 90 countries as of Fiscal 2025.

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