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HD Fire Protect sets ₹258–271 band for up to ₹712 crore promoter sale; Ravita Engineering SME IPO also opens 13 Oct as this week’s listings slide to lower bands

Two more IPOs join Fusion CX next week. Fire-protection equipment maker HD Fire Protect is selling up to 15% of the company through promoter shares only, at ₹258–271 — about 38.7–40.7× FY26 profit. Engineering contractor Ravita, whose revenue rose about 20× in two years, is raising up to ₹116 crore in fresh money on NSE Emerge. Meanwhile, every IPO that listed this week was stuck at its lower band on Friday afternoon, Nityas Gems included.

Capital Chronicle Desk~5 minDual-layer

60-sec

Next week’s IPO calendar (from NSE’s upcoming-issue list and the companies’ Red Herring Prospectuses, 9 Oct 2026): Three issues will be open at the same time. Two of them start on Tuesday 13 Oct, and the third, Fusion CX, follows on Wednesday 14 Oct (our RHP story).

HD Fire Protect (HDFIRE, mainboard)Ravita Engineering Services (RAVITA, NSE Emerge)
BiddingTue 13 – Thu 15 Oct; anchor book Mon 12 OctTue 13 – Thu 15 Oct; anchor book Mon 12 Oct
Price band₹258–271 (face value ₹5)₹105–112 (face value ₹5)
What is soldOffer for sale only: up to 2,62,84,500 promoter shares; no fresh money for the companyFresh issue only: 1,03,62,000 new shares
Issue size≈ ₹678–712 crore≈ ₹108.8–116.1 crore
Minimum bid55 shares = ₹14,190–14,9052 lots of 1,200 = 2,400 shares = ₹2,52,000–2,68,800
Value at the top of the band≈ ₹4,748.7 crore≈ ₹422.0 crore (after the new shares)
FY26 revenue / profit₹489.3 crore / ₹116.8 crore₹277.6 crore / ₹28.0 crore
Price-to-FY26 profit at top of band≈ 40.7×≈ 15.1×
Allotment / listing (indicative)~Fri 16 Oct / ~Wed 21 Oct on BSE and NSE~Fri 16 Oct / ~Wed 21 Oct on NSE Emerge

Issue sizes, valuations and multiples are Capital Chronicle arithmetic on RHP share counts and restated profit.

This week’s listings on Friday (NSE, 2:25 p.m. IST): all five recent IPOs were at their 5% lower price limit with no buy orders, including Nityas Gems, which had closed near its upper band on Thursday.

Takeaway: New supply keeps arriving while the last batch is still looking for buyers. No GMP, no price forecast. Not investment advice.

Analysis

HD Fire Protect: a promoter exit, priced near 41× profit at the top

  • What it does: HD Fire Protect makes water-, foam- and gas-based fire suppression equipment (deluge and alarm valves, spray nozzles, foam systems). The business began as a partnership in 1990 and was incorporated in 1997. Its registered office is in Mulund, Mumbai, and its corporate office is in Wagle Estate, Thane.
  • Who is selling: Only two promoters. Kusum Harish Dharamshi is selling up to 1,73,00,800 shares and Harish Narshi Dharamshi up to 89,83,700. The RHP puts their average cost at ₹0.09 and ₹0.05 a share. Because the issue is entirely an offer for sale, the money goes to them, not to the company.
  • How big a slice: 2,62,84,500 of 17,52,30,000 shares, or about 15.0% of the company. The share count does not change after the IPO (Capital Chronicle arithmetic on the RHP capital structure).
  • Numbers (restated): FY26 revenue from operations was ₹489.28 crore, up about 13.1% from ₹432.80 crore. Profit was ₹116.79 crore, up about 6.4% from ₹109.72 crore. For April–June 2026 the company reported revenue of ₹109.05 crore and profit of ₹23.87 crore. About 34.7% of FY26 revenue came from outside India.
  • Valuation: At ₹258–271 the company is valued at about ₹4,520.9–4,748.7 crore, or about 38.7–40.7× FY26 profit (Capital Chronicle arithmetic).
  • Book split: Up to 50% of the net offer goes to qualified institutions (up to 60% of that can go to anchors), at least 15% to non-institutional bidders and at least 35% to retail. There is an employee portion of up to ₹1.75 crore, with employees getting ₹25 off per share.
  • Bankers: Ambit, Anand Rathi Advisors and IIFL Capital Services. The registrar is MUFG Intime India, and BSE is the designated stock exchange.

Ravita Engineering: fast growth, money for working capital

  • What it does: Ravita provides turnkey electro-mechanical engineering services, covering design, procurement, installation, commissioning and maintenance of HVAC, mechanical, electrical and cooling systems. It works in three segments: onshore industrial sites, offshore oil-and-gas platforms and data-centre cooling. It was formerly called Powermech Services Private Limited and was incorporated in 2007.
  • Growth (restated): Revenue rose from ₹13.49 crore in FY24 to ₹108.61 crore in FY25 and ₹277.63 crore in FY26, about 20× in two years. Profit went from ₹1.51 crore to ₹11.83 crore and then ₹28.04 crore. For April–June 2026, revenue was ₹97.31 crore and profit ₹10.13 crore.
  • The cost of growth: Net working capital (current assets excluding cash, minus current liabilities excluding short-term debt) rose from ₹26.65 crore in March 2025 to ₹104.20 crore in March 2026 and ₹126.10 crore in June 2026, according to the RHP.
  • Use of money: ₹70 crore is earmarked for long-term working capital and ₹25.53 crore for heavy equipment, with the rest for general corporate purposes (capped at 15% of gross proceeds or ₹10 crore, whichever is lower).
  • Concentration: Maharashtra, Gujarat and Indian territorial waters together made up 86.96% of FY26 revenue and 59.12% in April–June 2026.
  • Valuation: After the issue there will be 3,76,80,682 shares, so ₹105–112 values the company at about ₹395.7–422.0 crore, or about 14.1–15.1× FY26 profit. The new shares are about 27.5% of the enlarged company (Capital Chronicle arithmetic).
  • Bidding rules: On SME issues, individuals must bid for at least two lots, which here means 2,400 shares, or ₹2.69 lakh at the top of the band. The lead manager is Vivro Financial Services.

This week’s listings: everyone at the floor on Friday

Symbol (series)Issue priceThu closeLast at 2:25 p.m.vs issueShares tradedFor sale / buy orders
NITYAS (BE)₹75₹83.99₹79.80 (lower band)+6.4%7,72,9423,72,214 / none
VNL (BE)₹220₹204.25₹194.04 (lower band)−11.8%12,19114,84,239 / none
EVENTIONS (ST)₹118₹105.45₹100.20 (lower band)−15.1%1,2005,37,600 / none
GREENASIA (ST)₹89₹80.35₹76.35 (lower band)−14.2%3,2001,95,200 / none
PAPADMALJI (ST)₹72₹65.35₹62.10 (lower band)−13.8%4,8002,28,800 / none
  • Nityas reversed. On Thursday it traded at its ₹84 upper band with more buyers than sellers (listing-day tape). On Friday it opened at ₹81 and slid to its ₹79.80 lower band. That is still 6.4% above the IPO price, but volume fell to about 7.7 lakh shares from 74.1 lakh on day one.
  • VNL and Eventions have now hit the lower band two days running. VNL has traded only 12,191 shares against 14.8 lakh on offer.
  • Green Asia and Papadmalji are at the lower band for a third straight session, now 14.2% and 13.8% below their issue prices.
  • NITYAS, VNL and EVENTIONS trade in NSE’s trade-for-trade segment (NSE circulars 76803, 76804 and 76807 of 8 Oct), so every trade must be settled by delivery.
  • At the last prices, NSE puts the companies’ market values at about ₹459.6 crore (Nityas), ₹512.1 crore (VNL), ₹122.1 crore (Eventions), ₹163.0 crore (Green Asia) and ₹58.3 crore (Papadmalji).

What to watch

  1. Anchor allocations for HD Fire Protect and Ravita on Monday 12 Oct
  2. Fusion CX price band, due at least two Working Days before its 14 Oct opening
  3. Whether any of this week’s five listings finds buyers before the 3:30 p.m. close, and R.K. Fashion Accessories’ NSE listing circular

Sources

Business. Markets. Money. Free.
Corrections: corrections@capitalchronicle.news

India markets & business. Free.
Not personalized financial advice. Corrections: corrections@capitalchronicle.news