{"id":15131,"date":"2026-10-12T09:37:12","date_gmt":"2026-10-12T09:37:12","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=15131"},"modified":"2026-10-13T09:44:20","modified_gmt":"2026-10-13T09:44:20","slug":"the-hd-fire-protect-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/","title":{"rendered":"Heated Up: The HD Fire Protect IPO"},"content":{"rendered":"

HD Fire Protect Limited is going live for an IPO. It is India\u2019s second-largest maker of fire protection equipment by operating income and its largest exporter by value.<\/em><\/p>\n

IPO Summary<\/h2>\n
\n\n\n\n\n\n\n\n\n\n\n
HD Fire Protect IPO Details<\/th>\n<\/tr>\n<\/thead>\n
IPO Date<\/td>\n13th to 15th Oct, 2026<\/td>\n<\/tr>\n
Sale Type<\/td>\n100% OFS<\/td>\n<\/tr>\n
Tentative Listing Date<\/td>\n21st Oct, 2026<\/td>\n<\/tr>\n
Price Band<\/td>\n\u20b9258to \u20b9271<\/td>\n<\/tr>\n
Post Issue M. Cap at \u20b9214<\/td>\n\u20b94,749 Cr<\/td>\n<\/tr>\n
Total Issue Size<\/td>\n\u20b9712Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Introduction<\/h2>\n

India spends just about $1 per person<\/strong> on fire protection equipment. North America spends $57<\/strong> and Europe $52<\/strong>.<\/p>\n

But, the Indian market for fire protection equipment grew about 12% a year<\/strong> from FY20 to FY26 reaching ~\u20b910,900 Cr<\/strong>. New buildings<\/strong>, infrastructure <\/strong>and factories <\/strong>drive demand, and insurers add to it by setting fire protection <\/strong>rules.<\/p>\n

Fire suppression<\/strong> equipment, which puts fires out, made up 75%<\/strong> of the market in FY26. Fire detection equipment, which warns of fires, made up the other 25%.<\/p>\n

HD Fire Protect Limited (HD Fire) makes fire suppression equipment, <\/strong>including valves, sprinklers, foam systems and nozzles.<\/p>\n

They\u2019re now coming to market with an IPO consisting of a 100% Offer for Sale of ~\u20b9712 Cr, from 13th to 15th Oct, 2026.<\/p>\n

The Business Model<\/h2>\n

Harish Dharamshi started HD Fire as a partnership firm in 1990. The company was incorporated in 1997 and took over the partnership in 2005.<\/p>\n

It now sells eight product categories<\/strong> of water, foam and gas based fire suppression equipment to industrial buyers (oil and gas, refining, power, pharma, data centres) and to residential and commercial buyers (hospitality, healthcare, retail).<\/p>\n

It was the second-largest<\/strong> Indian maker of fire protection equipment by operating income in FY25 and the largest exporter<\/strong> by value.<\/p>\n

Key customers include Sterling and Wilson, Techno Electric & Engineering, Godrej Properties and Agnice Fire Protection.<\/p>\n

HD Fire Protect\u2019s catalogue includes:<\/p>\n

    \n
  • Sprinklers, alarm valves and accessories,<\/li>\n
  • deluge valves and pre-action systems,<\/li>\n
  • foam equipment<\/li>\n<\/ul>\n

    These products together make up ~75% of revenue, while water spray nozzles, monitors, system valves, custom engineered systems and gas suppression make up most of the rest.<\/p>\n

    \n
    \n
    \"\"<\/picture><\/div>
    Source: RHP<\/em><\/figcaption><\/figure>\n<\/div>\n

    HD Fire has two plants in Maharashtra, at Jalgaon and Thane, on 8.50 acres. The Jalgaon plant covers casting, machining, assembly and testing under one roof. HD\u2019s own plant-made products made up ~63%<\/strong> of revenue this year.<\/p>\n

    Fire equipment needs approvals <\/strong>such as UL Listed and FM Approved before large buyers will use it. HD Fire holds 21 UL Listed<\/strong> and 87 FM Approved<\/strong> certifications, the most <\/strong>among India\u2019s fire protection peers.<\/p>\n

    Apart from domestic sales, 22 distributors in 18 countries handle exports, and HD Fire has sold in more than 90 countries<\/strong>.<\/p>\n

    HD Fire Protect\u2019s products are in use at the Sriharikota launch pad<\/strong>, the Jamnagar refinery<\/strong>, the new Parliament building <\/strong>and Saudi Aramco\u2019s Ras Tanura Sea Island site<\/strong>.<\/p>\n

    Unit Economics (\u20b9 Lakh per Customer)<\/h2>\n
    \n
    \n
    \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
      \n
    • Revenue per customer<\/strong> rose ~13% in FY25<\/strong> and ~19% in FY26<\/strong>, reaching ~\u20b924 lakh. The customer count barely moved though, from 2,114 in FY24, falling to 2,066 in FY26.<\/li>\n
    • Adj. EBITDA per customer <\/strong>rose from \u20b95 lakh in FY24 to \u20b97 lakh in FY26.<\/li>\n
    • Costs rose more or less in line with revenue, though employee benefits expense<\/strong> growth was lesser than revenue growth in FY25 and FY26, explaining the higher EBITDA Margin.<\/li>\n<\/ul>\n

      Operating Metrics<\/h2>\n
        \n
      • Foam equipment has actually grown fastest of the three large categories, and makes up ~19% of revenue in FY26. Sprinkler systems and deluge valves, however, make a huge chunk of revenue still.<\/li>\n<\/ul>\n
        \n
        \n
        \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
          \n
        • Exports grew 16.9% a year<\/strong> from FY24 to FY26 and domestic sales grew 13.4% a year<\/strong>. The Middle East is the largest export market at \u20b972.73 Cr, or 14.98% of FY26 revenue. The export share fell from 36.24% in FY25 to 34.69% in FY26, and stood at 32.78% in Q1 FY27.<\/li>\n<\/ul>\n
          \n
          \n
          \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
            \n
          • HD Fire leans more on goods made by others (contract manufacturers) <\/strong>each year. Own plants made ~68%<\/strong> of revenue in FY24 and 63%<\/strong> in FY26.<\/li>\n<\/ul>\n
            \n
            \n
            \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n

            The Financial Stuff<\/h2>\n
            \n
            \n
            \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
              \n
            • Revenue<\/strong> grew from \u20b9373 Cr in FY25 to \u20b9489 Cr in FY26, a CAGR of ~15%.<\/li>\n
            • PAT grew ~6% in FY26 <\/strong>to \u20b9156 Cr, after growing ~25% to \u20b9147 Cr in FY25.<\/li>\n
            • With very marginal Finance Costs<\/strong>, and a steady Depreciation<\/strong>, PAT Margin <\/strong>was able to consistently remain at ~23% throughout FY24 to FY26.<\/li>\n<\/ul>\n

              HD Fire\u2019s Peers (FY26)<\/h2>\n

              Note that no Indian fire protection equipment company is listed as a peer to HD Fire Protect. The company compares itself with listed capital goods makers that sell engineered products to infrastructure, real estate, power and industry.<\/em><\/p>\n

              \n
              \n
              \"\"<\/picture><\/div>\n<\/figure>\n<\/div>\n
                \n
              • HD Fire is the smallest<\/strong> by revenue. Its \u20b9489 Cr compares with \u20b9590 Cr at Azad Engineering, the next smallest, and is about 12% of Elgi\u2019s \u20b93,954 Cr.<\/li>\n
              • HD\u2019s Adj. EBITDA Margin of 31%<\/strong> is second only to Azad\u2019s 37%. The other four peers lag behind in EBITDA Margins.<\/li>\n
              • HD Fire has the highest PAT Margin at 23% <\/strong>and RoNW at 31%<\/strong> in the group.<\/li>\n<\/ul>\n

                At the upper band of \u20b9271 and FY26 EPS of \u20b96.66, HD Fire will trade at a P\/E of 40.7x. Peers range from 17.2x at Kirloskar Pneumatic to 145.7x at Azad, with an average of 62.95x.<\/strong><\/em><\/p><\/blockquote>\n

                Key Risks<\/h2>\n
                  \n
                • Product failure:<\/strong> HD Fire\u2019s equipment works in emergencies. A failure can cause loss of life, property damage, warranty claims and legal action. Failures caused by poor installation by third parties can still hurt its name and expose it to claims.<\/li>\n
                • Export exposure:<\/strong> Exports gave 35%<\/strong> of FY26 revenue, with the Middle East at 15%. Exports run mainly through 22 distributors, and a weak market or a failed distributor would cut sales.<\/li>\n
                • Imports and input prices:<\/strong> Imported contract-made goods were 31%<\/strong> of FY26 total expenses and imported raw material 6%. Supplier quotes are usually valid for 45 days, and HD Fire has no contract terms that fully pass cost increases on to customers.<\/li>\n<\/ul>\n

                  IPO FAQs<\/h2>\n
                  <\/div>\n

                  Q: What is HD Fire Protect\u2019s price band?<\/strong><\/p>\n

                  A: HD Fire Protect has a price band of \u20b9258 to \u20b9271<\/p>\n

                  Q: What is HD Fire Protect\u2019s closing date?<\/strong><\/p>\n

                  A: HD Fire Protect IPO closes on 15th Oct, 2026<\/p>\n

                  Q: What is HD Fire Protect\u2019s listing date?<\/strong><\/p>\n

                  A: HD Fire Protect lists on 21st Oct, 2026, on the NSE and the BSE<\/p><\/blockquote>\n

                  Summary<\/h2>\n
                  <\/div>\n

                  HD Fire is an Indian maker of fire suppression equipment with more UL Listed and FM Approved certifications than its Indian peers. Revenue grew 15% a year from FY24 to FY26 and Adj. EBITDA Margin stayed between ~30%. But, PAT growth slowed to 6% in FY26, receivables rose 62%, and a larger share of sales comes from goods made by others.<\/p>\n","protected":false},"excerpt":{"rendered":"

                  HD Fire Protect Limited is going live for an IPO. It is India\u2019s second-largest maker of fire protection equipment by operating income and its largest exporter by value. IPO Summary HD Fire Protect IPO Details IPO Date 13th to 15th Oct, 2026 Sale Type 100% OFS Tentative Listing Date 21st Oct, 2026 Price Band \u20b9258to […]<\/p>\n","protected":false},"author":9,"featured_media":15132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-15131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"\nThe HD Fire Protect IPO: Review, Financials, Business & Risks | InCred Money<\/title>\n<meta name=\"description\" content=\"Explore the HD Fire Protect IPO: Review, Financials, Business & Risks | InCred Money, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The HD Fire Protect IPO: Review, Financials, Business & Risks | InCred Money\" \/>\n<meta property=\"og:description\" content=\"Explore the HD Fire Protect IPO: Review, Financials, Business & Risks | InCred Money, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"InCred Money\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-12T09:37:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-13T09:44:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/10\/f184204e-4a02-44b3-913d-d5322362b3bc_1299x726.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1299\" \/>\n\t<meta property=\"og:image:height\" content=\"726\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"InCred Money\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"InCred Money\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-hd-fire-protect-ipo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-hd-fire-protect-ipo\\\/\"},\"author\":{\"name\":\"InCred Money\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/91d1ca8413938f5afdb8971df15afacc\"},\"headline\":\"Heated Up: The HD Fire Protect IPO\",\"datePublished\":\"2026-10-12T09:37:12+00:00\",\"dateModified\":\"2026-10-13T09:44:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-hd-fire-protect-ipo\\\/\"},\"wordCount\":1029,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-hd-fire-protect-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/f184204e-4a02-44b3-913d-d5322362b3bc_1299x726.webp\",\"keywords\":[\"Blogs\"],\"articleSection\":[\"IPO\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-hd-fire-protect-ipo\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-hd-fire-protect-ipo\\\/\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-hd-fire-protect-ipo\\\/\",\"name\":\"The HD Fire Protect IPO: Review, Financials, Business & Risks | InCred Money\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-hd-fire-protect-ipo\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-hd-fire-protect-ipo\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/f184204e-4a02-44b3-913d-d5322362b3bc_1299x726.webp\",\"datePublished\":\"2026-10-12T09:37:12+00:00\",\"dateModified\":\"2026-10-13T09:44:20+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/91d1ca8413938f5afdb8971df15afacc\"},\"description\":\"Explore the HD Fire Protect IPO: Review, Financials, Business & Risks | InCred Money, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-hd-fire-protect-ipo\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-hd-fire-protect-ipo\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-hd-fire-protect-ipo\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/f184204e-4a02-44b3-913d-d5322362b3bc_1299x726.webp\",\"contentUrl\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/f184204e-4a02-44b3-913d-d5322362b3bc_1299x726.webp\",\"width\":1299,\"height\":726},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-hd-fire-protect-ipo\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Heated Up: The HD Fire Protect IPO\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/\",\"name\":\"InCred Money\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/91d1ca8413938f5afdb8971df15afacc\",\"name\":\"InCred Money\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g\",\"caption\":\"InCred Money\"},\"url\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/author\\\/incred-money-team\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The HD Fire Protect IPO: Review, Financials, Business & Risks | InCred Money","description":"Explore the HD Fire Protect IPO: Review, Financials, Business & Risks | InCred Money, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/","og_locale":"en_US","og_type":"article","og_title":"The HD Fire Protect IPO: Review, Financials, Business & Risks | InCred Money","og_description":"Explore the HD Fire Protect IPO: Review, Financials, Business & Risks | InCred Money, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money","og_url":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/","og_site_name":"InCred Money","article_published_time":"2026-10-12T09:37:12+00:00","article_modified_time":"2026-10-13T09:44:20+00:00","og_image":[{"width":1299,"height":726,"url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/10\/f184204e-4a02-44b3-913d-d5322362b3bc_1299x726.webp","type":"image\/webp"}],"author":"InCred Money","twitter_card":"summary_large_image","twitter_misc":{"Written by":"InCred Money","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/#article","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/"},"author":{"name":"InCred Money","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/91d1ca8413938f5afdb8971df15afacc"},"headline":"Heated Up: The HD Fire Protect IPO","datePublished":"2026-10-12T09:37:12+00:00","dateModified":"2026-10-13T09:44:20+00:00","mainEntityOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/"},"wordCount":1029,"commentCount":0,"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/10\/f184204e-4a02-44b3-913d-d5322362b3bc_1299x726.webp","keywords":["Blogs"],"articleSection":["IPO"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/","url":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/","name":"The HD Fire Protect IPO: Review, Financials, Business & Risks | InCred Money","isPartOf":{"@id":"https:\/\/www.incredmoney.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/#primaryimage"},"image":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/10\/f184204e-4a02-44b3-913d-d5322362b3bc_1299x726.webp","datePublished":"2026-10-12T09:37:12+00:00","dateModified":"2026-10-13T09:44:20+00:00","author":{"@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/91d1ca8413938f5afdb8971df15afacc"},"description":"Explore the HD Fire Protect IPO: Review, Financials, Business & Risks | InCred Money, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money","breadcrumb":{"@id":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/#primaryimage","url":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/10\/f184204e-4a02-44b3-913d-d5322362b3bc_1299x726.webp","contentUrl":"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/10\/f184204e-4a02-44b3-913d-d5322362b3bc_1299x726.webp","width":1299,"height":726},{"@type":"BreadcrumbList","@id":"https:\/\/www.incredmoney.com\/blog\/the-hd-fire-protect-ipo\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.incredmoney.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Heated Up: The HD Fire Protect IPO"}]},{"@type":"WebSite","@id":"https:\/\/www.incredmoney.com\/blog\/#website","url":"https:\/\/www.incredmoney.com\/blog\/","name":"InCred Money","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.incredmoney.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.incredmoney.com\/blog\/#\/schema\/person\/91d1ca8413938f5afdb8971df15afacc","name":"InCred Money","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/fa3ca621e2126aa06847bfc76570805abd5bcc3be1841b0be0f56d69de3b1d18?s=96&d=mm&r=g","caption":"InCred Money"},"url":"https:\/\/www.incredmoney.com\/blog\/author\/incred-money-team\/"}]}},"_links":{"self":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/15131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=15131"}],"version-history":[{"count":3,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/15131\/revisions"}],"predecessor-version":[{"id":15135,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/posts\/15131\/revisions\/15135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media\/15132"}],"wp:attachment":[{"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=15131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=15131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.incredmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=15131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}