India: HD Fire Protect IPO Legal Advisors Revealed for ₹712 Cr Deal

• HD Fire Protect Limited successfully raised approximately ₹712.132 crore through its initial public offering, which included an Offer for Sale.
• Trilegal advised HD Fire Protect Limited, with Partners Richa Choudhary and Maitreya Rajurkar leading the team.
• TT&A provided legal counsel to the promoter selling shareholders, Harish Narshi Dharamshi and Kusum Harish Dharamshi.
• Chandhiok & Mahajan represented the book running lead managers, including Ambit Private Limited, with Niruphama Ramakrishnan heading their team.
• HD Fire Protect is a leading Indian manufacturer and exporter of fire protection equipment, with a presence in over 90 countries.

This deal serves as a benchmark for future transactions, highlighting the collaborative efforts necessary to bring a company to the public market successfully.

HD Fire Protect Limited recently concluded a significant initial public offering (IPO) of its equity shares, successfully raising approximately ₹712.132 crore. This substantial capital markets deal in India involved a structured offering that included an Offer for Sale (OFS) component, through which 26,284,500 equity shares were divested by certain promoter shareholders.

The successful completion of this IPO marks a notable event in the Indian financial landscape, demonstrating continued investor interest in the country's growing industrial sector. The transaction saw participation from various legal and financial advisors, each playing a crucial role in navigating the complexities of a public listing.

The HD Fire Protect IPO legal advisors were instrumental in guiding the various parties through the intricate regulatory and transactional processes. Trilegal served as the legal counsel for HD Fire Protect Limited, the issuer company. The Trilegal HD Fire Protect IPO advisory team was spearheaded by Partners Richa Choudhary and Maitreya Rajurkar, with valuable support from Senior Associate Pooja Tada and Associates Shreyansh Gupta, Naman Shah, and Arnab Goswami.

Representing the promoter selling shareholders, Harish Narshi Dharamshi and Kusum Harish Dharamshi, for the TT&A HD Fire Protect OFS component, was the firm TT&A. Their legal team comprised Partner Abhinav Kumar, Managing Associate Shubham Sancheti, Senior Associate Indira Satish, and Associate Soham Vakil. This division of roles among Indian IPO legal counsel is typical, ensuring independent advice for the issuer and selling shareholders.

Furthermore, Chandhiok & Mahajan provided legal guidance to the book running lead managers, which included Ambit Private Limited, Anand Rathi Advisors Limited, and IIFL Capital Services Limited. The Chandhiok & Mahajan Ambit IPO team was led by Niruphama Ramakrishnan, a Partner and Head of Capital Markets, who was assisted by Senior Associate Pratima Pratihar and Associates Sparsh Sharma and Saba Alam. This comprehensive legal support underscores the multi-faceted nature of large-scale public offerings.

HD Fire Protect Limited holds a prominent position within its industry. As of Fiscal Year 2024, the company was recognized as the second-largest manufacturer of fire protection equipment and systems in India, based on its operating income or revenue from operations. This strong domestic standing is complemented by its significant international presence.

In the same fiscal year, HD Fire Protect also emerged as the largest exporter by value of equipment in its sector. The company's global reach is extensive, with export sales spanning more than 90 countries as of Fiscal Year 2025, highlighting its robust manufacturing capabilities and international market penetration.

This transaction offers valuable insights for capital markets lawyers and industry observers, showcasing the active firms and specific partners involved in advising on significant Indian IPOs. The engagement of Trilegal, TT&A, and Chandhiok & Mahajan, along with their respective teams including Richa Choudhary, Maitreya Rajurkar, and Niruphama Ramakrishnan, illustrates the competitive landscape and the specialized expertise required for such offerings.

Understanding the roles undertaken by each firm—advising the issuer, the selling shareholders, and the lead managers—provides a clear picture of the typical structure and division of responsibilities in major capital markets deals in India. This deal serves as a benchmark for future transactions, highlighting the collaborative efforts necessary to bring a company to the public market successfully.

For capital markets lawyers, this deal highlights the firms and specific partners actively advising on significant Indian IPOs, offering insights into market activity, competitive landscape, and potential co-counsel for similar transactions. It also demonstrates the typical division of roles among legal advisors (issuer, selling shareholder, lead manager) in such offerings.

Source: Original reporting via legal news outlet