Nobel Hygiene Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The company plans to raise up to Rs 150 crore through a fresh issue and offer up to 1.55 crore equity shares through an offer for sale (OFS). By Entrackr, the IPO will also give existing investors an opportunity to sell part of their holdings.
Quadria Capital, through its investment vehicle Orbit Investment Holdings, will lead the OFS by selling 95.7 lakh shares. Sixth Sense Ventures will sell another 50 lakh shares. Other shareholders, including Bennett Trading, Manish Dharanendra Ladage, Seema Manish Ladage, and Lashit Lallubhai Sanghvi, will also participate in the offer.
Nobel Hygiene plans to use the proceeds from the fresh issue to repay certain borrowings, invest in its subsidiary, Nobel Hygiene Baroda, and fund the expansion of its manufacturing facility in Halol, Gujarat. The company will also use part of the funds for general corporate purposes.
Nobel Hygiene IPO to Include Rs 150 Crore Fresh Issue
The proposed IPO will have two components. The first is a fresh issue of equity shares worth up to Rs 150 crore. The second is an OFS of up to 1.55 crore shares by existing shareholders.
The fresh capital will support Nobel Hygiene’s expansion and balance sheet requirements. The company plans to use the proceeds for several key purposes:
- Repayment of certain borrowings
- Investment in Nobel Hygiene Baroda
- Expansion of the Halol manufacturing facility
- Installation of an adult diaper production line
- General corporate purposes
The Halol expansion will include a brownfield manufacturing and warehousing facility. It will also add an adult diaper production line.
Quadria Capital to Lead Nobel Hygiene OFS
Quadria Capital remains Nobel Hygiene’s largest shareholder. Its investment vehicle, Orbit Investment Holdings, held a 36.71% stake in the company as of the DRHP date.
The OFS will allow Quadria Capital to sell 95.7 lakh shares as part of the IPO. Sixth Sense Ventures will also sell 50 lakh shares.
Other shareholders participating in the OFS include Bennett Trading, Manish Dharanendra Ladage, Seema Manish Ladage, and Lashit Lallubhai Sanghvi.
The other major shareholders include Fancy Textrade LLP with a 13.35% stake, Neo Secondaries Fund with 13.20%, Sixth Sense India Opportunities II with 12.66%, and Powerful Impex LLP with 7.75%.
Promoter Kamal Kumar Johari held a 7.03% stake in Nobel Hygiene. Kamal Kumar Johari HUF and Kamini Kamal Johari held 3.24% and 2.60%, respectively.
Nobel Hygiene Expands Adult, Baby, and Feminine Hygiene Business
Founded more than two decades ago, Nobel Hygiene operates across the adult, baby, and feminine hygiene segments.
The company sells its products through brands such as Friends, B-Fit, Teddyy, Snuggy, and RIO. It had more than 1,158 SKUs as of March 2026.
Nobel Hygiene plans to expand its feminine hygiene portfolio with disposable period panties. It also plans to strengthen its adult and baby hygiene businesses.
The company’s product portfolio gives it exposure to several growing segments within India’s personal hygiene market.
Nobel Hygiene Revenue Rises 14.6% in FY26
Nobel Hygiene recorded strong financial growth in FY26.
The company’s revenue from operations increased 14.6% year-on-year to Rs 846.75 crore in FY26 from Rs 739.14 crore in FY25. EBITDA rose 29.3% to Rs 84.76 crore during the same period.
The EBITDA margin also improved to 10.01% in FY26 from 8.87% in FY25.
Nobel Hygiene also turned profitable during the year. Its profit stood at Rs 18.91 crore in FY26, compared with Rs 2.28 crore in FY25.
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Adult and Baby Hygiene Drive Nobel Hygiene Revenue
Adult and baby absorbent hygiene products formed the bulk of Nobel Hygiene’s revenue in FY26.
Adult absorbent hygiene contributed 49.25% of revenue from operations. Baby absorbent hygiene accounted for another 45.32%.
Among its brands, Teddyy contributed 39.63% of revenue, while Friends contributed 37.85%. B-Fit accounted for 10.83%.
The figures highlight the importance of Nobel Hygiene’s adult and baby hygiene businesses to its overall operations.
Nobel Hygiene Moves Closer to Public Market Debut
The DRHP filing marks a major step in Nobel Hygiene’s IPO journey. The company had earlier converted into a public company as it prepared for a potential public market debut.
The latest filing provides more clarity on the proposed IPO structure, including the fresh issue, OFS, and planned use of funds.
The company will use fresh capital to strengthen its balance sheet and expand manufacturing capacity. At the same time, existing investors will get an opportunity to partially exit through the OFS.
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ICICI Securities, Motilal Oswal, and SBI Capital Markets to Manage IPO
ICICI Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets will act as the book-running lead managers for the Nobel Hygiene IPO.
The filing now puts Nobel Hygiene among the companies preparing to tap India’s public markets as it expands its hygiene product portfolio and manufacturing capacity.
With rising revenue, improved EBITDA and a return to profitability in FY26, the IPO will put greater investor focus on Nobel Hygiene’s growth plans and its position in India’s absorbent hygiene market.
