Nobel Hygiene Limited, an absorbent hygiene products manufacturer, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for its proposed initial public offering (IPO), taking the company another step closer to the public markets.
The IPO will comprise a fresh issue of up to Rs 150 crore and an offer for sale (OFS) of up to 1.55 crore equity shares by existing shareholders. Quadria Capital-backed Orbit Investment Holdings will lead the OFS, while Sixth Sense Ventures and other investors will also sell shares.
Quadria Capital to Lead Offer for Sale
Quadria Capital, through its investment vehicle Orbit Investment Holdings, plans to offload 95.7 lakh shares in the IPO. Sixth Sense Ventures will sell another 50 lakh shares.
Other selling shareholders include Bennett Trading, Manish Dharanendra Ladage, Seema Manish Ladage and Lashit Lallubhai Sanghvi.
As of the DRHP filing, Orbit Investment Holdings was Nobel Hygiene’s largest shareholder with a 36.71% stake. Fancy Textrade LLP and Neo Secondaries Fund held 13.35% and 13.20%, respectively, while Sixth Sense India Opportunities II owned 12.66%.
Promoter Kamal Kumar Johari held a 7.03% stake, with Kamal Kumar Johari HUF and Kamini Kamal Johari holding 3.24% and 2.60%, respectively.
IPO Proceeds to Fund Expansion and Debt Repayment
Nobel Hygiene plans to deploy the proceeds from the fresh issue towards repaying certain borrowings, investing in its subsidiary Nobel Hygiene Baroda and funding the expansion of its Halol manufacturing facility.
The planned expansion includes a brownfield manufacturing-cum-warehousing facility and the installation of an adult diaper production line. A portion of the proceeds will also be used for general corporate purposes.
The company had converted into a public company in June, signalling its preparations for a potential public market debut.
Nobel Hygiene Expands Across Hygiene Segments
Founded more than two decades ago, Nobel Hygiene operates across the adult, baby and feminine hygiene categories through brands including Friends, B-Fit, Teddyy, Snuggy and RIO.
The company had more than 1,158 SKUs as of March 2026 and plans to expand its feminine hygiene portfolio with disposable period panties while continuing to strengthen its adult and baby hygiene businesses.
In FY26, adult and baby absorbent hygiene products contributed 49.25% and 45.32%, respectively, of Nobel Hygiene’s operating revenue.
Friends accounted for 37.85% of revenue, while Teddyy contributed 39.63% and B-Fit accounted for 10.83%.
Revenue Rises 14.6% in FY26
Nobel Hygiene recorded strong financial growth in FY26, with revenue from operations increasing 14.6% year-on-year to Rs 846.75 crore, compared with Rs 739.14 crore in FY25.
The company’s EBITDA rose 29.3% to Rs 84.76 crore, while its EBITDA margin improved to 10.01% from 8.87% in the previous fiscal.
The company also turned profitable during FY26. Its profit stood at Rs 18.91 crore, compared with Rs 2.28 crore in FY25.
Outlook
Nobel Hygiene’s DRHP filing comes as the company looks to expand its manufacturing capacity while strengthening its presence across India’s growing hygiene products market. The proposed investment in its Halol facility, including a new adult diaper production line, could support capacity expansion across key categories. With improving revenue, margins and profitability, the IPO will give investors an opportunity to track the company’s growth as it expands its adult, baby and feminine hygiene portfolio.
ICICI Securities, Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers for the issue.
