H. R. Hygiene Products Ltd IPO
Status: Closed
Overview
IPO date
29 Jul 2026 to 31 Jul 2026
Face value
₹ 0 per share
Price
₹ 83 to ₹88 per share
Issue Size
6,131,200 shares
(aggregating up to ₹ 53.95 Cr)
(aggregating up to ₹ 53.95 Cr)
Allotment Date
03 Aug 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Miscellaneous
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T&C*
Strengths vs Risks of H. R. Hygiene Products Ltd
Know the pros & cons
Strengths
- A state-of-the-art production facility spread across 32,780.88 sq. ft., equipped with fully automated systems that span from raw material handling to finished product packaging.
- Distribution of personal health & hygiene products through Dual Channel Strategy
- Brand affinity, loyalty and trust of customers in our brands
- Pan India presence.
- Our facility holds certifications including ISO 9001:2015 and WHO-GMP certified and also holds a BIS certification.
Risks
- There is change in statutory auditor from the filing of DRHP. The Company has appointed new statutory auditor. The cessation was not on account of any disagreement with the Company relating to the financial statements, accounting policies, auditing procedures, internal financial controls, management representations or any reportable event under the applicable provisions of the Companies Act, 2013.
- There are certain outstanding legal proceedings involving the company, Group Company, Promoters, Directors and KMP and SMP which may adversely affect its business, financial condition and results of operations.
- The company's revenue from operations is highly concentrated in one product category and any adverse development affecting such category could materially and adversely affect its business.
- The company's inability to timely adapt to changing consumer preferences, spending patterns, or hygiene and personal care trends may reduce demand for its products, adversely affecting the company's business, results of operations, financial condition, and cash flows.
- The company's brands and reputation constitute critical assets of its Company and any deterioration in them could materially and adversely affect the company's business, financial condition, cash flows and results of operations.
- The company generally does business with its customers on purchase order basis and does not enter into long term contracts with them. The company's inability to maintain relationships with its customers could have an adverse effect on the company's business, prospects, results of operations and financial condition.
- If the company fails to acquires new consumers or fails to does so in a cost-effective manner, its may not be able to increase revenue or maintain profitability.
- The company's manufacturing activities is labour intensive and depends on availability of skilled and unskilled labourers in large numbers. In case of unavailability of such labourers and/or inability to retain such personnel, the company's business operations could be affected. Its business is subject to strikes, work stoppages and/or increased wages demands, as well as other disputes with the company's employees. Such instances may cause disruptions in the company's operations, which could materially adversely affect its business, financial condition and results of operations.
- The company is dependent upon few suppliers for the material requirements of its business. Further, the company does not has definitive agreements or fixed terms of trade with most of its suppliers. Failures to successfully leverage the company's relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.
- The company's net cash flows from operating activities and investing activities has been negative in some years in the past. Any negative cash flow in the future may affect its liquidity and financial condition.
- The company generates a substantial portion of revenue from Gujarat. Any adverse developments affecting its operations in the Gujarat could have an adverse impact on the company's revenue and results of operations.
- The company's business is dependent on its operating facility in Rajkot, Gujarat. The loss or shutdown of the company's facilities could have a material adverse effect on its business, financial condition and results of operations.
- The company has not yet placed orders in relation to the capital expenditure to be incurred for the proposed purchase of equipment/machineries and construction of manufacturing facility. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment/machineries in a timely manner, or at all, the same may result in time and cost over-runs.
- The company is dependent on single contract manufacturer for manufacturing of Diapers, any disruption to its operations on account of contract manufacturer may have an effect on the company's business, results of operations and financial condition.
- Volatility or Disruptions in Supply and Pricing of Raw Materials and Outsourced Finished Products Could Adversely Affect the company's Business, Cash Flows, Financial Condition and Results of Operations.
- The company's business relies on third-party transport logistics and storage providers for the timely procurement of raw materials and distribution of finished products, and any disruption or cost increase in such services could adversely affect its operations.
- Orders placed by the company's customers may be delayed, modified, cancelled or not fully paid for, which may adversely affect its business, financial condition and results of operations.
- There may be potential conflicts of interest if the company's Promoters or Directors get involved in any business activities that compete with or are in the same line of activity as its business operations.
- The company has experienced multiple changes in its statutory auditors in the past. Any future change in the company's statutory auditors before the expiry of their term could adversely affect its financial reporting processes, corporate governance profile and reputation.
- The company's Statutory Auditor has noted certain observations in auditor's report under the Companies (Auditor's Report) Order, 2020.
- There are certain discrepancies and non-compliances noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies.
- There has been instances of delay or default in payment of statutory dues and filing of statutory returns by the company in the past.
- The company relies on its relationships with certain marketplaces and web traffic drivers for sales through the company's online channel.
- The company's inability to accurately forecast demand for its products and manage the company's inventory may have an adverse effect on its business, financial condition, results of operations and cash flows.
- The company may be subject to unfair competitive or trade practices, which could harm its brands, reduce the company's sales and adversely affect its business, financial condition, cash flows and results of operations.
- Under-utilization of the company's currently operational production lines at its manufacturing facility and an inability to effectively utilize the company's expanded manufacturing capacities could have an adverse effect on its business, future prospects, and future financial performance.
- Any IT system failures or lapses on part of any of the company's employees may lead to operational interruption, liabilities or reputational harm.
- The company may not be able to prevent unauthorised use of trademarks obtained or applied for by third parties, which may lead to the dilution of its goodwill.
- The company's financing agreements contain covenants that limit its flexibility in operating the company's business. Its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business, results of operations and financial condition.
- The company does not has a formal hedging policy and accordingly, faces foreign exchange risks that could adversely affect its results of operations and cash flows.
- The company's insurance coverage may not adequately protect it against all material hazards, which may adversely affect its business, results of operations and financial condition.
- If any new products or brands that the company launch is not as successful as its anticipate, the company's business, results of operations and financial condition may be adversely affected.
- The company's business requires it to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failures to obtain and renew them in a timely manner may adversely affect its business operations.
- The company has contingent liabilities, and its financial condition could be adversely affected if any of these contingent liabilities materializes.
- Unsecured loans taken by the Company can be recalled by the lenders at any time.
- Any failures in the company's quality control processes may have an adverse effect on its business, results of operations and financial condition.
- The company's inability to effectively manage its growth or to successfully implement the company's business plan and growth strategies could have an adverse effect on its business, results of operations and financial condition. The success of the company's business will depends greatly on its ability to effectively implement the company's business and growth strategies.
- If the company is subject to any fraud, theft, or embezzlement by its employees or contract manufacturer, it could adversely affect the company's reputation, results of operations and financial condition. Its could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect the company's financial condition, results of operations and reputation.
- There are outstanding dues payable to certain creditors registered as MSMEs and any delay in payment of such dues may expose the Company to statutory liabilities, penalties and other adverse consequences under the MSME Act.
- Any failures or significant weakness of the company's internal controls system could cause operational errors or incidents of fraud, which would adversely affect its profitability and reputation.
- The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Offer.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- The company's funding requirements and the proposed deployment of Net Proceeds are not appraised by any independent agency, which may affect its business and results of operations.
- The company's success largely depends upon the knowledge and experience of its Promoters, Directors, the company Key Managerial Personnel and Senior Management as well as its ability to attract and retain personnel with technical expertise. Any loss of the company's Promoter, Directors, Key Managerial Personnel, Senior Management or its ability to attract and retain them and other personnel with technical expertise could adversely affect the company's business, financial condition and results of operations.
- The company will not receive any proceeds from the Offer for Sale.
- In addition to normal remuneration or benefits and reimbursement of expenses, some of the company's directors and key managerial personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
- None of the company's Directors possess experience of being on the board of any listed company.
- Industry information included in this Red Herring Prospectus has been derived from an industry report prepared by Credence Research Europe Limited exclusively commissioned and paid for by it for such purpose and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Offer. Further the company has not identified any alternate source of financing the `Objects of the Offer'.
- The continuing effect of the COVID-19 pandemic on the company's business and operations is highly uncertain and cannot be predicted.
- Any variation in the utilization of the Net Proceeds as disclosed in this Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.
- The requirements of being a public listed company may strain the company's resources and impose additional requirements.
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The IPO opens on 29 Jul 2026 & closes on 31 Jul 2026.
H.R. Hygiene Products Limited was originally incorporated and registered as a Private Limited Company as 'H. R. Hygiene Products Private Limited' vide certificate of incorporation dated July 21, 2016. Further, Company was converted into a public Company and the name of the Company was changed to 'H. R. Hygiene Products Limited', on February 10, 2025 by Registrar of Companies, Central Processing Centre .
Company is a manufacturer of hygiene products with a growing presence in the Indian market. While the core focus has been on sanitary napkins, Company has progressively diversified its portfolio to include a broader range of female care and wellness products, with Femiss catering to economic segment through affordable and reliable sanitary napkins, Womanica offering premium high-absorbency solutions, ElderFit extending specialized hygiene care to the elderly, and Bloom Baby focusing on safe and comfortable baby care.
The Company manufacture sanitary napkin on white label for few customers. These products are distributed pan-India through a dual-channel strategy comprising an extensive offline retail presence with network of dealers and e-commerce platforms including Meesho, Amazon, Glowroad, Flipkart, Snapdeal and JioMart, catering to both B2B and B2C customers.
Since commencing operations, Company has steadily expanded its manufacturing and distribution capabilities. It began production in 2017-18 with an initial capacity of approximately 4 lakh units per day. In 2018-19, it launched brands such as 'Femiss' and 'Womanica', marking its entry into the consumer hygiene segment. In 2019-20, Company expanded its distribution network to cover North and East Indian states.
In 2022-23, Company commenced online sales, leveraging e-commerce channels to reach a wider customer base. In 2023-24, it launched a new manufacturing line with a capacity of approximately 8 Crore pieces per day, enhancing its production. In December 2024, it launched adult diapers under the brand name 'Elderfit' and in April 2025, it has introduced baby diapers under the brand name 'Bloom Baby'.
The Company came up with IPO of issuing 61,31,200 equity shares having the face value of Rs 10 each and raised money of Rs 53.95 crore, which comprised a fresh issue of 49,05,600 equity shares amounting to Rs 43.16 crore and the offer for sale of 12,25,600 equity shares amounting to Rs 10.78 crore on July 31, 2026.
H. R. Hygiene Products Ltd IPO will close on 31 Jul 2026.
- A state-of-the-art production facility spread across 32,780.88 sq. ft., equipped with fully automated systems that span from raw material handling to finished product packaging.
- Distribution of personal health & hygiene products through Dual Channel Strategy
- Brand affinity, loyalty and trust of customers in our brands
- Pan India presence.
- Our facility holds certifications including ISO 9001:2015 and WHO-GMP certified and also holds a BIS certification.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Hemal Babubhai Borsadiya | 4593750 | 25.8 | 4287350 | 18.88 |
| 2 | Rahul Kishorbai Sheradia | 2296875 | 12.9 | 1990475 | 8.76 |
| 3 | Borsadiya Binita Hemalbhai | 3062500 | 17.2 | 2756100 | 12.13 |
| 4 | Sheradia Parth Damjibhai | 2296875 | 12.9 | 1990475 | 8.76 |
- There is change in statutory auditor from the filing of DRHP. The Company has appointed new statutory auditor. The cessation was not on account of any disagreement with the Company relating to the financial statements, accounting policies, auditing procedures, internal financial controls, management representations or any reportable event under the applicable provisions of the Companies Act, 2013.
- There are certain outstanding legal proceedings involving the company, Group Company, Promoters, Directors and KMP and SMP which may adversely affect its business, financial condition and results of operations.
- The company's revenue from operations is highly concentrated in one product category and any adverse development affecting such category could materially and adversely affect its business.
- The company's inability to timely adapt to changing consumer preferences, spending patterns, or hygiene and personal care trends may reduce demand for its products, adversely affecting the company's business, results of operations, financial condition, and cash flows.
- The company's brands and reputation constitute critical assets of its Company and any deterioration in them could materially and adversely affect the company's business, financial condition, cash flows and results of operations.
- The company generally does business with its customers on purchase order basis and does not enter into long term contracts with them. The company's inability to maintain relationships with its customers could have an adverse effect on the company's business, prospects, results of operations and financial condition.
- If the company fails to acquires new consumers or fails to does so in a cost-effective manner, its may not be able to increase revenue or maintain profitability.
- The company's manufacturing activities is labour intensive and depends on availability of skilled and unskilled labourers in large numbers. In case of unavailability of such labourers and/or inability to retain such personnel, the company's business operations could be affected. Its business is subject to strikes, work stoppages and/or increased wages demands, as well as other disputes with the company's employees. Such instances may cause disruptions in the company's operations, which could materially adversely affect its business, financial condition and results of operations.
- The company is dependent upon few suppliers for the material requirements of its business. Further, the company does not has definitive agreements or fixed terms of trade with most of its suppliers. Failures to successfully leverage the company's relationships with existing suppliers or to identify new suppliers could adversely affect its business operations.
- The company's net cash flows from operating activities and investing activities has been negative in some years in the past. Any negative cash flow in the future may affect its liquidity and financial condition.
- The company generates a substantial portion of revenue from Gujarat. Any adverse developments affecting its operations in the Gujarat could have an adverse impact on the company's revenue and results of operations.
- The company's business is dependent on its operating facility in Rajkot, Gujarat. The loss or shutdown of the company's facilities could have a material adverse effect on its business, financial condition and results of operations.
- The company has not yet placed orders in relation to the capital expenditure to be incurred for the proposed purchase of equipment/machineries and construction of manufacturing facility. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment/machineries in a timely manner, or at all, the same may result in time and cost over-runs.
- The company is dependent on single contract manufacturer for manufacturing of Diapers, any disruption to its operations on account of contract manufacturer may have an effect on the company's business, results of operations and financial condition.
- Volatility or Disruptions in Supply and Pricing of Raw Materials and Outsourced Finished Products Could Adversely Affect the company's Business, Cash Flows, Financial Condition and Results of Operations.
- The company's business relies on third-party transport logistics and storage providers for the timely procurement of raw materials and distribution of finished products, and any disruption or cost increase in such services could adversely affect its operations.
- Orders placed by the company's customers may be delayed, modified, cancelled or not fully paid for, which may adversely affect its business, financial condition and results of operations.
- There may be potential conflicts of interest if the company's Promoters or Directors get involved in any business activities that compete with or are in the same line of activity as its business operations.
- The company has experienced multiple changes in its statutory auditors in the past. Any future change in the company's statutory auditors before the expiry of their term could adversely affect its financial reporting processes, corporate governance profile and reputation.
- The company's Statutory Auditor has noted certain observations in auditor's report under the Companies (Auditor's Report) Order, 2020.
- There are certain discrepancies and non-compliances noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies.
- There has been instances of delay or default in payment of statutory dues and filing of statutory returns by the company in the past.
- The company relies on its relationships with certain marketplaces and web traffic drivers for sales through the company's online channel.
- The company's inability to accurately forecast demand for its products and manage the company's inventory may have an adverse effect on its business, financial condition, results of operations and cash flows.
- The company may be subject to unfair competitive or trade practices, which could harm its brands, reduce the company's sales and adversely affect its business, financial condition, cash flows and results of operations.
- Under-utilization of the company's currently operational production lines at its manufacturing facility and an inability to effectively utilize the company's expanded manufacturing capacities could have an adverse effect on its business, future prospects, and future financial performance.
- Any IT system failures or lapses on part of any of the company's employees may lead to operational interruption, liabilities or reputational harm.
- The company may not be able to prevent unauthorised use of trademarks obtained or applied for by third parties, which may lead to the dilution of its goodwill.
- The company's financing agreements contain covenants that limit its flexibility in operating the company's business. Its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business, results of operations and financial condition.
- The company does not has a formal hedging policy and accordingly, faces foreign exchange risks that could adversely affect its results of operations and cash flows.
- The company's insurance coverage may not adequately protect it against all material hazards, which may adversely affect its business, results of operations and financial condition.
- If any new products or brands that the company launch is not as successful as its anticipate, the company's business, results of operations and financial condition may be adversely affected.
- The company's business requires it to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failures to obtain and renew them in a timely manner may adversely affect its business operations.
- The company has contingent liabilities, and its financial condition could be adversely affected if any of these contingent liabilities materializes.
- Unsecured loans taken by the Company can be recalled by the lenders at any time.
- Any failures in the company's quality control processes may have an adverse effect on its business, results of operations and financial condition.
- The company's inability to effectively manage its growth or to successfully implement the company's business plan and growth strategies could have an adverse effect on its business, results of operations and financial condition. The success of the company's business will depends greatly on its ability to effectively implement the company's business and growth strategies.
- If the company is subject to any fraud, theft, or embezzlement by its employees or contract manufacturer, it could adversely affect the company's reputation, results of operations and financial condition. Its could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect the company's financial condition, results of operations and reputation.
- There are outstanding dues payable to certain creditors registered as MSMEs and any delay in payment of such dues may expose the Company to statutory liabilities, penalties and other adverse consequences under the MSME Act.
- Any failures or significant weakness of the company's internal controls system could cause operational errors or incidents of fraud, which would adversely affect its profitability and reputation.
- The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Offer.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- The company's funding requirements and the proposed deployment of Net Proceeds are not appraised by any independent agency, which may affect its business and results of operations.
- The company's success largely depends upon the knowledge and experience of its Promoters, Directors, the company Key Managerial Personnel and Senior Management as well as its ability to attract and retain personnel with technical expertise. Any loss of the company's Promoter, Directors, Key Managerial Personnel, Senior Management or its ability to attract and retain them and other personnel with technical expertise could adversely affect the company's business, financial condition and results of operations.
- The company will not receive any proceeds from the Offer for Sale.
- In addition to normal remuneration or benefits and reimbursement of expenses, some of the company's directors and key managerial personnel are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.
- None of the company's Directors possess experience of being on the board of any listed company.
- Industry information included in this Red Herring Prospectus has been derived from an industry report prepared by Credence Research Europe Limited exclusively commissioned and paid for by it for such purpose and any reliance on such information for making an investment decision in the Offer is subject to inherent risks.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Offer. Further the company has not identified any alternate source of financing the `Objects of the Offer'.
- The continuing effect of the COVID-19 pandemic on the company's business and operations is highly uncertain and cannot be predicted.
- Any variation in the utilization of the Net Proceeds as disclosed in this Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.
- The requirements of being a public listed company may strain the company's resources and impose additional requirements.
The Issue type of H. R. Hygiene Products Ltd is Book Building - SME.
The minimum application for shares of H. R. Hygiene Products Ltd is 3200.
The total shares issue of H. R. Hygiene Products Ltd is 6131200.
Initial public offering of up to 61,31,200 equity shares of face value of Rs. 10 each ("Equity Shares") of the company for cash at a price of Rs. 88 per equity share (Including a Share Premium of Rs. 78 Per Equity Share) ("Offer Price") aggregating up to Rs. 53.95 Crore (the "Offer") comprising a fresh offer of up to 49,05,600 equity shares of face value Rs. 10 each aggregating up to Rs. 43.17 Crore by the company (the "Fresh Offer") and offer for sale of up to 12,25,600 equity shares (the "Offered Shares") aggregating up to Rs. 10.79 Crore comprising offer for sale of 3,06,400 equity shares by Hemal Babubhai Borsadiya, 3,06,400 equity shares by Rahul Kishorbai Sheradia, 3,06,400 equity shares by Borsadiya Binita Hemalbhai and 3,06,400 equity shares by Sheradia Parth Damjibhai (collectively "Promoter Selling Shareholders", and such equity shares offered by the promoter selling shareholders, the "Offered Shares") (Such Offer For Sale By Promoter Selling Shareholders, The "Offer For Sale" and Together With The Fresh Offer, "The Offer").
The offer includes up to 3,10,400 equity shares of face value of Rs.10 each at an offer price of Rs. 88 per equity share for cash, aggregating Rs. 2.73 Crore will be reserved for subscription by the market maker to the offer (the "Market Maker Reservation Portion"). The offer less market maker reservation portion i.e. Offer of upto 58,20,800 equity shares of face value of Rs. 10 each, at an offer price of Rs. 88 per equity share for cash, aggregating up to Rs. 51.22 Crore is hereinafter reffered to as the "Net Offer". The offer and net offer will constitute 27.00% and 25.63% respectively of the post- issue paid up capital of the company.
Price Band: Rs. 88/- per equity share of face value of Rs. 10 each.
The floor price is 8.8 times of the face value of the equity shares.
Bids can be made for a minimum of 3200 equity shares and further in multiples of 1600 equity shares thereafter.