Nobel Hygiene Limited, a manufacturer of absorbent hygiene products, has recently submitted its Draft Red Herring Prospectus (DRHP) to SEBI, marking a significant step towards its initial public offering (IPO). Earlier in June, Startup Superb reported that Nobel Hygiene had transitioned into a public entity, indicating its readiness for entry into the public markets. The IPO features a fresh issue of up to Rs 150 crore along with an offer for sale (OFS) of approximately 1.55 crore equity shares from current shareholders. The OFS will primarily be executed by Quadria Capital via Orbit Investment Holdings, which plans to sell 95.7 lakh shares. This will be followed by Sixth Sense Ventures offloading 50 lakh shares. Other participants in the OFS include Bennett Trading, Manish Dharanendra Ladage, Seema Manish Ladage, and Lashit Lallubhai Sanghvi.
The company aims to allocate the proceeds from the new issue to clear some outstanding borrowings, make investments in its subsidiary Nobel Hygiene Baroda, and partially fund the expansion of its manufacturing facility in Halol. This expansion includes establishing a brownfield manufacturing and warehousing site, along with introducing a production line for adult diapers. Additionally, a segment of the funds will be allocated for general corporate needs.
Having been founded over 20 years ago, Nobel Hygiene operates in various segments including adult, baby, and feminine hygiene, under well-known brands such as Friends, B-Fit, Teddyy, Snuggy, and RIO, boasting more than 1,158 SKUs as of March 2026. The company intends to broaden its range of feminine hygiene products by introducing disposable period panties, while also enhancing its offerings in the adult and baby hygiene markets.
As per the date of the DRHP, Quadria Capital, through Orbit Investment Holdings, holds the largest share in Nobel Hygiene with a significant 36.71% stake, followed by Fancy Textrade LLP and Neo Secondaries Fund, which possess 13.35% and 13.20%, respectively. Sixth Sense India Opportunities II holds a 12.66% stake, while Powerful Impex LLP has 7.75%. Promoter Kamal Kumar Johari owns a 7.03% share, along with Kamal Kumar Johari HUF and Kamini Kamal Johari holding 3.24% and 2.60%, respectively.
On the financial aspect, Nobel Hygiene’s revenue from operations increased by 14.6% year-on-year, reaching Rs 846.75 crore in FY26, up from Rs 739.14 crore in FY25. EBITDA saw a considerable increase of 29.3%, amounting to Rs 84.76 crore, with the EBITDA margin enhancing to 10.01% from 8.87%. In FY26, adult and baby absorbent hygiene products made up 49.25% and 45.32% of the company’s revenue from operations, respectively. The Friends and Teddyy brands contributed significantly, accounting for 37.85% and 39.63% of total revenue, with B-Fit contributing 10.83%. The company achieved profitability for the year with a net income of Rs 18.91 crore for FY26, a notable rise from Rs 2.28 crore in FY25.
ICICI Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets are serving as the book-running lead managers for this offering.