H. R. Hygiene Products IPO GMP today is Rs 2. Investors can use this GMP along with price band and subscription status for a better IPO review.
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SME IPO
HRHYGIENE
H. R. Hygiene Products
H. R. Hygiene Products Limited manufactures and sells personal hygiene products, specialising primarily in sanitary napkins alongside adult and baby diapers. It operates through dual channels—distributors and online e-commerce platforms like Amazon, Flipkart, and Meesho—as well as partnerships with consignment selling agents for product distribution. The company generates revenue from operations primarily through the sale of finished consumer hygiene products, with sanitary napkins accounting for the vast majority of its revenue. It operates an automated manufacturing facility in Rajkot, Gujarat, where it produces sanitary pads under brands such as Femiss and Womanica. It also engages third-party contract manufacturers for certain product lines, including baby diapers under its “Bloom Baby” brand. In addition, the company exports products and is expanding its manufacturing capacity by setting up a second facility in Rajkot to bring diaper production in-house.
IPO Details
Complete IPO information
| Current GMP | ₹2 |
|---|---|
| Estimated Listing Gain | +2.27% |
| Price Band | ₹83.00 - ₹88.00 |
| Issue Price | ₹88.00 |
| Listing Price | TBA |
| Lot Size | 1,600 Shares |
| Issue Type | SME |
| Issue Size | Approx ₹53.95 Cr |
| Registrar | TBA |
| Exchange | NSE, BSE |
| Retail Quota | TBA |
| Overall Subscription | 1.33x |
| Listing Date | 05 Aug 2026 |
| Minimum Investment | ₹2,81,600 |
Timeline
IPO roadmap at a glance
01
Bidding Opens
29 Jul 2026
02
Bidding Closes
31 Jul 2026
03
Allotment
03 Aug 2026
04
Listing
05 Aug 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 30 Jul 2026 | ₹2.00 | - | 2.27% |
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lot | 3,200 | ₹2,81,600 |
| Retail Maximum | 2 Lot | 3,200 | ₹2,81,600 |
| S-HNI Minimum | 3 Lot | 4,800 | ₹4,22,400 |
| S-HNI Maximum | 7 Lot | 11,200 | ₹9,85,600 |
| B-HNI Minimum | 8 Lot | 12,800 | ₹11,26,400 |
Issue Notes
Important takeaways before applying
Strengths
- State-of-the-art production facility spread across 32,780.88 square feet equipped with fully automated systems from raw material handling to finished product packaging.
- Distribution of personal health and hygiene products through a dual-channel strategy combining offline distributors and online platforms.
- Established brand affinity, loyalty, and customer trust in proprietary brands such as Femiss, Womanica, ElderFit, and Bloom Baby.
- Pan-India distribution presence for marketing personal health and hygiene products.
- Manufacturing facility holding key quality and safety certifications including ISO 9001:2015, WHO-GMP, and BIS certifications.
Risks
- Revenue from operations is highly concentrated in a single product category of sanitary napkins.
- Business operations rely on purchase orders rather than long-term supply contracts with customers.
- High supply chain dependency on a limited number of raw material suppliers without long-term agreements.
- Reliance on a single operational manufacturing facility located in Rajkot, Gujarat.
- High geographic concentration of revenue generated from the state of Gujarat.
Analysis
H.R. Hygiene Products IPO Details
H.R. Hygiene Products Limited is launching its Initial Public Offering (IPO) through the Book Building Issue route. The IPO comprises a combination of a Fresh Issue and an Offer for Sale (OFS). The proceeds from the fresh issue will be utilised by the company for its business objectives, while the Offer for Sale enables existing shareholders to partially dilute their holdings.
The equity shares of H.R. Hygiene Products Limited are proposed to be listed on the BSE SME platform. Investors can subscribe to the IPO during the issue period within the announced price band.
| Particular | Details |
|---|---|
| IPO Open Date | July 29, 2026 |
| IPO Close Date | July 31, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹83 to ₹88 Per Share |
| Issue Size | Approx ₹53.95 Crores |
| Fresh Issue | Approx ₹43.17 Crores |
| Offer for Sale | Approx 12,25,600 Equity Shares |
| Issue Type | Book Building Issue |
| IPO Listing | BSE SME |
Analysis
H.R. Hygiene Products IPO Reservation
The H.R. Hygiene Products IPO follows the SEBI-prescribed allocation structure for a Book Building Issue. The issue is reserved across different investor categories, including Anchor Investors, Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs). This allocation ensures balanced participation from institutional and retail investors.
The category-wise reservation below shows the number of shares allocated and the percentage reserved for each investor segment. The final allotment in each category will depend on the subscription received during the IPO period.
| Investor Category | Shares Offered | Reservation (%) |
|---|---|---|
| Anchor Investor | 16,86,400 Shares | 27.51% |
| QIB (Ex. Anchor) | 12,22,400 Shares | 19.94% |
| NII Shares Offered | 8,73,600 Shares | 14.25% |
| Retail Shares Offered | 20,38,400 Shares | 33.25% |
Note: The above reservation details are based on the proposed IPO structure. The final allotment of shares in each category will be determined after the issue closes and the basis of allotment is approved by the designated stock exchange.
Analysis
H.R. Hygiene Products IPO Anchor Investors
H.R. Hygiene Products Limited has scheduled the Anchor Investor Bidding on July 28, 2026, one working day before the IPO opens for public subscription. The anchor portion is reserved for Qualified Institutional Buyers (QIBs) and is intended to attract institutional participation before the public issue begins.
Following the completion of the anchor book process, the company will disclose the names of the participating anchor investors, the final allocation, and the total amount raised. The allotted shares will be subject to the lock-in requirements prescribed under SEBI regulations.
| Particular | Details |
|---|---|
| Anchor Bidding Date | July 28, 2026 |
| Anchor Investors List | |
| Shares Offered | 16,86,400 Shares |
| Anchor Issue Size | [.] Cr. |
| Lock-in Period End Date (50% Shares – 30 Days) | 2026 |
| Lock-in Period End Date (Remaining 50% Shares – 90 Days) | 2026 |
Note: The final Anchor Issue Size, investor list, and lock-in end dates will be updated after the anchor allocation is completed and officially announced by the company.
Analysis
H.R. Hygiene Products IPO Dates
The H.R. Hygiene Products IPO will open for subscription on July 29, 2026 and close on July 31, 2026. During this period, eligible investors can apply for the IPO through the ASBA facility or supported online platforms offered by banks and stockbrokers.
The basis of allotment is expected to be finalised on August 3, 2026. Refunds for unsuccessful applicants and the credit of equity shares to successful investors' demat accounts are scheduled for August 4, 2026. The equity shares of H.R. Hygiene Products Limited are proposed to be listed on the BSE SME platform on August 5, 2026.
| Event | Date |
|---|---|
| IPO Open Date | July 29, 2026 |
| IPO Close Date | July 31, 2026 |
| Basis of Allotment | August 3, 2026 |
| Refunds | August 4, 2026 |
| Credit to Demat Account | August 4, 2026 |
| IPO Listing Date | August 5, 2026 |
Note: The above IPO timeline is based on the announced schedule. The dates may change if revised by the company, the registrar, or the stock exchange before the completion of the IPO process.
Analysis
H.R. Hygiene Products IPO Promoters and Holding Pattern
H.R. Hygiene Products Limited is promoted by Hemal Babubhai Borsadiya, Rahul Kishorbai Sheradia, Borsadiya Binita Hemalbhai, and Sheradia Parth Damjibhai. The promoter group has played an important role in the company's growth, business operations, and expansion within the hygiene and personal care products industry.
Following the completion of the IPO, the promoters are expected to continue holding a significant ownership stake in the company. However, the final post-issue promoter shareholding percentage will be confirmed after the completion of the IPO process and the allotment of shares.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,78,06,438 | 68.80% |
| Promoter Holding Post Issue | 2,27,12,038 | -% |
Note: The final post-issue promoter shareholding percentage will be updated after the IPO allotment and listing, based on the company's final shareholding pattern filed with the stock exchange.
Analysis
H.R. Hygiene Products IPO Objects of the Issue & Utilisation of Proceeds
H.R. Hygiene Products Limited intends to utilise the net proceeds from the fresh issue primarily to expand its manufacturing capabilities and strengthen its financial position. A significant portion of the funds will be invested in establishing a new manufacturing facility in Rajkot, Gujarat, which is expected to enhance production capacity and support the company's future growth plans.
The company also plans to utilise part of the proceeds towards the prepayment or repayment of existing borrowings, which may help reduce finance costs and improve overall financial stability. The remaining funds, where applicable, will be used for general corporate purposes in accordance with applicable regulatory requirements.
| Purpose | Amount |
|---|---|
| Setting up a new manufacturing facility at Rajkot, Gujarat (Proposed Facility – Unit 2) | ₹31.36 Crores |
| Prepayment / Repayment of Loan | ₹3.57 Crores |
| General Corporate Purpose | ₹- |
Note: The utilisation of IPO proceeds is based on the objects stated in the Red Herring Prospectus (RHP). The company may deploy the funds in accordance with the approved objectives and applicable SEBI regulations.
Analysis
About H.R. Hygiene Products IPO
H.R. Hygiene Products, founded in 2016, is one of the leading manufacturers of hygiene products, mainly Sanitary napkins. The firm supplies its products under various in-house brands: Femiss, Womanica, ElderFit, and Bloom Baby. Each brand is designed for a different customer group, providing hygiene and personal care products for babies, young women, adults, and elderly people. The company mainly sells sanitary napkins under its own brand and under white-label arrangements for some brands. Moreover, over time, H.R. has expanded its product range to include female, adult, and baby care products.
Under Femiss, the firm sells affordable and reliable sanitary napkins; Womanica offers premium, high-absorbency sanitary products. ElderFit provides adult diapers, and Bloom Baby focuses on baby diapers. Moreover, the firm sells its products via major e-commerce platforms including Meesho, Amazon, Glowroad, Flipkart, Snapdeal, and JioMart.
Analysis
H.R. Hygiene Products IPO Company Financial Report
H.R. Hygiene Products Limited has demonstrated consistent financial growth over the last three financial years. The company has reported a steady increase in revenue, supported by expanding operations and growing demand for its hygiene products. Profit after tax (PAT) has also improved during the period, reflecting better operational performance and improved profitability.
The company's asset base has expanded significantly, indicating continued investment in manufacturing capacity, infrastructure, and business growth. The financial performance below provides investors with an overview of the company's historical performance prior to the IPO.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹85.33 Cr. | ₹79.10 Cr. | ₹4.66 Cr. | ₹48.87 Cr. |
| 2025 | ₹115.15 Cr. | ₹103.05 Cr. | ₹9.08 Cr. | ₹90.56 Cr. |
| 2026 | ₹131.90 Cr. | ₹116.16 Cr. | ₹11.41 Cr. | ₹170.92 Cr. |
Amount in ₹ Crores: The above financial information is based on the latest available financial statements of H.R. Hygiene Products Limited and is intended to provide investors with an overview of the company's historical financial performance before the IPO.
Analysis
H.R. Hygiene Products IPO Valuation – FY2026
The valuation metrics of H.R. Hygiene Products Limited provide investors with insights into the company's profitability, operating efficiency, capital utilisation, and financial strength before the IPO. Key indicators such as Earnings Per Share (EPS), Return on Equity (ROE), Return on Capital Employed (ROCE), EBITDA Margin, Return on Net Worth (RoNW), and Net Asset Value (NAV) help investors assess the company's financial performance.
These valuation ratios should be analysed together with the IPO price band, peer comparison, industry outlook, and future growth prospects before making an investment decision.
| KPI | Values |
|---|---|
| ROE | 30.90% |
| ROCE | 24.86% |
| EBITDA Margin | 13.07% |
| PAT Margin | 8.73% |
| Debt to Equity Ratio | 0.51 |
| Earning Per Share (EPS) | ₹6.41 (Basic) |
| Price / Earnings (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 26.91% |
| Net Asset Value (NAV) | ₹23.80 |
Note: The above valuation figures are based on the FY2026 financial statements of H.R. Hygiene Products Limited. The final Price-to-Earnings (P/E) ratio will be available after the final IPO price is determined and the post-issue earnings per share are calculated.
Analysis
Peer Group Comparison
There are no listed companies in India.
Analysis
IPO Lead Managers aka Merchant Bankers
- Marwadi Chandarana Intermediaries Brokers Pvt. Ltd.
FAQ
H. R. Hygiene Products IPO FAQs
H. R. Hygiene Products IPO price band is Rs 83.00 to Rs 88.00. Check the latest issue price, lot size and GMP together before applying.
H. R. Hygiene Products IPO open date is 29 Jul 2026, close date is 31 Jul 2026, and listing date is 05 Aug 2026.
H. R. Hygiene Products IPO lot size is 1,600 shares. The minimum retail investment is Rs 2,81,600.
H. R. Hygiene Products is classified as a SME IPO. This helps investors quickly understand the issue category and exchange segment.
H. R. Hygiene Products IPO subscription status currently shows Retail 1.41x, QIB 0.92x, Overall 1.33x.
H. R. Hygiene Products Limited manufactures and sells personal hygiene products, specialising primarily in sanitary napkins alongside adult and baby diapers. It operates through dual channels—distributors and online e-commerce platforms like Amazon, Flipkart, and Meesho—as well as partnerships with consignment selling agents for product distribution. The company generates revenue from operations primarily through the sale of finished consumer hygiene products, with sanitary napkins accounting for the vast majority of its revenue. It operates an automated manufacturing facility in Rajkot, Gujarat, where it produces sanitary pads under brands such as Femiss and Womanica. It also engages third-party contract manufacturers for certain product lines, including baby diapers under its “Bloom Baby” brand. In addition, the company exports products and is expanding its manufacturing capacity by setting up a second facility in Rajkot to bring diaper production in-house.
H. R. Hygiene Products IPO issue size is 53.95 and the expected allotment date is 03 Aug 2026.