Summary
H.R.Hygiene Products IPO is a ₹54 crore SME issue opening from 29 to 31 July 2026.
The company manufactures hygiene and personal care products under multiple brands across the feminine, baby and elderly care segments.
The IPO may suit long-term investors who are comfortable with SME investments and can assess both growth opportunities and risks.
H.R. Hygiene Products’ IPO is a book-built issue worth ₹54 crore, comprising a fresh issue of 0.49 crore shares worth ₹43 crore and an offer for sale (OFS) of 0.12 crore shares worth ₹11 crore.
The IPO will open for subscription on 29 July 2026 and close on 31 July 2026. The share allotment is expected on 3 August 2026, while the shares are likely to be listed on the BSE SME on 5 August 2026.
The lot size is 1,600 shares, and the price band is fixed at ₹83-₹88 per share. Retail investors must apply for at least two lots (3,200 shares), requiring a minimum investment of ₹2,81,600. For HNIs, the minimum application size is three lots (4,800 shares), amounting to ₹4,22,400.
H.R.Hygiene Products IPO Key Details
The following table provides an overview of the H.R. Hygiene Products IPO:
| Bidding Opens | 29 July 2026 |
| Bidding Closes | 31 July 2026 |
| Face Value | ₹10 per share |
| Issue Type | Bookbuilding |
| Price Band | ₹83 to ₹88 |
| Issue Price | |
| Listing at | BSE SME |
| Lot Size | 1,600 Shares |
| Market Maker Reservation | 3,10,400 shares (₹3 crore) |
| Offer for Sale (OFS) | 12,25,600 shares of ₹10 (₹11 crore) |
| Fresh Issue | 45,95,200 shares (₹40 crore) |
| Total Issue | 61,31,200 shares (₹54 crore) |
| Minimum Investment | ₹2,81,600 |
H.R.Hygiene Products IPO Timeline
Given below is a schedule of the important dates for the H.R. Hygiene Products IPO:
| Bidding Opens | 29 July 2026 |
| Bidding Closes | 31 July 2026 |
| Allotment Planned For | 3 August 2026 |
| Refunds Start On | 4 August 2026 |
| Share Credit to Demat | 4 August 2026 |
| Listing Scheduled | 5 August 2026 |
| Cut-off for UPI mandate | 5:00 PM on 31 July 2026 |
H.R.Hygiene Products Key Performance Indicators (KPIs)
H.R. Hygiene Products’ KPIs are presented in the table below:
| KPIs | FY 2026 | FY 2025 | FY 2024 |
| ROE (%) | 30.90 | 48.65 | 126.65 |
| ROCE (%) | 24.86 | 25.48 | 23.10 |
| Debt-Equity (times) | 0.51 | 0.67 | 4.19 |
| RoNW (%) | 26.91 | 28.89 | 79.11 |
| PAT Margin (%) | 8.73 | 7.92 | 5.53 |
| EBITDA Margin (%) | 13.07 | 12.88 | 8.98 |
| Price Book Value | 3.70 |
H.R.Hygiene Products Financials
The following table summarises H.R. Hygiene Products’ financial metrics:
| Period | FY 2026 | FY 2025 | FY 2024 |
| Total Assets | 17092.22 | 9056.31 | 4886.94 |
| Revenue | 13190.02 | 11515.49 | 8533.33 |
| Profit After Tax | 1140.66 | 908.10 | 466.41 |
H.R.Hygiene Products IPO Subscription Status
| Date | QIB (Ex Anchor) | NII* | Individual Investors | Total |
|---|---|---|---|---|
| Jul 29 (Day 1) | 0.00 | 0.92 | 0.39 | 0.39 |
H.R.Hygiene Products IPO Grey Market Premium
H.R.Hygiene Products IPO is currently trading at a premium of ₹2 in the grey market. The GMP has held steady over the last four days, reflecting consistent investor sentiment.
Based on the current trend, the IPO is likely to debut at ₹90, giving 2.27% listing returns.
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 29-07-2026 Open | ₹2 ─ | ₹90 (2.27%) | ₹3,200 | 29-Jul-2026 11:29 |
| 28-07-2026 | ₹2 ─ | ₹90 (2.27%) | ₹3,200 | 28-Jul-2026 23:29 |
| 27-07-2026 | ₹2 ─ | ₹90 (2.27%) | ₹3,200 | 27-Jul-2026 23:28 |
| 26-07-2026 | ₹2 ─ | ₹90 (2.27%) | ₹3,200 | 26-Jul-2026 23:36 |
| 25-07-2026 | ₹2 ─ | ₹90 (2.27%) | ₹3,200 | 25-Jul-2026 23:32 |
Note: GMP reflects unofficial market activity and should not be treated as a listing guarantee.
H.R.Hygiene Products IPO Reservation
The IPO’s share allocation across different investor categories is as follows:
| Investor Category | Reservation |
| Market Maker | 3,10,400 |
| QIB | 29,08,800 |
| Anchor Investor | 16,86,400 |
| QIB (Ex. Anchor) Shares | 12,22,400 |
| NIIs | 8,73,600 |
| Retail Investors | 20,38,400 |
| Total Issue | 61,31,200 |
H.R.Hygiene Products IPO Lot Size
Applications must be submitted in the lot sizes mentioned below:
| Application Type | Lots | Shares | Amount |
| Individual Investor – Minimum | 2 | 3,200 | ₹2,81,600 |
| Individual Investor – Maximum | 2 | 3,200 | ₹2,81,600 |
| S-HNI Minimum | 3 | 4,800 | ₹4,22,400 |
| S-HNI Maximum | 7 | 11,200 | ₹9,85,600 |
| B-HNI Minimum | 8 | 12,800 | ₹11,26,400 |
H.R.Hygiene Products IPO Anchor Investors
The following table provides details of the anchor investor allocation:
| Particulars | Details |
| Bidding Opens | 28 July 2026 |
| Shares Offered | 16,86,400 |
| Portion Size | Up to 60% of the QIB portion |
| 30-Day Lock-in for 50% Shares | 2 September 2026 |
| 90-Day Lock-in for Remaining Shares | 1 November 2026 |
H.R.Hygiene Products IPO Prospectus
For a deeper look at the IPO, check the links below:
About H.R.Hygiene Products
Incorporation: 21 July 2016
Managing Director: Hemalbhai Babubhai Borsadiya
H.R. Hygiene Products manufactures hygiene and personal care products under the Femiss, Womanica, ElderFit and Bloom Baby brands. Its portfolio includes sanitary napkins, feminine hygiene, baby care and elderly care products. The company operates a business-to-business (B2B) and business-to-consumer (B2C) model through a network of distributors and online sales channels.
Its business is spread across 28 states and 8 Union Territories, supported by over 200 distributors and 25 consignment sales agents. The operations are backed by ISO 9001:2015, WHO-GMP and BIS certifications, while its brands have received industry recognition through multiple awards for innovation and quality in the hygiene segment.
| Issue Registrar | Purva Sharegistry (India) Pvt.Ltd. |
| Lead Manager | Marwadi Chandarana Intermediaries Brokers Pvt.Ltd. |
H.R.Hygiene Products IPO Objectives
Funds raised through the IPO will be allocated to the following objectives:
| Particulars | Amount (in ₹ lakh) |
| For setting up a new manufacturing facility in Rajkot, Gujarat | 3,136.12 |
| Loan repayment/prepayment | 356.50 |
| General corporate purposes |
Strengths of H.R.Hygiene Products
- Modern manufacturing capabilities: An automated manufacturing facility and recognised quality certifications help ensure consistent product quality, operational efficiency and regulatory compliance.
- Experienced management team: The promoters and senior management bring industry experience across manufacturing, sales and business operations, supporting strategic decision-making and business growth.
- Wide market presence: With products available across most parts of India, the company is well positioned to reach a diverse customer base and expand into new markets.
- Strong customer relationships: The company has built long-term relationships with its customers, which supports recurring business and strengthens customer retention.
Risks of H.R.Hygiene Products
- Changing consumer preferences: Consumer expectations in hygiene products are evolving quickly, and any delay in responding to new trends could reduce demand and weaken market share.
- Brand and reputation risk: Product defects, customer complaints, counterfeit products or poor online reviews could harm brand trust and affect future sales.
- Dependence on labour availability: Production relies on both skilled and unskilled workers, so labour shortages, wage increases or disputes could interrupt manufacturing operations.
- Negative cash flow history: The company has reported negative cash flows in some activities, which could create pressure on liquidity and expansion plans.
H.R.Hygiene Products IPO Review
H.R. Hygiene Products has established a presence in the hygiene products market with recognised brands, a wide distribution network and improving profitability. The planned capacity expansion could also support its long-term growth. The GMP remains modest, indicating subdued market sentiment.
SEBI-registered analyst Naveen Kumar, in his review of the H.R. Hygiene Products IPO, raises concerns over the mismatch between reported revenue growth and cash flows, while also highlighting high receivables and customer concentration as key risks.
Overall, the IPO may suit long-term investors who are comfortable with SME offerings. Before applying, investors should weigh the company’s business fundamentals, valuation and long-term growth prospects.
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| Indo-MIM IPO | Gulf Lloyds (India) IPO |
| Caliber Mining & Logistics IPO | Cube Highways Trust InvIT |
H.R.Hygiene Products IPO FAQs
H.R.Hygiene Products IPO is a book-built SME public issue worth ₹54 crore. It consists of a fresh issue of ₹43 crore and an OFS of ₹11 crore. The company’s shares are proposed to be listed on the BSE SME platform.
You can apply for this IPO through your bank or stockbroker using the ASBA facility or a UPI-supported application. The bids have to be submitted during the subscription period.
The IPO offers exposure to a growing hygiene products business with improving profitability and expansion plans. However, investors should also consider risks such as changing consumer preferences, labour availability and its history of negative cash flows before investing.
The IPO offers exposure to a growing hygiene products business with improving profitability and expansion plans. However, investors should also consider risks such as changing consumer preferences, labour availability and its history of negative cash flows before investing.
At the current GMP of ₹2 per share, the estimated listing price is ₹90, compared with the upper IPO price of ₹88. This implies a potential listing gain of about 2.27%.
The H.R.Hygiene Products IPO will open for subscription on 29 July 2026 and close on 31 July 2026.
The lot size is 1,600 shares. The minimum application size for retail investors is 2 lots (3,200 shares), requiring an investment of ₹2,81,600 at the upper price band.
The allotment for the H.R.Hygiene Products IPO is expected to be finalised on 3 August 2026.
The H.R.Hygiene Products IPO is tentatively scheduled to list on the BSE SME on 5 August 2026.
