H. R. Hygiene Products IPO
H. R. Hygiene Products LtdSME
This IPO has listed.
- Open date
- 29 Jul 2026
- Close date
- 31 Jul 2026
- Min. Investment
- ₹2,81,600
- Lot Size
- -
- Fresh Issue
- ₹43.17 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers2.81x
- Non-Institutional Investors8.99x
- Retail-Individual Investors6.74x
- Total6.26x
Schedule
- Completed: IPO open date29 Jul 2026
- Completed: IPO close date31 Jul 2026
- Completed: Allotment date3 Aug 2026
- Completed: Funds unblock or debit4 Aug 2026
- Completed: Tentative listing date5 Aug 2026
About
Promoter shareholding in H. R. Hygiene Products Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Hemal Babubhai Borsadiya | 45,93,750 | 25.80% | 42,87,350 | 18.88% |
| Rahul Kishorbai Sheradia | 22,96,875 | 12.90% | 19,90,475 | 8.76% |
| Borsadiya Binita Hemalbhai | 30,62,500 | 17.20% | 27,56,100 | 12.13% |
| Sheradia Parth Damjibhai | 22,96,875 | 12.90% | 19,90,475 | 8.76% |
H. R. Hygiene Products IPO Strengths & Risks
- 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 Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: The company's Statutory Auditor has noted certain observations in auditor's report under the Companies (Auditor's Report) Order, 2020.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: There has been instances of delay or default in payment of statutory dues and filing of statutory returns by the company in the past.
- Risks Relating to the Business: The company relies on its relationships with certain marketplaces and web traffic drivers for sales through the company's online channel.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: Any IT system failures or lapses on part of any of the company's employees may lead to operational interruption, liabilities or reputational harm.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: The company has contingent liabilities, and its financial condition could be adversely affected if any of these contingent liabilities materializes.
- Risks Relating to the Business: Unsecured loans taken by the Company can be recalled by the lenders at any time.
- Risks Relating to the Business: Any failures in the company's quality control processes may have an adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: The company has in the past entered into related party transactions and may continue to does so in the future.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: The company will not receive any proceeds from the Offer for Sale.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: None of the company's Directors possess experience of being on the board of any listed company.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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'.
- Risks Relating to the Business: The continuing effect of the COVID-19 pandemic on the company's business and operations is highly uncertain and cannot be predicted.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: The requirements of being a public listed company may strain the company's resources and impose additional requirements.
