Nobel Hygiene Limited, a pioneer in India’s adult absorbent hygiene market, has taken a significant step towards going public, filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). Backed by Quadria Capital, the company is looking to tap the public markets as demand for adult, baby and feminine hygiene products accelerates across India.

The proposed IPO comprises a fresh issue of equity shares worth up to Rs 150 crore, along with an offer for sale (OFS) of up to 15,511,082 equity shares by existing shareholders. The selling shareholders include promoters Kamal Kumar Johari and Kamini Kamal Johari, as well as investors such as Orbit Investment Holdings Pte.

, Sixth Sense India Opportunities III, Bennett Trading LLP, Manish Dharanendra Ladage, Seema Manish Ladage and Lashit Lallubhai Sanghvi. IPO to fuel capacity expansion and debt reductionNobel Hygiene plans to deploy the proceeds from the fresh issue towards prepayment or repayment of outstanding borrowings, investment in its subsidiary Nobel Hygiene Baroda Private Limited (NHBPL), and expansion of its manufacturing infrastructure.

A key part of the expansion is the proposed augmentation of production capacity at Halol, including the development of a brownfield manufacturing-cum-warehousing facility on the company’s existing land. The company also plans to purchase and install an additional adult diaper machine line.

The remaining proceeds will be used for general corporate purposes. About Nobel HygieneNobel Hygiene’s manufacturing and distribution footprint gives it a broad reach across the Indian market.

57 million units across adult diapers, baby diapers and underpads. 27 million retail outlets across 31 States and Union Territories, supported by more than 296 stockists and 418 distributors.

The company has also built an international presence, exporting its products to 19 countries, including Sri Lanka, the United Arab Emirates, Australia and Mauritius. Stronger financial performanceNobel Hygiene’s recent financial performance points to improving scale and profitability.

14 crore in FY2025. The company also moved decisively into the black.

91 crore in FY2026. 43% during the year, signalling better operating economics alongside revenue growth.

Betting on India’s next hygiene growth waveNobel Hygiene’s IPO comes at a time when India’s adult absorbent hygiene market is undergoing a major shift. 5 billion in FY2026, having expanded at a CAGR of around 26% since FY2020.