Himalaya Nutravedics IPO Day 2: Subscribed 0.44x; Retail demand jumps 123%
- Himalaya Nutravedics IPO subscribed 0.44x by end of Day 2
- Retail demand surged 123.3% intraday to reach 0.67x
- QIB and Employee categories remained unsubscribed at 0.00x
- Overall subscription rose from 0.11x on Day 1 to 0.44x on Day 2
*this image is generated using AI for illustrative purposes only.
Himalaya Nutravedics IPO closed its three-day subscription period with a total subscription of 2.27x, driven by a sharp surge in Non-Institutional Investor demand on the final day.
Subscription Status
The issue witnessed steady accumulation in the initial days, reaching 0.11x by the end of Day 1 and 0.44x by Day 2. Momentum accelerated significantly on Day 3 (24-09-2026), with total subscription jumping from 0.57x at 11:15 IST to 2.27x by the close at 16:15 IST. This represents a 298.2% increase in overall demand during the final trading session.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 22-09-2026 | 0.00x | 0.21x | 0.10x | 0.16x | 0.11x |
| Day 2 | 23-09-2026 | 0.00x | 0.54x | 0.47x | 0.67x | 0.44x |
| Day 3 | 24-09-2026 | 1.00x | 4.37x | 2.40x | 2.38x | 2.27x |
Category-wise Breakdown
Non-Institutional Investors emerged as the most aggressive participants. Big HNI (bHNI) bids covered 4.37x of their allocated quota, a substantial jump from 0.54x at the end of Day 2. Small HNI (sHNI) subscriptions stood at 2.40x. Retail investors remained robust, subscribing 2.38x of their portion. Qualified Institutional Buyers (QIB), who had shown no interest through the first two days, entered the fray decisively in the final hours, closing at exactly 1.00x.
Intra-day Timeline — Day 2 (23-09-2026)
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 0.30x | 0.16x |
| 12:15 | 0.00x | 0.41x | 0.35x | 0.22x |
| 13:15 | 0.00x | 0.44x | 0.41x | 0.26x |
| 14:15 | 0.00x | 0.03x | 0.47x | 0.27x |
| 15:15 | 0.00x | 0.51x | 0.55x | 0.37x |
| 16:15 | 0.00x | 0.03x | 0.62x | 0.37x |
| 17:15 | 0.00x | 0.54x | 0.67x | 0.44x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹100.00000 – ₹106.00000 |
| Minimum Bid Quantity | 2,400 shares |
| Issue Size | ₹240000 crore – ₹500000 crore |
| Bidding Open | 22-09-2026 |
| Bidding Close | 24-09-2026 |
What's Next
Allotment is scheduled for 25-09-2026 and listing is expected on 29-09-2026.
About the Company
Himalaya Nutravedics India Limited is a Hyderabad-based manufacturer, marketer, and distributor of Ayurvedic and Nutraceutical formulations. The company operates through a hybrid model comprising own-brand products and third-party contract manufacturing. Its single WHO-GMP, ISO 9001:2015, and ISO 22000:2018 certified facility in Cherlapally, Hyderabad produces softgels, tablets, medicated oils, liquid orals, and hardgel capsules. The company follows a doctor-centric, offline distribution model across 17 states, supported by approximately 58 sales personnel and a stockist-driven network. Branded business accounted for 51.14% of FY2026 revenues. The company was founded in 2022 and is led by Chairman and Managing Director Rohit Asawa.
Financial Highlights
| Metric (₹ crores) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | 14.43 | 21.00 | 43.07 |
| Total Revenue | 14.43 | 21.00 | 43.12 |
| Profit Before Tax | 0.59 | 2.25 | 7.48 |
| Total Profit | 0.43 | 2.23 | 7.39 |
| Net Cash Flow | 0.19 | -0.18 | 1.38 |
Revenue from operations grew from ₹14.43 crores in FY2024 to ₹43.07 crores in FY2026, with Total Profit rising from ₹0.43 crores to ₹7.39 crores over the same period.
Objects of the Issue
- Funding Working Capital Requirements: ₹13.75 crores towards working capital needs and expansion into Direct-to-Consumer (D2C) segments.
- Investment in Branding, Digital Marketing and Sales Expansion: ₹7.50 crores for branding, digital marketing, sales expansion, and D2C website development.
- General Corporate Purposes: Balance amount for general corporate purposes including strategic initiatives and business exigencies.
Risk Factors
- High Customer Concentration Risk: Top 10 customers contributed 81.24% of revenue in FY2026, with no long-term contractual arrangements in place.
- Revenue Concentration in Ayurvedic Products: Ayurvedic products accounted for 94.57% of revenue from operations in FY2026.
- Negative Cash Flows from Operating Activities: Negative operating cash flows of ₹383.44 lakhs, ₹139.11 lakhs, and ₹55.10 lakhs were reported in Fiscals 2026, 2025, and 2024 respectively.
- Expiry of Tax Benefits: Expiry of the Section 80-IAC tax holiday could reduce Profit After Tax by approximately 28% of Profit Before Tax.
- Single Manufacturing Facility: Operational risk due to reliance on a single leased facility in Hyderabad.
Will Day 3 retail investor activity be sufficient to push the overall subscription above 1.0x to avoid a failed IPO scenario?
How might the complete absence of QIB interest impact post-listing price stability and institutional valuation benchmarks?
Can Himalaya Nutravedics effectively mitigate its 84% customer concentration risk while executing its planned D2C expansion?
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