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.

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 — 24-09-2026

The final day's activity was marked by a rapid acceleration in the afternoon session. Total subscription rose from 0.57x at 11:15 IST to 2.27x by 16:15 IST. Retail demand more than doubled during this period, rising from 0.90x to 2.38x. QIB bids arrived between 13:15 IST and 14:15 IST, pushing the institutional category from 0.00x to 1.00x.

Offer Details

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

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.