Himalaya Nutravedics IPO closed the final day of bidding with a cumulative subscription of 0.71x. Retail investors drove the demand, reaching 1.13x coverage, while Qualified Institutional Buyers registered zero subscription across all three days.

Subscription Status

The issue witnessed a steady build-up in retail and non-institutional interest over the three-day period, though institutional capital remained absent. The cumulative subscription stood at 0.11x on Day 1, rose to 0.44x on Day 2, and reached 0.71x by the close of Day 3.

Category-wise Breakdown

Retail investors emerged as the strongest category, subscribing to 1.13x of their allocated portion. Among Non-Institutional Investors, Small HNI (sHNI) bids covered 0.59x of their quota, while Big HNI (bHNI) subscriptions stood at 0.87x. Qualified Institutional Buyers did not participate in the issue, recording a 0.00x subscription rate for the entire period.

Intra-day Timeline

Demand accelerated significantly in the final hours of Day 3. Between 11:15 IST and 12:15 IST, Retail subscription jumped from 0.90x to 1.13x, marking a 25.6% increase. Total subscription also climbed from 0.57x to 0.71x during this window.

Offer Details

The Himalaya Nutravedics IPO offered shares at a price band of ₹100.00000 to ₹106.00000. The minimum bid quantity was set at 2400 shares. The issue size ranged from ₹240000 crore to ₹500000 crore based on the price band. The bidding window opened on 2026-09-22 at 10:00:00 and closed on 2026-09-24 at 16:00:00.

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 involving own-brand products and third-party contract manufacturing. It runs a single WHO-GMP, ISO 9001:2015, and ISO 22000:2018 certified facility in Cherlapally, Hyderabad. The company follows a doctor-centric, offline distribution model across 17 states.

Financial Highlights

The company has shown significant growth in revenue and profitability over the last three fiscal years.

Objects of the Issue

The company plans to utilize the net proceeds from the issue for the following purposes:

• 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

Key risks associated with the investment include:

• High Customer Concentration Risk: Top 10 customers contributed 81.24% of revenue in FY2026.
• 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 were reported in Fiscals 2024, 2025, and 2026.
• Expiry of Tax Benefits: Expiry of 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.