Himalaya Nutravedics IPO
ListedSMEPharmaceuticals
2.33×
Subscribed
Price band
₹106 – ₹106
Lot size
1,200
1 lot = ₹1,27,200
Issue size
₹26.5 Cr
Open – close
22 Sept 2026
to 24 Sept 2026
Listing
29 Sept 2026
Listing gain
+11.32%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong4 of 7 dimensions read
The disclosed numbers are strong — 4 of 6 signals read positive
Strength78/100
- Out-earns its peersReturn on net worth of 45.1% against a peer median of 27.7%
- Strong revenue growthRevenue compounding at 72.8% across the reported years
- Profit growth outpaces salesPAT up 316.5% a year against revenue at 72.8% — check whether that is operating leverage or a one-off before extrapolating it
- High return on equityROE of 45.1%
- Conservative balance sheetDebt/equity of 0.31×
- Institutional book coveredQIB portion subscribed 1.00×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens22 Sept 2026
- Closes24 Sept 2026
- Allotment25 Sept 2026
- Listing29 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB1.00x
Non-institutionalNII / HNI3.58x
Big NIIabove ₹10L3.84x
Small NII₹2L – ₹10L3.04x
Retail individualRII2.56x
1,039 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 24 Sept 2026.
Chance of allotment
Retail2.56× subscribed
~1 in 2.6
Minimum 2 lots · 2,400 shares · ₹2,54,400 blocked
Retail is 2.56× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 2.6 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII3.58× subscribed
~1 in 3.6
Minimum 1 lot · 1,200 shares · ₹1,27,200 blocked
HNI is 3.58× subscribed. This category is allotted proportionately, so a bid receives roughly 1/3.6 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹106 – ₹106
Face value₹10
Lot size1,200shares
Minimum application₹1,27,200at cut-off
Total issue size₹26.5 Cr
Listing atSME platform
Anchor investorsAllotted
Company & valuation
EPS₹12.11post-issue
Return on equity45.11%
Debt / equity0.31×
ROCE36.41%
RoNW45.12%
PAT Margin17.16%
EBITDA Margin18.82%
NAV26.70
Price to Book Value3.97
ISININE1OTR01013
RegistrarKFin Technologies Ltd
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 11,84,400 | 47.38% |
| Anchor Investor | 7,10,400 | 28.42% |
| QIB (Ex. Anchor) | 4,74,000 | 18.96% |
| NII (HNI) | 3,56,400 | 14.26% |
| bNII > ₹10L | 2,37,600 | 9.51% |
| sNII < ₹10L | 1,18,800 | 4.75% |
| Retail | 8,32,800 | 33.32% |
| Market Maker | 1,26,000 | 5.04% |
Total issue 24,99,600 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,54,4002 lots · 2,400 sh
Individual investors (IND) (Max)₹2,54,4002 lots · 2,400 sh
S-HNI (Min)₹3,81,6003 lots · 3,600 sh
S-HNI (Max)₹8,90,4007 lots · 8,400 sh
B-HNI (Min)₹10,17,6008 lots · 9,600 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted7,10,400
Anchor portion₹7.53 Cr
Bid date21 Sept 2026
Lock-in ends (50%)25 Oct 2026
Lock-in ends (rest)24 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding Working Capital Requirements₹13.75 Cr
- 02Investment in Branding, Digital Marketing and Sales Expansion₹7.5 Cr
- 03General Corporate Purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 14.426 | 0.939 | 0.426 | 1.355 | 2.611 |
| 2025 | 20.997 | 2.991 | 2.232 | 6.757 | 1.22 |
| 2026 | 43.068 | 8.109 | 7.39 | 16.381 | 5.132 |
Revenue CAGR 72.8%PAT CAGR 316.5%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Himalaya | 12.05 | — | 26.70 | 45.12% |
| Jeena Sikho | 17.81 | 28.75 | 37.60 | 27.67% |
| Lifecare Limited | 1.83 | 20.62 | 45.21 | 2.53% |
| Nutravedics India Limitedthis issue | 12.05 | — | 26.70 | 45.12% |
| Sandu Pharmaceuticals Limited | 1.83 | — | — | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumWe may be unable to sufficiently obtain, maintain, protect, or enforce our intellectual property and other proprietary rights. Our trademark applications listed above are currently opposed before the Registrar of Trademarks. Such opposition proceedings may result in delays in registration or refusal
mediumWe derive a significant portion of our revenue from the sale of products in the Ayurvedic products which constituted 94.57%, 92.09% and 79.27% of our revenue from operations for the Fiscals 2026, 2025 and 2024, respectively. Any reduction in demand for these products could have an adverse effect on
Litigation · ₹0.27 Cr disclosed across 1 matters
Our Company has one direct tax case involving a total amount of ₹27.26 Lakhs. The case relates to a proposed disallowance of a deduction under Section 80 IAC due to a delay in filing Form 10CCB. The Company submitted a reply clarifying the form was filed prior to the return and subsequently uploaded, but the response was not accepted. An intimation order dated March 06, 2026, was issued raising a demand of ₹27.26 Lakhs. There are no other material proceedings or criminal litigations involving the Company, Promoters, Directors, or Key Managerial Personnel.
Positives the filing discloses (3)
Low leverage
Debt-to-equity of 0.31x.
Strong revenue growth
Restated revenue CAGR of 72.8%.
Healthy return on equity
ROE of 45.1%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-1.0%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-13.8%
Dudani Retail
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Green Asia Impexsame segment
1.0× sub+0.0%
Dudani Retailsame segment
1.4× sub-13.8%
Bench Mark Infotechsame segment
96.0× sub+0.0%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Himalaya Nutravedics
Himalaya Nutravedics India Limited is engaged in the manufacturing, marketing and distribution of Ayurvedic and nutraceutical formulations in India and also undertakes third-party contract manufacturing for other Ayurvedic and nutraceutical companies. Its product portfolio includes classical Ayurvedic formulations based on recognised Ayurvedic texts, proprietary Ayurvedic formulations and nutraceutical supplements. The products are available in dosage forms such as soft gelatin capsules, hard gelatin capsules, tablets, liquid orals and medicated oils. Its nutraceutical products include formulations using vitamins, minerals, herbal extracts, amino acids and other permitted ingredients. The company operates through both its own-brand and third-party manufacturing businesses. It commenced manufacturing operations in September 2022 from its facility in Cherlapally, Hyderabad, Telangana. The company has a stockist-driven distribution network across multiple states in India and an on-ground sales and marketing team of approximately 56 personnel, including regional managers and medical representatives. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding capital expenditure requirements — Rs 13.75 crore Investment in branding, digital marketing, and sales expansion — Rs 7.50 crore General corporate purposes.
Founded 2022MD Mr Rohit AsawaSector Pharmaceuticals
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Himalaya Nutravedics IPO subscribed?
Himalaya Nutravedics is subscribed 2.33× overall (QIB 1.00×, NII 3.58×, retail 2.56×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KFin Technologies Ltd.
What is the minimum investment in the Himalaya Nutravedics IPO?
One lot is 1,200 shares, so a retail application at the ₹106 cut-off price blocks ₹1,27,200. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Himalaya Nutravedics IPO?
The retail portion is subscribed 2.56×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 3. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Himalaya Nutravedics IPO allotment date?
Allotment is scheduled for 2026-09-25, with listing on 2026-09-29. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KFin Technologies Ltd.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.