The Quadria Capital-backed company has held preliminary discussions with investment banks about a potential listing and may appoint advisers in the coming weeks, the people said, asking not to be identified because the information is private.
The proposed IPO could include a mix of fresh share issuance and secondary sales by existing investors, the people said. Deliberations are ongoing, and details such as size and timing could change.
A representative for Nobel Hygiene said the company regularly evaluates strategic and capital market opportunities and engages with external advisers from time to time as part of that process.
Indian firms have raised about $3.1 billion through IPOs so far this year, compared with roughly $22 billion in all of 2025, according to data compiled by Bloomberg.
Quadria Capital, one of Asia’s largest healthcare-focused private equity firms, announced in 2021 that it had acquired a significant minority stake in Nobel Hygiene.Founded in 2000 by Kamal Johari, the company manufactures hygiene products tailored to Indian consumers, according to its website.
