Upcoming IPO: Swara Baby Products, a contract manufacturer of baby diapers, adult diapers and feminine hygiene products backed by FirstCry, has filed draft papers with the Securities and Exchange Board of India (Sebi) to raise ₹1,000 crore through an initial public offering ().
According to the draft red herring prospectus (DRHP), the IPO comprises a fresh issue of equity shares worth up to ₹500 crore and an offer for sale (OFS) of ₹500 crore by existing shareholders.
As part of the OFS, Brainbees Solutions Ltd, FirstCry’s parent company, will offload shares worth up to ₹300 crore, while Anadya Bon Merchari LLP will sell shares valued at up to ₹200 crore.
The proceeds from the fresh issue will be used to establish a new manufacturing facility in Madhya Pradesh with an investment of ₹198.2 crore, repay or prepay borrowings of ₹100 crore, and infuse ₹27.5 crore into subsidiaries Solis Hygiene, Swara Hygiene and K.A. Enterprises Hygiene Pvt Ltd (KAEHPL) to help clear their outstanding liabilities.
The remaining funds will be earmarked for inorganic growth opportunities, including acquisitions, as well as general corporate purposes. The company also has the option to undertake a pre-placement of up to ₹100 crore.
JM Financial and Avendus Capital have been appointed as the book-running lead managers for the IPO.
About the company
Established in 2018, Swara Baby manufactures disposable hygiene products across the baby care, adult incontinence and feminine hygiene segments. Its offerings include baby diapers, adult diapers, sanitary napkins and panty liners, most of which are produced on a contract manufacturing basis for consumer brands.
Its customer base includes Brainbees Solutions, Piramal Pharma and Himalaya Wellness Company. Besides contract manufacturing, the company sells products under its own brands, Cuddles and Shield, through online platforms and modern retail channels. In December 2025, it strengthened its portfolio by acquiring feminine hygiene products maker K.A. Enterprises Hygiene.
According to the DRHP, Swara Baby commanded a 37% market share by value in baby diaper contract manufacturing and a 36% share in adult diaper contract manufacturing during FY25.
The company currently operates four manufacturing facilities located in Pithampur and Indore, Madhya Pradesh.
For FY26, Swara Baby reported revenue from operations of ₹1,163.9 crore, up from ₹942.97 crore in FY25, while profit after tax increased to ₹95.58 crore from ₹80.67 crore a year earlier. Baby diapers remained its largest revenue segment, contributing 79% of product sales during the year.
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