Swara Baby IPO: Swara Baby Products, the maker of disposable hygiene products and a subsidiary of FirstCry parent Brainbees Solutions, on Wednesday filed the draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of Rs 1,000 crore. This will be the company’s first move towards going public. The IPO would be a fresh issue of equity shares of the company to raise an amount of Rs 500 crore and an offer for sale (OFS) of shares worth Rs 500 crore by the existing promoters. The OFS would comprise the sale of equity shares of up to Rs 300 crore by Brainbees Solutions and of up to Rs 200 crore by Anadya Bon Merchari LLP.
The company has also retained the possibility of a pre-IPO placement of up to Rs 100 crore. If this is done prior to the public issue, the size of the fresh issue will be reduced accordingly.
Where will the company allocate the IPO funds?
The fresh issue proceeds would be used to increase manufacturing capacity, strengthen the balance sheet and support future growth, Swara Baby said in the draft red herring prospectus (DRHP).
Madhya Pradesh is to have a new manufacturing facility with an allocation of Rs 198.2 crore. Rs 100 crore would be used for repayment or prepayment of existing borrowings and Rs 27.5 crore would be invested in its subsidiaries Solis Hygiene, Swara Hygiene and K.A. Enterprises Hygiene Pvt Ltd (KAEHPL) to help them clear outstanding debt.
The remaining funds will be used for possible acquisitions and general corporate purposes.
The company said an IPO will help in increasing the company’s brand visibility and provide a public market for the company’s equity shares in India.
What does Swara Baby Products do?
Swara Baby Products was formed in 2018. It operates as a niche player in the disposable hygiene segment and caters to baby care, adult incontinence and feminine hygiene products. Its product portfolio comprises baby nappies, adult nappies, sanitary napkins and panty liners. The company is a major contractor for premier brands across all segments and also retails products under its own brand names, ‘Cuddles’ for baby nappies and ‘Shield’ for adult nappies, via the online channel and in modern retail stores.
Its clientele includes names such as Brainbees Solutions (FirstCry), Piramal Pharma and Himalaya Wellness. In December 2025, the company added to its presence in the feminine hygiene market through the acquisition of K.A. Enterprises Hygiene Pvt Ltd.
Market Leader with growing capacity
Swara Baby was the largest contract manufacturer of disposable hygiene products by value in India in FY25, according to the DRHP. It had a 37 per cent share of the contract manufacturing market for baby nappies and an estimated 36 per cent share of the contract manufacturing market for adult nappies.
The company presently has four manufacturing facilities in Madhya Pradesh, located at Pithampur and Indore. Since starting operations, it has expanded from one production line to 20 manufacturing lines with an annual installed capacity of approximately 2.66 billion baby nappies, 253 million adult nappies and period panties and 756 million sanitary napkins and panty liners.
Swara Baby also has an in-house research and development centre for product innovation. Its ongoing projects include a plant-based ‘tree-free’ diaper (a patent application for it is under review) and ultra-thin sanitary napkins.
Financial results
Swara Baby reported robust financial growth in FY26. The total operational revenue rose to Rs 1,163.9 crore from Rs 942.97 crore a year ago. Net profit after tax rose to Rs 95.58 crore from Rs 80.67 crore a year ago, and EBITDA rose to Rs 192.77 crore from Rs 162.72 crore a year ago. Baby nappies, which generated over 79% of product sales in FY26, remained the company’s largest revenue contributor. Adult incontinence products constituted some 16% and feminine hygiene products just under 3%.
JM Financial and Avendus Capital are the book-running lead managers to the IPO and MUFG Intime India has been roped in as registrar. The company plans to list its shares on the NSE and BSE.
(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)
Priyanka Roshan is a business writer and assistant editor at the NewsX website who tracks everything from stock market swings and corporate earnings to personal finance trends and policy shifts. Known for turning fast-moving business developments into sharp, reader-friendly stories, she combines speed, accuracy, and a data-driven approach to break down complex financial news for everyday audiences.
With over 9.5 years of newsroom experience, Priyanka has worked with leading media organisations, including Bussiness, Times Now, and Ping Digital, covering diverse beats such as business, politics, technology, auto, travel, sports, and the world. From live breaking news desks to SEO-led digital storytelling, she specialises in creating engaging content that keeps readers informed without overwhelming them.
The post FirstCry-Backed Swara Baby Products Files Rs 1,000 Cr IPO Papers; Here’s What Investors Should Know appeared first on NewsX.
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