Duroflex files DRHP for IPO, aims to raise ₹183-cr via fresh issue

Duroflex IPO comprises a fresh issue worth ₹183 crore and an offer for sale (OFS) of up to 22.56 million shares

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Duroflex IPO: Duroflex, a sleep and comfort solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi).

 

The maiden public issue comprises a fresh issue worth ₹183 crore and an offer for sale (OFS) of up to 22.56 million shares. Jacob Joseph George, Mathew Chandy, Mathew George, and Mathew Antony Joseph are the promoter selling shareholders, while Lighthouse India Fund III and Lighthouse India III Employee Trust are the investor selling shareholders. 

 

According to the DRHP, the issue is being made through the book-building process, with not less than 75 per cent reserved for Qualified Institutional Buyers (QIBs), not more than 15 per cent for Non-Institutional Investors (NIIs), and not more than 10 per cent for retail investors. 

 

Kfin Technologies is the registrar of the issue. JM Financial and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.

 

According to the DRHP, the company proposes to utilise the net fresh issue proceeds for capital expenditure for setting up 120 new COCO Stores, expenditure for lease, sub-lease rent and license fees for its existing COCO Stores and Manufacturing Facility – VII, and Marketing and advertisement expenses towards enhancing the awareness and visibility of the brand. The remaining funds will be used for general corporate purposes.

About Duroflex

Incorporated in 1963, Duroflex is a sleep and comfort solutions provider. The company is among the top three mattress companies in India, with 8 per cent branded modern mattress market share by value for Fiscal 2025.. It operates across mattresses, foam, furniture, pillows, accessories, and other bedding products under brands such as Duroflex, Sleepyhead, and Perfect Rest. As of June 30, 2025, Duroflex has established a broad network with 73 Company Owned Company Operated (COCO) stores, over 5,576 general trade stores, and a strong digital presence, serving a pan-India customer base. The company operates seven manufacturing facilities located across India. It has the ability to produce all of the required foam, which is the primary raw material for mattresses and sofas, in-house. 

Duroflex financial overview

In the financial year ended March 31, 2025 (FY25), Duroflex reported revenue from operations of ₹1,134.25 crore, up 3.56 per cent compared to ₹109.52 crore in the previous fiscal. The company's earnings before interest, tax, depreciation and amortisation (Ebitda) rose 56.17 per cent to ₹97.97 crore from ₹62.73 crore in FY24. The company posted a profit after tax of ₹47.16 crore in FY25 against ₹11.2 crore in FY24.