FirstCry-promoted Swara Baby Products files draft papers for ₹1,000-cr IPO

Swara Baby Products, a contract manufacturer of baby diapers, adult diapers and feminine hygiene products backed by FirstCry, on Thursday filed draft papers with markets regulator Sebi to raise ₹1,000 crore through an initial public offering (IPO).

The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹500 crore and an offer for sale (OFS) valued at ₹500 crore by promoters, according to the draft red herring prospectus (DRHP).

The OFS includes sale of shares worth up to ₹300 crore by Brainbees Solutions Ltd, the parent company of FirstCry, and up to ₹200 crore by Anadya Bon Merchari LLP.

 

The company proposes to utilise the net proceeds from the fresh issue to set up a new manufacturing facility in Madhya Pradesh with an allocation of ₹198.2 crore, repay or prepay loans amounting to ₹100 crore, and invest ₹27.5 crore in subsidiaries Solis Hygiene, Swara Hygiene and K.A. Enterprises Hygiene Pvt Ltd (KAEHPL) for repayment of their outstanding dues.

Additionally, the funds will be used to pursue inorganic growth through acquisitions and for general corporate purposes.

Swara Baby may also undertake a pre-IPO placement of up to ₹100 crore.

Founded in 2018, Swara Baby manufactures disposable hygiene products across baby care, adult incontinence and feminine hygiene segments. Its portfolio includes baby diapers, adult diapers, sanitary napkins and panty liners, primarily manufactured under contract for consumer brands.

The company supplies products to customers, including Brainbees Solutions, Piramal Pharma and Himalaya Wellness Company. It also markets its own brands Cuddles and Shield through online and modern retail channels. In December 2025, it acquired K.A. Enterprises Hygiene, a manufacturer of feminine hygiene products.

Swara Baby held a 37 per cent market share in baby diaper contract manufacturing and a 36 per cent share in adult diaper contract manufacturing by value during FY25, the draft papers noted.

The company operates four manufacturing facilities across Pithampur and Indore in Madhya Pradesh.

For FY26, the company reported revenue from operations of ₹ 1,163.9 crore, compared with ₹942.97 crore in FY25. Profit after tax stood at ₹95.58 crore in FY26 against ₹80.67 crore in the previous financial year.

Baby diapers remained the largest revenue contributor, accounting for 79 per cent of product sales in FY26.

JM Financial and Avendus Capital are the book-running lead managers to the issue.