Swara Baby Products
Swara Baby Products receives SEBI clearance for ₹1,000-crore IPO
Swara Baby Products has received approval from the Securities and Exchange Board of India (SEBI) for a ₹1,000-crore initial public offering. The IPO includes a fresh issue of shares worth ₹500 crore and an offer for sale of ₹500 crore.
The offer for sale comprises ₹300 crore from promoter Brainbees Solutions Ltd and ₹200 crore from Anadya Bon Merchari LLP. The company may also consider a pre-IPO placement of up to ₹100 crore.
Proceeds from the fresh issue will be used to fund a new manufacturing facility in Madhya Pradesh at a cost of ₹198.2 crore, repay debt of ₹127.5 crore across the company and its subsidiaries, and support inorganic growth through unidentified acquisitions.
JM Financial and Avendus Capital are managing the issue. Swara Baby Products reported revenue of ₹1,163.9 crore in FY26, up from ₹942.97 crore in FY2025, with net profit at ₹95.58 crore and EBITDA reaching ₹192.77 crore.
Founded in 2018, the company operates four manufacturing facilities across 24 acres in Pithampur and Indore, with 20 production lines producing baby diapers, adult incontinence products, and sanitary napkins. Baby diapers accounted for 79% of FY26 sales at ₹911.81 crore.
The company holds an estimated 37% share of India’s baby diaper contract manufacturing market and 36% of the adult diaper segment by value in FY25. It entered the feminine hygiene market through the acquisition of KA Enterprises Hygiene Private Ltd in December 2025, which contributed ₹31.35 crore in its first year.
Swara Baby also sells directly to consumers under its Cuddles baby diaper and Shield adult diaper brands. The addressable disposable hygiene market in India is projected to grow from ₹240.6 billion in FY25 to ₹438.4 billion by FY30 at a CAGR of 12.7%, according to the TKC Report cited in the draft red herring prospectus.
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