Swara Baby Products, backed by Brainbees Solutions, the parent company of FirstCry, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on July 2, 2026, to raise ₹1,000 crore through an initial public offering (IPO).
The proposed IPO comprises a fresh issue of equity shares worth ₹500 crore and an offer for sale (OFS) of ₹500 crore by existing shareholders.
The IPO consists of:
Fresh issue: ₹500 crore
Offer for Sale (OFS): ₹500 crore
Under the OFS:
Brainbees Solutions will sell shares worth ₹300 crore.
Anadya Bon Merchari LLP will sell shares worth ₹200 crore.
The company may also undertake a pre-IPO placement of up to ₹100 crore. If completed, the size of the fresh issue will be reduced by the amount raised through the pre-IPO placement.
Swara Baby Products plans to utilise the proceeds from the fresh issue for the following purposes:
₹198.2 crore to establish a new manufacturing facility in Pithampur, Madhya Pradesh.
₹100 crore towards repayment or prepayment of borrowings.
₹27.5 crore to invest in subsidiaries Solis Hygiene, Swara Hygiene, and K.A. Enterprises Hygiene Pvt Ltd (KAEHPL) to repay their outstanding borrowings.
The remaining amount will be used for inorganic growth opportunities and general corporate purposes.
Established in 2018, Swara Baby Products manufactures disposable hygiene products across the baby care, adult incontinence, and feminine hygiene segments.
The company manufactures baby diapers, adult diapers, sanitary napkins, and panty liners. Most of its production is carried out on a contract manufacturing basis for consumer brands. The company also markets its own products under the Cuddles brand for baby diapers and the Shield brand for adult diapers through e-commerce platforms and modern retail channels.
According to the company, it was the largest contract manufacturer in India's hygiene manufacturing industry in FY25, based on the TKC Report.
Its manufacturing network comprises 4 facilities with an annual installed capacity of:
266 crore baby diapers
25.3 crore adult diapers
75.6 crore sanitary napkins and panty liners
Before the proposed IPO:
Brainbees Solutions holds a 76.59% stake in Swara Baby Products.
The Alok Birla family and Kanta Devi Birla Trust together hold 22.31%.
Read More: OYO Parent PRISM Files Updated DRHP for ₹6,650 Crore IPO; Issue Comprises Fresh Shares Only
Swara Baby Products reported growth in both revenue and profit during FY26.
Particulars | FY26 | FY25 | YoY Change |
Revenue | ₹1,163.9 crore | ₹943 crore | 23.4% |
Profit After Tax | ₹95.6 crore | ₹80.7 crore | 18.5% |
The baby diapers segment contributed 79% of the company's revenue during FY26, while adult incontinence diapers accounted for 16%.
JM Financial and Avendus Capital have been appointed as the book-running lead managers for the IPO.
Swara Baby Products has filed draft papers with SEBI for a ₹1,000 crore IPO, comprising a ₹500 crore fresh issue and a ₹500 crore offer for sale. The company intends to use the fresh issue proceeds to expand its manufacturing capacity, reduce debt, support its subsidiaries, and fund inorganic growth initiatives.
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Published on: Jul 2, 2026, 2:23 PM IST
Rakesh Deshmukh
Rakesh Deshmukh is a financial content specialist with around 3 years of experience writing impactful content across equities, mutual funds, IPOs, and personal finance. At Angel One, he decodes real-time market trends and breaking news, helping investors and traders stay updated. He also helps investors make informed decisions by simplifying market fundamentals and technical analysis. He holds a bachelor’s degree in commerce.
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