Swara Baby will get Sebi nod for Rs 1,000 crore IPO as hygiene merchandise maker eyes growth
The IPO will comprise a recent difficulty of shares value as much as Rs 500 crore and a proposal on the market of as much as Rs 500 crore. Under the OFS, promoter promoting shareholder Brainbees Solutions will promote shares value as much as Rs 300 crore, whereas Anadya Bon Mercari LLP will promote shares value as much as Rs 200 crore.
The firm might also take into account a pre-IPO placement of Rs 100 crore in session with the book-running lead managers. If the pre-IPO placement takes place, the recent difficulty measurement could also be adjusted accordingly.
Swara Baby plans to make use of Rs 198.2 crore from the online proceeds to arrange a brand new manufacturing facility in Madhya Pradesh. It additionally intends to make use of Rs 100 crore for compensation or prepayment of sure borrowings and Rs 27.5 crore for capital allocation in subsidiaries Solis Hygiene, Swara Hygiene and KAEHPL to repay or prepay their excellent borrowings. The firm additionally plans to make use of a part of the proceeds for inorganic progress via unidentified acquisitions and basic company functions.
About the corporate
Founded in 2018 as a child diaper producer, Swara Baby has expanded right into a specialised disposable shopper hygiene firm with merchandise throughout child care, grownup incontinence and female hygiene classes. Its portfolio consists of child pant-style diapers, child tape-style diapers, grownup pant-style diapers, grownup tape-style diapers, sanitary napkins and panty liners. The firm primarily contract manufactures merchandise for purchasers who promote them to finish customers.
Swara Baby has constructed relationships with Brainbees Solutions, Piramal Pharma and Himalaya Wellness within the hygiene merchandise phase. It additionally sells its personal child diaper model Cuddles and grownup diaper model Shield via on-line commerce and trendy commerce channels. In December 2025, it acquired Ok.A. Enterprises Hygiene Private Limited, a producer of female hygiene merchandise.
The firm’s scale is one in every of its key promoting factors. According to its DRHP, Swara Baby held a 37% market share by worth in India’s child diaper contract manufacturing phase in FY25 and grew 21.9% year-on-year in FY26. In grownup diaper contract manufacturing, it held an estimated 36% market share by worth in FY25 and grew 24.9% year-on-year in FY26.Swara Baby operates 4 manufacturing amenities throughout 24 acres in Pithampur and Indore in Madhya Pradesh. Since 2018, it has scaled from one manufacturing line to twenty traces. Its annual capability stands at about 2,660 million child diapers, 253 million grownup diapers and interval panties, and 756 million sanitary napkins and panty liners.
Revenue from operations rose to Rs 1,163.9 crore in FY26 from Rs 942.97 crore in FY25 and Rs 749.96 crore in FY24. Profit for the 12 months stood at Rs 95.58 crore in FY26, in contrast with Rs 80.67 crore in FY25 and Rs 93.97 crore in FY24. EBITDA rose to Rs 192.77 crore from Rs 162.72 crore a 12 months earlier.
Baby diapers stay the corporate’s largest corporate affairs, contributing Rs 911.81 crore, or 79.06% of whole product gross sales, in FY26. Adult incontinence diapers contributed Rs 185.35 crore, whereas female hygiene merchandise contributed Rs 31.35 crore. Together, the three core classes accounted for 97.85% of product gross sales.
The IPO comes as India’s hygiene market continues to broaden. According to the TKC Report cited within the submitting, the general hygiene market is projected to develop at a CAGR of 12.7% throughout key product classes, supported by long-term consumption developments.
JM Financial and Avendus Capital are the bankers to the difficulty.
