Swara Baby Products has received approval from Sebi to proceed with its ₹1,000 crore IPO, moving the disposable hygiene products maker closer to a public listing. According to the latest reports, the IPO will comprise a fresh issue of shares worth up to ₹500 crore and an offer for sale of up to ₹500 crore. The company filed its preliminary IPO papers on July 2 with the Securities and Exchange Board of India (Sebi) and obtained the regulator's final observation on October 6. The OFS will see promoter Brainbees Solutions, the parent of FirstCry, sell shares worth up to ₹300 crore, while Anadya Bon Mercari LLP will sell shares worth up to ₹200 crore. As per multiple reports, Swara Baby is backed by FirstCry, with Brainbees Solutions becoming the promoter in December 2025 following the conversion of its preference shares into equity. The company currently owns 76.59% of Swara, making it both the promoter and largest customer, with Brainbees accounting for 22.64% of Swara's revenue in FY26.
As reported in the draft red herring prospectus, Swara Baby plans to use ₹198.2 crore from the net proceeds to set up a new manufacturing facility in Madhya Pradesh. The company also intends to use ₹100 crore for repayment or prepayment of certain borrowings and ₹27.5 crore for investment in subsidiaries Solis Hygiene, Swara Hygiene and KAEHPL to repay or prepay their outstanding borrowings. Additionally, part of the proceeds will be used for inorganic growth through unidentified acquisitions and general corporate purposes. The company may also consider a pre-IPO placement of ₹100 crore in consultation with the book-running lead managers, with the size of the fresh issue being reduced by the amount raised through the pre-IPO round. Key details pertaining to share price band, lot size and bidding dates are yet to be disclosed.
According to the company's DRHP, Swara Baby held a 37% market share by value in India's baby diaper contract manufacturing segment in FY25 and grew 21.9% year-on-year in FY26. In adult diaper contract manufacturing, it held an estimated 36% market share by value in FY25 and grew 24.9% year-on-year in FY26. The company operates four manufacturing facilities across 24 acres in Pithampur and Indore in Madhya Pradesh, with 20 production lines and annual capacity of about 2,660 million baby diapers, 253 million adult diapers and period panties, and 756 million sanitary napkins. Founded in 2018 by Alok Birla, Swara Baby manufactures disposable hygiene products across baby care, adult incontinence and feminine hygiene segments, with its portfolio including baby diapers, adult diapers, sanitary napkins and panty liners, primarily manufactured under contract for consumer brands. The company has built its own brands, including Cuddles in baby diapers and Shield in adult diapers, while continuing to manufacture private-label products for large Indian and multinational customers, including Brainbees, Piramal Pharma and Himalaya Wellness Company.
As reported by The Financial Express, revenue from operations rose to ₹1,164 crore in FY26 from ₹943 crore in FY25, representing a 23% year-on-year growth. Profit for the year stood at ₹95.5 crore in FY26, compared with ₹80.6 crore in FY25, marking an 18% year-on-year increase. EBITDA rose to ₹192.77 crore from ₹162.72 crore a year earlier. Baby diapers remain the company's largest business, contributing 79% of total product sales in FY26, with baby diapers accounting for ₹911.81 crore of the ₹1,164 crore total revenue. The company supplies products to customers including Brainbees Solutions, Piramal Pharma and Himalaya Wellness Company, while also marketing its own brands, Cuddles and Shield, through online and modern retail channels.
In December 2025, Swara Baby acquired KA Enterprises Hygiene Pvt Ltd, a manufacturer of feminine hygiene products, expanding its portfolio and contributing ₹31.35 crore in its first year. The company has also acquired Solis Hygiene, an adult diaper maker, as part of its expansion strategy. JM Financial and Avendus Capital are the book-running lead managers to the issue, while MUFG Intime India is acting as the registrar. According to the TKC Report cited in the filing, India's addressable disposable hygiene market across the three core categories is projected to grow from ₹240.6 billion in FY25 to ₹438.4 billion by FY30 at a CAGR of 12.7%. The IPO comes as India's hygiene market continues to expand, providing a favorable backdrop for the company's public listing plans.
