Swara Baby Products Gets SEBI Nod for Rs 1,000 Crore IPO
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Khushi Jain
- October 6, 2026
Swara Baby Products, a contract manufacturer of disposable hygiene products, has received approval from the Securities and Exchange Board of India (SEBI) for its proposed Rs 1,000 crore initial public offering (IPO).
The IPO comprises a fresh issue of Rs 500 crore and an offer for sale (OFS) of Rs 500 crore. FirstCry parent Brainbees Solutions will sell shares worth Rs 300 crore, while Anadya Bon Merchari LLP will offload shares worth Rs 200 crore.
The company had filed its draft red herring prospectus (DRHP) with SEBI earlier this year in July.
Swara Baby plans to use Rs 198.2 crore from the fresh proceeds to set up a new manufacturing facility in Madhya Pradesh, while Rs 100 crore will be used to repay certain borrowings.
Another Rs 27.5 crore will be invested in subsidiaries Solis Hygiene, Swara Hygiene and KAEHPL for debt repayment. The remaining proceeds will be used for acquisitions and general corporate purposes.
The company may also consider a pre-IPO placement of up to Rs 100 crore in consultation with its bankers.
Founded in 2018, Swara Baby manufactures baby diapers, adult diapers, sanitary napkins and panty liners. Its corporate promoter, FirstCry parent Brainbees Solutions, is also one of its key customers, alongside Piramal Pharma and Himalaya Wellness.
The company also sells baby diapers under its Cuddles brand and adult diapers under the Shield brand.
According to its DRHP, Swara Baby was India’s largest hygiene contract manufacturer by value in FY25. It held a 37% share of the baby diaper contract manufacturing market and an estimated 36% share of the adult diaper contract manufacturing segment.
Swara Baby’s operating revenue grew 23% to Rs 1,163.9 crore in FY26 from Rs 942.97 crore in FY25, while its profit increased 18% to Rs 95.58 crore.
EBITDA stood at Rs 192.77 crore during the year, compared with Rs 162.72 crore in FY25.
JM Financial and Avendus Capital are the book-running lead managers to the issue.
FAQs
1. What is the size of Swara Baby Products’ proposed IPO?
Swara Baby Products has received SEBI approval for a Rs 1,000 crore IPO.
2. How will the IPO be structured?
The IPO comprises a fresh issue of Rs 500 crore and an offer for sale of Rs 500 crore.
3. How will Swara Baby use the fresh IPO proceeds?
The company plans to use Rs 198.2 crore to set up a manufacturing facility in Madhya Pradesh and Rs 100 crore to repay certain borrowings. Another Rs 27.5 crore will be invested in subsidiaries for debt repayment, with the remaining proceeds earmarked for acquisitions and general corporate purposes.
4. What products does Swara Baby Products manufacture?
Swara Baby manufactures baby diapers, adult diapers, sanitary napkins and panty liners.
5. What was Swara Baby Products’ operating revenue in FY26?
Swara Baby’s operating revenue grew 23% to Rs 1,163.9 crore in FY26 from Rs 942.97 crore in FY25.
