FirstCry-promoted diaper maker Swara Baby files DRHP to raise Rs 1,000 crore via IPO

Swara Baby Products, a FirstCry-backed maker of disposable hygiene products, has filed draft papers with the SEBI for an IPO worth Rs 1,000 crore.

The proposed share sale will include a fresh issue of equity shares worth up to Rs 500 crore and an offer for sale of up to Rs 500 crore by existing shareholders.

Brainbees Solutions, the parent company of FirstCry, plans to sell shares worth up to Rs 300 crore through the offer for sale. Anadya Bon Merchari LLP will sell shares worth up to Rs 200 crore.

Swara Baby plans to use Rs 198.2 crore from the fresh issue to set up a new manufacturing facility in Madhya Pradesh. It will also use Rs 100 crore to repay or prepay borrowings, and Rs 27.5 crore to invest in subsidiaries Solis Hygiene, Swara Hygiene and K.A. Enterprises Hygiene for repayment of their outstanding dues.

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. If completed, the size of the fresh issue will be reduced.

JM Financial and Avendus Capital are the book-running lead managers to the issue.

Swara Baby manufactures disposable hygiene products across the baby care, adult incontinence and feminine hygiene categories. Its products include baby diapers, adult diapers, sanitary napkins and panty liners, mainly made for consumer brands on a contract manufacturing basis.

Its customers include Brainbees Solutions, Piramal Pharma and Himalaya Wellness Company. The company also sells products under its own brands through online platforms and modern retail channels.

According to the draft papers, Swara Baby had a 37% share of India’s baby diaper contract manufacturing market by value in FY25. It also had a 36% share of the adult diaper contract manufacturing market by value.

The company operates four manufacturing facilities in Pithampur and Indore in Madhya Pradesh.

For the year ended March 2026, Swara Baby reported revenue from operations of Rs 1,163.9 crore, up from Rs 942.97 crore a year earlier. Profit after tax rose to Rs 95.58 crore from Rs 80.67 crore.

Baby diapers remained its largest product category, accounting for 79% of product sales in FY26.

In December 2025, Swara Baby acquired K.A. Enterprises Hygiene, a maker of feminine hygiene products.