Brainbees Solutions-owned Swara Baby Products, manufacturer of disposable hygiene products, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares worth up to Rs 500 crore and an offer for sale (OFS) of up to Rs 500 crore by existing shareholders. The OFS includes shares worth Rs 300 crore by Brainbees Solutions Ltd (FirstCry), which held a 76.59% stake in Swara Baby at the time of the DRHP filing, and Rs 200 crore by promoter entity Anadya Bon Merchari LLP. According to the DRHP, the company plans to use Rs 198.2 crore from the fresh issue to set up a new manufacturing facility in Madhya Pradesh. Another Rs 100 crore will be used to repay certain borrowings, while Rs 27.5 crore will be infused into its subsidiaries, Solis Hygiene, Swara Hygiene, and KAEHPL for repayment of their debt. The remaining proceeds will be used for inorganic growth through acquisitions and general corporate purposes. JM Financial and Avendus Capital are the book-running lead managers to the issue, while MUFG Intime India Private Limited is the registrar to the issue. The company may also consider a pre-IPO placement of up to Rs 100 crore in consultation with the book-running lead managers. If such a placement is completed, the size of the fresh issue will be reduced accordingly. Founded in 2016, Swara Baby manufactures disposable hygiene products, including baby diapers, adult diapers, sanitary napkins, disposable underpads, and wet wipes. The company operates as a contract manufacturer for several consumer brands while also selling products under its own brands. Swara Baby claims to be India's largest contract manufacturer of disposable hygiene products by value in FY25. It manufactures for domestic as well as international customers across the baby care, feminine hygiene, and adult incontinence segments. For the fiscal year ended March 2026, Swara Baby Products reported a 23.4% year-on-year increase in operating revenue to Rs 1,164 crore from Rs 943 crore in FY25. Its profit also grew 18.5% to Rs 96 crore during the same period. In December last year, Brainbees Solutions, through its subsidiary Swara Baby Products,acquireda 100% stake in KA Hygiene in a share swap deal worth Rs 57.74 crore. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
