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), taking the FirstCry-backed company a step closer to a public listing.
The proposed IPO comprises a fresh issue of equity shares worth Rs 500 crore and an offer for sale (OFS) of Rs 500 crore by existing shareholders. Under the OFS, Brainbees Solutions, the parent company of FirstCry, will sell shares worth Rs 300 crore, while Anadya Bon Merchari LLP will offload shares worth Rs 200 crore.
Swara Baby Products had filed its draft red herring prospectus (DRHP) with SEBI in July 2026. The regulator issued its final observations on October 6, allowing the company to proceed with preparations for the proposed public issue, subject to applicable requirements.
The company plans to use Rs 198.2 crore from the fresh issue to establish a new manufacturing facility in Madhya Pradesh. Another Rs 100 crore has been earmarked for the repayment or prepayment of certain borrowings.
Swara Baby also plans to invest Rs 27.5 crore in its subsidiaries Solis Hygiene, Swara Hygiene and KAEHPL for repayment of their outstanding debt. The remaining proceeds from the fresh issue 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 book-running lead managers. If undertaken, the size of the fresh issue may be adjusted accordingly.
Founded in 2018, Swara Baby Products manufactures disposable hygiene products across the baby care, adult incontinence and feminine hygiene segments. Its product portfolio includes baby diapers, adult diapers, sanitary napkins and panty liners. The company operates as a contract manufacturer for consumer brands and also sells products under its own Cuddles brand for baby diapers and Shield brand for adult diapers.
Brainbees Solutions, which owns FirstCry, is among Swara Baby’s key customers, along with Piramal Pharma and Himalaya Wellness.
According to the company’s DRHP, Swara Baby was India’s largest hygiene contract manufacturer by value in FY25. It had 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 increased 23% to Rs 1,163.9 crore in FY26 from Rs 942.97 crore in FY25. Its profit rose 18% to Rs 95.58 crore during the same period. EBITDA stood at Rs 192.77 crore in FY26, compared with Rs 162.72 crore in FY25.
The SEBI approval marks the latest step in Swara Baby Products’ proposed Rs 1,000 crore IPO, with the company looking to expand its manufacturing capacity, reduce debt and support future growth through the public issue.
