FirstCry-Backed Swara Baby Files DRHP For Rs 1,000 Crore IPO
Swara Baby, a disposable hygiene contract manufacturer leading baby and adult diaper production, filed a DRHP for a Rs 1,000 crore IPO split evenly between fresh issue and OFS. Proceeds fund a new Madhya Pradesh facility. FY26 revenue hit Rs 1,163.9 crore with Rs 95.58 crore profit.
What happened
FirstCry-promoted Swara Baby, a disposable hygiene manufacturer leading baby and adult diaper contract manufacturing, filed a DRHP with SEBI for a Rs 1,000
Key facts
- Rs 1,000 crore IPO
- Rs 500 crore fresh issue
- Rs 500 crore OFS
- 37% baby diaper contract mfg share FY25
- Rs 1,163.9 crore revenue FY26
- Rs 95.58 crore profit FY26
Why this matters
FirstCry-backed Swara's IPO validates the disposable-hygiene CM category and its category leadership makes it both a potential partner and a consolidation reference point for anyone eyeing baby and adult diaper manufacturing.
What to watch
- Client concentration disclosure (FirstCry % of revenue)
- Grey market premium ahead of listing
- Adult-diaper segment growth vs baby-diaper mix shift
- Raw material (SAP/pulp) cost trajectory pressuring margins
- Competing hygiene-manufacturer filings crowding the pipeline
- SEBI observations and price band finalization within 3-6 months
- Anchor book roadshows targeting domestic MFs and QIBs
- Madhya Pradesh capacity buildout announcement post-fresh-issue proceeds
- FirstCry to clarify captive vs third-party revenue mix in RHP