FirstCry-backed Swara Baby Products files DRHP to raise over ₹1,000 crore via IPO
Contract manufacturer of baby/adult diapers and feminine hygiene goods filed draft papers for a ₹1,000 crore-plus IPO, split into a ₹500 crore fresh issue and ₹500 crore OFS, with Brainbees Solutions offloading ₹300 crore. The company reported FY26 revenue of ₹1,163.9 crore and PAT of ₹95.58 crore, and sells own brands Cuddles and Shield via retail.
What happened
FirstCry-backed Swara Baby Products, a contract manufacturer of baby/adult diapers and feminine hygiene goods, filed DRHP to raise over ₹1,000 crore via IPO,
Key facts
- ₹1,000 crore IPO
- ₹500 crore fresh issue
- ₹500 crore OFS
- ₹300 crore Brainbees OFS
- revenue ₹1,163.9 crore FY26
- PAT ₹95.58 crore FY26
- 37% baby diaper contract mfg share
- 36% adult diaper share
Why this matters
FirstCry parent Brainbees offloading ₹300 crore signals a partial monetization of its Swara stake, a marker worth watching for shifting alignment across the baby-and-hygiene supply chain.
What to watch
- Related-party revenue share with Brainbees in RHP
- FY27 quarterly revenue/margin trajectory pre-listing
- Grey market premium ahead of open
- Capex deployment plan for the ₹500cr fresh issue
- Adult-diaper/feminine-hygiene segment growth cited as demand driver
- SEBI observations and DRHP-to-RHP progression over coming months
- Anchor book construction signaling institutional conviction
- FirstCry/Brainbees post-OFS stake disclosure and lock-in commentary
- Competitor and B2B customer response to Swara's expanded diaper/hygiene capacity
- Peer hygiene players (P&G, Kimberly-Clark contract dynamics, Nobel Hygiene) watching pricing