FirstCry-backed Swara Baby readies $100M IPO filing within weeks
Swara Baby Products, 76.59% owned by FirstCry parent Brainbees, plans to file DRHP this month for a ₹900 crore IPO via JM Financial and Avendus. The contract manufacturer for P&G, Unicharm, Kimberly-Clark and Kenvue posted FY25 revenue of ₹943 cr and PAT of ₹81 cr, riding a 30%+ CAGR in India's $1.83 bn diaper market.
What happened
FirstCry-controlled Swara Baby Products plans to file DRHP within weeks for a $100 million IPO via JM Financial and Avendus, mixing fresh issue and OFS. The
Key facts
- $100 million IPO
- ₹900 crore issue size
- 76.59% FirstCry stake
- FY25 revenue ₹943 crore
- FY23 revenue ₹545 crore
- FY25 PAT ₹81 crore
- 8.56% net margin
- 30%+ revenue CAGR
- India diaper market $1.83 bn (2025)
- projected $3.18 bn by 2034
- 6.37% CAGR
Why this matters
Swara's DRHP signals contract manufacturers in India's $1.83 bn diaper market are now IPO-ready, opening a window for strategic stakes or roll-ups before listings reset valuations.