FirstCry-Backed Swara Baby Products Plans IPO To Raise Up To ₹1,000 Crore

Backed by FirstCry parent Brainbees Solutions, Swara Baby Products is gearing up for a stock market listing, with plans to submit draft initial public offering (IPO) papers to the Securities and Exchange Board of India (SEBI) before the month is out.

The hygiene products contract manufacturer is targeting a fundraise of up to ₹1,000 crore through the offering, according to people familiar with the matter.

The proposed offering will include a fresh issue of shares and an offer for sale by existing shareholders. JM Financial and Avendus Capital have been appointed as book-running lead managers. The company and its bankers did not respond to queries seeking comment.

About The Company

Founded in 2021 as a single-product operation, Swara Baby has expanded into seven product categories over four years:

• Baby pant-style diapers.

• Baby tape-style diapers.

• Adult pant-style diapers.

• Adult tape-style diapers.

• Sanitary napkins.

• Panty liners.

• Feminine hygiene products.

The company operates four manufacturing facilities in Pithampur and Indore in Madhya Pradesh. It supplies to multinational consumer goods companies including Unicharm, Procter and Gamble, Kimberly-Clark and Kenvue.

Led by Alok Birla, who brings over 18 years of experience in the hygiene products industry, the company is promoted by Birla alongside Brainbees Solutions.

Financial Performance

• FY25 revenue: ₹943 crore, up from ₹545 crore in FY23.

• FY25 profit after tax: ₹81 crore, up from ₹26 crore in FY23.

• Revenue compound annual growth rate FY23 to FY25: Over 30%

Recent Moves

In December 2025, Swara Baby acquired KA Hygiene and Solis Hygiene, adding manufacturing capacity and product capabilities. The company has also incorporated Swara Corp in the United States to handle trading of diapers, disposable hygiene products and related categories in international markets.

Also Read - Wipro's ₹15,000 Crore Buyback Opens 11 June; Key Dates, Entitlement Ratio And Eligibility Explained

The Market Opportunity

India’s diaper market is projected at $1.83 billion in 2025 and is forecast to grow to $3.18 billion by 2034. The adult diaper segment is expected to grow at double-digit rates till 2030, driven by an ageing population and increasing awareness around incontinence care.

Sources:

The Hindu Businessline

NDTV Profit