Swara Baby Products Receives SEBI Approval for ₹1,000 Cr IPO

Swara Baby Products, a contract manufacturer of disposable hygiene products and a subsidiary of omnichannel kidswear brand FirstCry, has received approval from the Securities and Exchange Board of India (SEBI) for its proposed ₹1,000 crore (approx. $120 million) Initial Public Offering (IPO).

The SEBI's approval follows the company's filing of its Draft Red Herring Prospectus (DRHP) in July. The IPO will comprise a fresh issue of equity shares worth up to ₹500 crore and an offer for sale (OFS) of shares aggregating up to ₹500 crore. Brainbees Solutions, the parent company, will sell shares worth up to ₹300 crore through the OFS.

The company plans to utilize the net proceeds from the fresh issue primarily to expand its manufacturing capacity and repay debt. Approximately ₹198 crore will be allocated for establishing a new manufacturing facility in Madhya Pradesh, while ₹100 crore is designated for the repayment of certain borrowings.

Founded in 2018, Swara Baby Products manufactures disposable hygiene products across baby care, adult incontinence, and feminine hygiene categories. It operates as a contract manufacturer for corporate clients and also sells its own brands, such as Cuddles and Shield. The company was ranked as India's largest hygiene contract manufacturer by value in FY25.