Swara Baby IPO has received approval from the Securities and Exchange Board of India (Sebi) for Rs 1,000 crore issue, marking another major public-market opportunity for India’s growing hygiene products sector. The issue will comprise a fresh issue of up to Rs 500 crore and an offer for sale (OFS) of up to Rs 500 crore.

Key Highlights

• Swara Baby has received Sebi approval to raise Rs 1,000 crore through its upcoming IPO.
• FirstCry parent Brainbees will sell shares worth Rs 300 crore through the offer for sale.

The Madhya Pradesh-based hygiene products manufacturer, Swara Baby had filed its draft red herring prospectus (DRHP) with Sebi in July 2026. The company may also consider a pre-IPO placement of up to Rs 100 crore.

Swara Baby IPO to Include Rs 500 Crore Fresh Issue, OFS

Under the OFS component, Brainbees Solutions, the parent company of FirstCry, will sell shares worth up to Rs 300 crore, while Anadya Bon Merchari LLP will offload shares worth up to Rs 200 crore.

Swara Baby plans to use the proceeds from the fresh issue primarily for capacity expansion and debt reduction. Around Rs 198.2 crore will be invested in establishing a new manufacturing facility in Madhya Pradesh, while Rs 100 crore will be used to repay or prepay borrowing costs.

Another Rs 27.5 crore will be invested in subsidiaries Solis Hygiene, Swara Hygiene and KAEHPL towards repayment or prepayment of their borrowings. The remainder of the money will go towards acquisition and general corporate purposes.

FirstCry Parent Brainbees Owns 76.59% of Swara Baby

Brainbees Solutions is not only Swara Baby’s promoter but also its largest customer. It acquired a minority stake in the company in 2020 and increased its holding through subsequent transactions before becoming a promoter in December 2025.

Brainbees currently owns 76.59% of Swara Baby and accounted for 22.64% of the company’s revenue in FY26. The relationship provides Swara with predictable demand and scale while supporting FirstCry’s supply of private-label BabyHug products.

Madhya Pradesh-based Swara Baby Commands 37% Baby Diaper Market Share

Swara was founded by Alok Birla and started its operations as a baby diaper maker in 2018, and later diversified into adult incontinence and feminine hygiene products. It has products such as baby and adult diapers, sanitary napkins and panty liners.

According to the company's DRHP, its baby diaper contract manufacturing business captured 37% market share by value in FY25 in India. It also held a 36% share of the adult diaper contract manufacturing market.

The company operates four manufacturing facilities across 24 acres in Pithampur and Indore, with 20 production lines. Its annual capacity includes around 2,660 million baby diapers, 253 million adult diapers and period panties, and 756 million sanitary napkins and panty liners.

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Swara Baby Revenue Rises 23% in FY26

Swara Baby reported strong financial growth in FY26. Revenue from operations increased to Rs 1,163.9 crore from Rs 942.97 crore in FY25, representing growth of about 23%.

Profit rose to Rs 95.58 crore from Rs 80.67 crore, while EBITDA increased to Rs 192.77 crore from Rs 162.72 crore during the same period.

The company has also expanded through acquisitions, including K.A. Enterprises Hygiene Private Limited in December 2025 and Solis Hygiene.

The addressable market for baby diapers, adult diapers and sanitary napkins stood at Rs 23,090 crore in FY25 and is projected to reach Rs 42,100 crore by FY30, according to Swara Baby’s DRHP.