Swara Baby Products has received SEBI's approval for its proposed ₹1,000 crore IPO, according to an Entrackr report on 6 October 2026. Half the issue is fresh shares and half is an offer for sale. FirstCry's parent, Brainbees Solutions, is one of the sellers.
What the Swara Baby Products IPO looks like
Swara Baby makes disposable hygiene products for other brands: baby diapers, adult diapers, sanitary napkins and panty liners. It also sells under its own Cuddles and Shield labels. It was founded in 2018.
| Item | Detail |
|---|---|
| Total issue | ₹1,000 crore |
| Fresh issue | ₹500 crore |
| Offer for sale | ₹500 crore |
| Sellers | Brainbees Solutions ₹300 crore, Anadya Bon Merchari LLP ₹200 crore |
| Possible pre-IPO placement | Up to ₹100 crore |
| Lead managers | JM Financial, Avendus Capital |
An offer for sale means the money goes to the selling shareholders, not the company. Here that is ₹500 crore. If a pre-IPO placement happens, the fresh issue would normally shrink by the same amount.
Where the fresh money would go
The company said in its DRHP, the draft prospectus filed with SEBI on 2 July 2026, that the fresh issue would be used as follows:
- ₹198.2 crore for a new manufacturing facility in Madhya Pradesh.
- ₹100 crore to repay certain borrowings.
- ₹27.5 crore for debt repayment in subsidiaries Solis Hygiene, Swara Hygiene and KAEHPL.
- The rest for acquisitions and general corporate purposes. By our arithmetic that is about ₹174 crore.
How big is the business?
Operating revenue grew 23% to ₹1,163.9 crore in FY26 from ₹942.97 crore in FY25. Profit rose 18% to ₹95.58 crore. EBITDA was ₹192.77 crore against ₹162.72 crore. The DRHP describes it as India's largest hygiene contract manufacturer by value in FY25, with a 37% share of baby diaper contract manufacturing. Brainbees is also one of its customers, along with Piramal Pharma and Himalaya Wellness.
Where it sits in this year's pipeline
At about ₹1,000 crore, it is the 10th largest of the 22 IPO filings and plans our tracker has followed this year. Another 40 companies have filed draft papers so far in October. SEBI's nod is not a launch date. It does not set a price band, and the company can take up to 12 months to open the issue. Last week SEBI's other kind of decision went the opposite way for a bigger issue, as we reported in Inox Clean Energy's ₹10,000 crore draft being kept in abeyance.
What happens next
Swara Baby has to file a red herring prospectus with the price band and dates before the IPO opens. Neither has been announced. This approval rests on one outlet's report, as we could not yet see SEBI's own letter. The earlier filing details were also covered by Business Today. You can follow every approved issue on our upcoming mainboard IPO page. The source for the approval is the Entrackr report.
