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FirstCry-backed Swara Baby Products gets SEBI nod for Rs 1,000 Cr IPO

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FirstCry-backed Swara Baby Products gets SEBI nod for Rs 1,000 Cr IPO

Swara Baby Products, a contract manufacturer of disposable hygiene products, has received approval from the Securities and Exchange Board of India (SEBI) for its proposed Rs 1,000 crore initial public offering (IPO).

The IPO comprises a fresh issue of Rs 500 crore and an offer for sale (OFS) of Rs 500 crore. FirstCry parent Brainbees Solutions will sell shares worth Rs 300 crore, while Anadya Bon Merchari LLP will offload shares worth Rs 200 crore.

The company had filed its draft red herring prospectus (DRHP) with SEBI earlier this year in July.

Swara Baby plans to use Rs 198.2 crore from the fresh proceeds to set up a new manufacturing facility in Madhya Pradesh, while Rs 100 crore will be used to repay certain borrowings. Another Rs 27.5 crore will be invested in subsidiaries Solis Hygiene, Swara Hygiene and KAEHPL for debt repayment. The remaining proceeds will be used for acquisitions and general corporate purposes.

The company may also consider a pre-IPO placement of up to Rs 100 crore in consultation with its bankers.

Founded in 2018, Swara Baby manufactures baby diapers, adult diapers, sanitary napkins and panty liners. Its corporate promoter, FirstCry parent Brainbees Solutions, is also one of its key customers, alongside Piramal Pharma and Himalaya Wellness. The company also sells baby diapers under its Cuddles brand and adult diapers under the Shield brand.

According to its DRHP, Swara Baby was India’s largest hygiene contract manufacturer by value in FY25. It held a 37% share of the baby diaper contract manufacturing market and an estimated 36% share of the adult diaper contract manufacturing segment.


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