Swara Baby files DRHP for ₹10,000 Cr IPO via fresh issue and OFS
Swara Baby Products Limited, a subsidiary of Brainbees Solutions, filed a DRHP for an IPO aggregating up to ₹10,000 million via a fresh issue and OFS. The move aims to support Swara Baby's independent expansion into adult diapers and international markets. For FY26, the company reported a revenue of ₹11,639 million and consolidated EBITDA of ₹1,445.7 million.
*this image is generated using AI for illustrative purposes only.
Swara Baby Products Limited, a subsidiary of Brainbees Solutions , has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), BSE Limited, and National Stock Exchange of India Limited for an initial public offering (IPO) aggregating up to ₹10,000 million. The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹5,000 million and an Offer for Sale (OFS) of equity shares aggregating to ₹5,000 million. The shares have a face value of ₹2 each. This filing marks a significant step in the subsidiary's independent journey, allowing it to address its distinct capital requirements for global expansion in contract manufacturing.
IPO Structure and Rationale
The IPO structure is divided equally between a fresh issue and an OFS. Brainbees Solutions currently holds a 76.59% stake in Swara Baby and will participate in the OFS to partially monetize its investment. The company stated that the decision to list Swara Baby separately stems from the subsidiary's diversification into adult diapers, feminine hygiene, and international markets, which has created a long-term vision different from its original alignment with Brainbees. Swara Baby became the largest contract manufacturer by value in Fiscal 2025 in India's hygiene manufacturing industry.
Financial Performance
For the financial year 2026, Swara Baby reported a revenue from operations of ₹11,639 million. Post the adjustment of inter-company transactions of ₹2,634.61 million with Brainbees, the revenue consolidated into the India Multi-channel business of Brainbees stood at ₹9,004.39 million. The EBITDA for FY26 was reported at ₹1,927.70 million. After adjusting for other income and share-based payment expenses, the EBITDA consolidated into Brainbees' accounts was ₹1,445.7 million.
| Parameter | Details |
|---|---|
| Company | Swara Baby Products Limited |
| Parent Entity | Brainbees Solutions Limited |
| IPO Size | Up to ₹10,000 million |
| Fresh Issue | Up to ₹5,000 million |
| Offer for Sale | Up to ₹5,000 million |
| Face Value | ₹2 per share |
| FY26 Revenue | ₹11,639 million |
| Consolidated Revenue (FY26) | ₹9,004.39 million |
| Consolidated EBITDA (FY26) | ₹1,445.7 million |
Operational Details
Swara Baby commenced operations in 2018 and is led by Mr. Alok Birla. While Brainbees acts as a promoter with Mr. Supam Maheshwari and Mr. Gautam Sharma serving as non-executive directors on the board, the subsidiary's operations are managed independently by a separate team. The proportion of revenue derived from Brainbees has decreased from 27.03% in FY24 to 22.64% in FY26. The terms of trade between the two entities are conducted at arm's length and are expected to remain unchanged post-listing.
How will Swara Baby Products allocate the ₹5,000 million raised from the fresh issue to scale its contract manufacturing capabilities internationally?
What is the expected valuation range for Swara Baby, and how will the market perceive its decoupling from parent Brainbees Solutions?
Will the reduction in Brainbees Solutions' stake post-OFS impact the long-term strategic partnership or supply agreements between the two entities?
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