Duroflex Group is gearing up for its initial public offering after operating for over six decades, marking a significant milestone in the company's evolution from a regional manufacturer to a national sleep solutions provider. The IPO will comprise a fresh issue of ₹185 crore and an offer for sale of 2.2 crore shares, with promoters and existing investors planning to offload their stakes.

Strategic Growth and Market Expansion

The company's journey to becoming IPO-ready was driven by achieving specific internal benchmarks over the past decade. Jacob George, Chairman and Managing Director of Duroflex Group, highlighted the company's strategic approach: "When we started the business, we had certain milestones in mind before we went public, including national expansion, revenue growth, and trade touchpoints."

Duroflex demonstrated strong financial performance with significant growth acceleration:

Private Equity Partnership and Technology Innovation

The entry of institutional investors played a crucial role in Duroflex's expansion strategy. Two key funding rounds enabled the company to pursue aggressive research and technology adoption:

According to Sridhar Balakrishnan, Chief Executive Officer of Duroflex Group, these investments enabled the firm to "aggressively pursue research and adopt new technologies to innovate in a crowded market."

Product Portfolio and Innovation Pipeline

Duroflex has diversified beyond its traditional coir mattress roots, with mattress sales accounting for more than half of FY25 revenue. The company recently launched Airboost, a new mattress material featuring an interconnected mesh of over 1 lakh shock-absorbing fibres designed to reduce sleep disruptions and improve breathability. A queen-size Airboost mattress is priced at ₹42,000.

The company is expanding its furniture portfolio to include:

• Sofas and recliners
• Sleep accessories
• Foam mattresses
• Pillows

While furniture currently represents a single-digit revenue share, management expects rapid growth in these adjacencies.

Digital Commerce and Distribution Strategy

E-commerce has become a significant revenue channel for Duroflex, contributing nearly 17% of total revenues in FY25. The company plans to invest further in identifying new retail touchpoints to enhance its omnichannel presence and expand market reach.

Market Position and Competitive Landscape

Duroflex's IPO follows rival Wakefit Innovations, which launched a ₹1,300 crore IPO in December 2025, valuing the company at approximately ₹6,300 crore. Despite competitive intensity from players including The Sleep Company, Pepperfry, and Sheela Foam, Duroflex management remains optimistic about market opportunities.

George noted the market potential: "The market size for mattresses today is about ₹16,000 crore. And it's much bigger for sofas and beds. There is enough room for more players to come in."

IPO Structure and Stakeholder Details

The upcoming public offering will see participation from multiple stakeholders:

Promoters offloading stakes:

• Jacob Joseph George
• Mathew George
• Mathew Chandy
• Mathew Antony Joseph

Investor stake reduction:

• Lighthouse India Fund III Ltd
• Lighthouse India III Employee Trust

Founded in 1963 in Kerala as a small rubberized coir mattress manufacturer, Duroflex has maintained its family-owned structure while opening up to institutional capital in recent years. The company's transformation reflects the broader evolution of India's sleep solutions market from unorganized local manufacturing to organized retail with national reach and standardized products.