Swara Baby Products Files DRHP, Parent FirstCry To Sell Shares Worth ₹300 Cr

Contract manufacturer Swara Baby Products, which specialises in disposable hygiene products, has filed its DRHP with SEBI for a ₹1,000 Cr IPO.

The IPO will comprise a fresh issue of equity shares worth up to ₹500 Cr and an offer-for-sale (OFS) component aggregating up to ₹500 Cr. The company also plans to raise a pre-IPO round of up to ₹100 Cr.

Swara Baby Products’ holding company BrainBees, which operates omnichannel kidswear brand FirstCry, plans to sell shares worth up to ₹300 Cr through the OFS.

Brainbees owns a 76.6% stake in Swara Baby Products. Post listing, the manufacturer will continue to remain a subsidiary of Brainbees. Notably, Brainbees cofounder and CEO Supam Maheshwari and CFO Gautam Sharma serve as non-executive directors on Swara Baby Products’ board of directors.

Brainbees initially acquired a stake in Swara Baby Products in 2020 with subsequent investment in 2023 and 2025, making it a promoter and majority shareholder in the manufacturer.

Swara Baby Products will utilise the proceeds from the fresh issue for setting up a new manufacturing plant in Madhya Pradesh, repayment or prepayment of borrowings, investment in its subsidiaries Solis Hygiene, Swara Hygiene and KAEHPL, and pursuing inorganic growth through unidentified acquisitions.

Founded in 2018 by Alok Birla, Rahul Bubna and Ritum Jain, Swara Baby Products manufactures baby and adult diapers, sanitary napkins and panty liners. The company claimed in its draft papers that it is India’s largest hygiene contract manufacturer by value.

It reported a net profit of ₹95.6 Cr in FY26, up 18.5% from ₹80.7 Cr in FY25. Operating revenue grew 23.4% to ₹1,163 Cr from ₹943 Cr in FY25.

In a separate development, Brainbees informed the exchanges yesterday that the Income Tax department has issued a notice against its ESOP Trust over some income escaping taxation.

“The IT Department seeks to reassess the issuance of 1,03,62,254 shares to the ESOP Trust for further grant to the employees of the company or its subsidiaries, on the basis that such shares were issued to the ESOP Trust at a face value of ₹5 per share as against their fair market value per share at the time of issuance,” the filing said.

However, Brainbees said it believes it has a strong case and will pursue appropriate legal remedies.

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