Swara Baby Products Sells ₹300 Cr in Shares After Filing DRHP and Parent FirstCry

Swara Baby Products, a contract manufacturer that specializes in disposable hygiene products, has submitted its DRHP for a ₹1,000 Cr IPO to SEBI. The IPO would consist of an offer-for-sale (OFS) component totaling up to ₹500 Cr and a new issue of equity shares worth up to ₹500 Cr. Additionally, the company intends to fund up to ₹100 Cr in a pre-IPO transaction. BrainBees, the holding company of Swara Baby Products, which runs the omnichannel kidswear brand FirstCryFirstCry Datalabs_in-article-icon, intends to offer shares through the OFS for up to ₹300 Cr.76.6% of Swara Baby Products is owned by Brainbees.

The manufacturer will stay a Brainbees subsidiary after listing. Notably, CFO Gautam Sharma and CEO and cofounder of Brainbees Supam Maheshwari are non-executive directors on the board of directors of Swara Baby Products. Brainbees became a promoter and majority shareholder in Swara Baby Products in 2020 after first investing in the company in 2020 and again in 2023 and 2025.

The money raised from the new issue will be used by Swara Baby Products to invest in its subsidiaries Solis Hygiene, Swara Hygiene, and KAEHPL, establish a new manufacturing facility in Madhya Pradesh, repay or prepay debt, and pursue inorganic growth through unidentified acquisitions.Alok Birla, Rahul Bubna, and Ritum Jain founded Swara Baby Products in 2018.

The company produces sanitary napkins, panty liners, and diapers for both adults and babies. According to the company's draft documents, it is the biggest manufacturer of hygiene contracts in India in terms of value. It recorded an 18.5% increase in net profit from ₹80.7 Cr in FY25 to ₹95.6 Cr in FY26. Operating revenue increased from ₹943 Cr in FY25 to ₹1,163 Cr, a 23.4% increase. In a different incident, Brainbees notified the markets yesterday that its ESOP Trust has received a warning from the Income Tax Department regarding some income that has escaped taxation.