As part of the OFS, Brainbees Solutions, the parent company of FirstCry, will sell shares worth up to Rs 300 crore
Swara Baby, a contract manufacturer of baby diapers, adult incontinence products and feminine hygiene products, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO).
The proposed public issue comprises a fresh issue of equity shares worth Rs 500 crore and an offer for sale (OFS), taking the total IPO size to Rs 1,000 crore.
As part of the OFS, Brainbees Solutions, the parent company of FirstCry, will sell shares worth up to Rs 300 crore. Brainbees currently holds a 76.59 per cent stake in Swara Baby, making it the company’s largest shareholder.
Swara Baby is promoted by Alok Birla, a veteran of the hygiene products industry with more than 18 years of experience. Birla and Brainbees Solutions are the company’s key promoters.
The company manufactures a wide range of disposable hygiene products across the baby care, adult incontinence and feminine hygiene segments. Since 2021, it has diversified from being a single-product manufacturer into a multi-category business with offerings spanning seven product segments, including baby pant-style diapers, baby tape-style diapers, adult pant-style diapers, adult tape-style diapers, sanitary napkins and panty liners.
For FY25, Swara Baby reported revenue of Rs 84 crore and a profit after tax of Rs 5.2 crore.
The company has also focused on product innovation. Last year, it introduced a diaper under FirstCry’s BabyHug brand incorporating technology that reduces conventional wood pulp usage to around 7 per cent. According to the company, it was the first manufacturer in India to introduce this technology.
Swara Baby’s IPO filing follows a series of strategic moves by Brainbees Solutions to strengthen its presence in the hygiene products segment. In December 2025, Brainbees announced the acquisitions of KA Hygiene and Solis Hygiene. During the same period, Swara Baby also incorporated Swara Corp in the United States to expand the trading of diapers and allied hygiene products in international markets.
JM Financial and Avendus Capital have been appointed as the book-running lead managers for the proposed issue.
