Firstcry-Promoted Swara Baby to File Papers for Up to Rs 1,000-Crore IPO in June

New Delhi, June 9: Swara Baby Products, a contract manufacturer of baby diapers, adult diapers and feminine hygiene products backed by FirstCry, is planning to file draft papers with Sebi this month to raise funds up to Rs 1,000 crore through an Initial Public Offering (IPO), people familiar with the development said on Tuesday.  

The proposed IPO is expected to comprise a fresh issue of shares and an Offer for Sale (OFS) by existing shareholders, they added.  

JM Financial and Avendus Capital have been appointed as the book-running lead managers for the issue.  

Emails sent to the company and the investment bankers seeking comments did not elicit any response till the filing of this report. 

Alok Birla Among Promoters 

Led by Alok Birla, who has over 18 years of experience in the hygiene products industry, Swara Baby manufactures disposable hygiene products across baby care, adult incontinence and feminine hygiene segments. 

Along with Birla, Brainbees Solutions Ltd, the parent of FirstCry, is among the promoters of the company. 

Established as a single-product company in 2021, Swara Baby has expanded its portfolio to seven product categories, including baby pant-style diapers, baby tape-style diapers, adult pant-style diapers, adult tape-style diapers, sanitary napkins and panty liners. 

The company currently operates four manufacturing facilities at Pithampur and Indore, in Madhya Pradesh. 

Swara Baby has collaborative supply partnerships with several multinational consumer goods companies, including Unicharm, Procter & Gamble (P&G), Kimberly-Clark and Kenvue. 

As per the company’s past public disclosures, Swara Baby reported a Compound Annual Growth Rate (CAGR) of more than 30 per cent during FY23-FY25.  

Its revenue rose to about Rs 943 crore in FY25 from Rs 545 crore in FY23, while profit after tax increased to Rs 81 crore from Rs 26 crore during the same period.  

The domestic disposable hygiene products market is witnessing robust growth, driven by rising hygiene awareness, increasing disposable incomes, growth in e-commerce and organised retail penetration.  

Double Digit Growth For Diaper Market  

Industry estimates value India’s diaper market at USD 1.83 billion in 2025 and project it to grow to USD 3.18 billion by 2034. Also, the adult diaper segment is expected to register double-digit growth through 2030, supported by an ageing population and rising awareness of incontinence care.  

In December 2025, the company acquired KA Hygiene and Solis Hygiene. It has also incorporated Swara Corp in the US to undertake trading of diapers, disposable hygiene products and related categories.