FirstCry-Backed Swara Baby Eyes ₹1,000 Crore IPO, Draft Papers Likely This Month As Hygiene Products Business Expands Rapidly

New Delhi: Swara Baby Products, a manufacturer of diapers and hygiene products backed by FirstCry, is preparing to file draft papers with market regulator Securities and Exchange Board of India (SEBI) later this month for an Initial Public Offering (IPO).

According to people familiar with the matter, the company aims to raise up to Rs 1,000 crore through the public issue. The IPO is expected to include a combination of a fresh share issue and an Offer for Sale (OFS) by existing shareholders.

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

Fast-Growing Hygiene Products Business

Swara Baby is led by Alok Birla, who has more than 18 years of experience in the hygiene products sector. Along with Birla, Brainbees Solutions Ltd, the parent company of FirstCry, is among the promoters of the business.

The company manufactures a wide range of disposable hygiene products, including baby diapers, adult diapers and feminine hygiene products.

Founded in 2021 as a single-product company, Swara Baby has rapidly expanded its offerings. It now operates across seven product categories, including baby pant-style diapers, tape-style diapers, adult diapers, sanitary napkins and panty liners.

Manufacturing and Partnerships

Swara Baby currently operates four manufacturing facilities in Pithampur and Indore, Madhya Pradesh.

The company has also built supply partnerships with several global consumer goods companies, including Unicharm, Procter & Gamble (P&G), Kimberly-Clark and Kenvue.

These partnerships have helped the company strengthen its position in India’s growing hygiene products market.

Strong Financial Growth

The company reported a compound annual growth rate (CAGR) of more than 30 percent between FY23 and FY25.

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

In December 2025, Swara Baby acquired KA Hygiene and Solis Hygiene. The company has also established Swara Corp in the United States to support trading and the expansion of its hygiene products business in overseas markets.