Brainbees Solutions Limited has informed the National Stock Exchange of India Limited about the filing of a Draft Red Herring Prospectus (DRHP) by Swara Baby Products Limited, its subsidiary, on July 02, 2026.
The proposed initial public offering (IPO) by Swara Baby aggregates up to Rs 1,000 crore, comprising a fresh issue of equity shares up to Rs 500 crore and an offer for sale (OFS) of up to Rs 500 crore, each of face value Rs 2 per share, subject to regulatory approvals and market conditions.
Brainbees acquired a 53.45% stake in Swara Baby in 2020 through a primary investment of Rs 90.617 crore and currently holds 76.59% after subsequent secondary purchases, as disclosed in the DRHP.
Swara Baby started operations in 2018 and has evolved into the largest contract manufacturer by value in India's hygiene manufacturing industry in Fiscal 2025, with diversification into adult diapers and sanitary napkins, reducing revenue from Brainbees from 27.03% in FY24 to 22.64% in FY26.
For FY26, Swara Baby reported revenue from operations of Rs 1,163.9 crore and EBITDA of Rs 192.77 crore, with inter-company transactions with Brainbees amounting to Rs 263.46 crore.
Brainbees will participate in the OFS as partial monetization of its investment, while Swara Baby will continue as a subsidiary with terms of trade remaining at arm's length and independent management.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.