The Swara Baby Products IPO has been announced and its dates are awaited, with the shares to list on the NSE and BSE. The issue size is ₹1000 crore. MUFG Intime India Pvt.Ltd is the registrar to the issue, and Avendus Capital Pvt.Ltd, JM Financial Ltd. are the lead managers.
Established in November 2016, Swara Baby Products Limited is a niche contract manufacturer that produces disposable consumer hygiene products with an extensive range of products for baby care, adult incontinence, and feminine hygiene segments. It manufactures baby pant and tape diapers, adult diapers, sanitary napkins, panty liners, and other hygiene products for branded companies and, at the same time, markets its consumer brand products under the brand names 'Cuddles' (baby diapers) and 'Shields' (adult diapers).
Based on the TKC report, Swara Baby Products ranked as the biggest contract manufacturer in the Indian hygiene manufacturing industry in Fiscal 2025 in terms of market share by value, having 37% market share in baby diaper contract manufacturing and 36% in adult diaper contract manufacturing. The company uses its large-scale manufacturing capability along with centralized research and development, quality assurance, and supply chain to offer customized hygiene solutions.
It has added feminine hygiene to its product line after acquiring KAEHPL in December 2025. The number of employees of Swara Baby Products Limited as of March 31, 2026 was 775 persons.
As described in the offer document.
Alok Birla, Sangita Birla, Udit Alok Birla, Brainbees Solutions Limited, Anadya Bon Merchari LLP.
Work out the listing gain for this IPO
Applications are made through ASBA, where the money is blocked in your own bank account rather than paid, or through a UPI mandate for applications up to five lakh rupees. Through your broker's app, choose the issue, the number of lots and the price; bid at the cut-off price so that the application is valid whatever price the issuer finally fixes; and approve the UPI mandate that arrives from your bank.
Through net banking, the ASBA form in your bank's IPO section does the same without a broker. One application per PAN counts; a second application in the same name is rejected, though applications in family members' names with their own PANs and demat accounts are separate.
Retail applications are capped at two lakh rupees; above that you apply as a non-institutional investor, where allotment is proportionate rather than by lottery. The money stays in your account and earns interest until allotment, and the block is released on the allotment date if you receive nothing.
The expected listing premium, usually called the grey market premium, is the amount per share that unofficial dealers are quoting for the issue before it lists. It is a sentiment reading, not a price you can transact at, and it is not regulated by SEBI or the exchanges. It moves through the day, usually tracks subscription, and often changes sharply in the final hours before listing.
Rupix records every observation and shows the trend, as a percentage of the top of the price band so that issues of different sizes can be compared. It is one input, alongside subscription, the company's financials and the valuation the issue asks for, and it does not predict the listing price.
The issue size is ₹1000 crore.
On the registrar's website at https://in.mpms.mufg.com/Initial_Offer/public-issues.html, by PAN, application number or demat account, once the basis of allotment is published. The Rupix app can also check it by PAN.
Through your broker's app with a UPI mandate, or through your bank's net banking using ASBA. Bid at the cut-off price, approve the mandate, and the money stays blocked in your account until allotment. Rupix does not take applications.