Shardul Amarchand Mangaldas & Co and Khaitan & Co have been engaged as legal counsel on the proposed ₹1,000 crore IPO of Swara Baby Products Limited, a FirstCry-backed hygiene manufacturer. The filing, which involves a dual-sided legal advisory mandate, marks a significant capital markets mandate for both firms in 2026.
Introduction
Swara Baby Products, a contract manufacturer of baby diapers, adult diapers, and feminine hygiene products backed by FirstCry, filed its Draft Red Herring Prospectus (DRHP) with markets regulator SEBI to raise ₹1,000 crore through an IPO.
The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹500 crore and an OFS valued at ₹500 crore by promoters. The OFS includes a sale of shares worth up to ₹300 crore by Brainbees Solutions Limited, the parent company of FirstCry, and up to ₹200 crore by Anadya Bon Merchari LLP.
The company has appointed JM Financial and Avendus Capital as book running lead managers. The company may also undertake a pre-IPO placement of up to ₹100 crore, in which case the size of the fresh issue will be reduced accordingly.
Deal Value
The total proposed issue size is ₹1,000 crore, structured as a ₹500 crore fresh issue and a ₹500 crore Offer for Sale by the promoter selling shareholders.
The company proposes to utilise the net proceeds from the fresh issue to set up a new manufacturing facility in Madhya Pradesh, with an allocation of ₹198.2 crore, and to repay or prepay loans amounting to ₹100 crore.
Legal Teams Involved
Shardul Amarchand Mangaldas & Co advised Swara Baby Products Limited (issuer) on the IPO. The transaction team is as follows:
- Prashant Gupta — Partner, National Practice Head – Capital Markets
- Trishita Dasgupta — Partner
- Kamiya Marwah — Senior Associate
- Aishwariya Chaturvedi — Associate
- Bhoomika Gupta — Associate
Khaitan & Co acted as legal counsel to the book running lead managers, JM Financial Limited and Avendus Capital Private Limited, on Indian law in connection with the proposed IPO of equity shares by Swara Baby Products Limited. The Khaitan & Co transaction team is as follows:
- Abhimanyu Bhattacharya — Partner
- Oishik Bagchi — Partner
- Aayush Virani — Senior Associate
- Reshmi Prabhakar — Senior Associate
- Ria Chaudhary — Associate
- Srishti Jain — Associate
- Ayesha Khosla — Associate
- Mythri Murali — Associate
- Deeksha Kankane — Associate
Significance and Impact
Swara Baby Products manufactures disposable hygiene products across baby care, adult incontinence, and feminine hygiene segments, with its portfolio including baby diapers, adult diapers, sanitary napkins, and panty liners, primarily manufactured under contract for consumer brands.
The company held a 37 per cent market share in baby diaper contract manufacturing and a 36 per cent share in adult diaper contract manufacturing by value during FY25, according to its draft papers. This scale makes the proposed listing a notable event in India’s consumer hygiene sector.
The proposed IPO comprises a fresh issue of equity shares and an offer for sale by Brainbees Solutions Limited and Anadya Bon Merchari LLP, and is expected to support Swara Baby Products Limited’s capital-raising objectives while providing an exit opportunity to the selling shareholders through the offer for sale component.
The dual-firm mandate — with Shardul Amarchand Mangaldas & Co on the issuer side and Khaitan & Co advising the BRLMs — reflects the standard division of legal advisory roles seen in large Indian public offerings and underscores the depth of legal work involved in bringing a high-volume, promoter-backed hygiene manufacturer to public markets. For a running tracker of law firm deal activity, see the Deal Meter.
The proposed ₹1,000 crore IPO of Swara Baby Products Limited represents a significant capital markets transaction backed by FirstCry’s parent Brainbees Solutions. Shardul Amarchand Mangaldas & Co has been appointed as legal advisor to the company, while Khaitan & Co is advising the book running lead managers, JM Financial Limited and Avendus Capital Private Limited. The DRHP has been filed with SEBI; the price band and listing dates are yet to be announced.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
