Brainbees Subsidiary Swara Baby Files ₹10,000M IPO

Date: July 2, 2026

Swara Baby Products Limited, a subsidiary of Brainbees Solutions Limited, has filed a DRHP dated July 02, 2026 with SEBI, BSE and NSE
The IPO aggregates up to ₹10,000 million, comprising:
Fresh Issue of equity shares (face value ₹2 each) aggregating up to ₹5,000 million
Offer for Sale (OFS) of equity shares (face value ₹2 each) aggregating to ₹5,000 million
The offering is subject to market conditions, requisite approvals and other relevant considerations

Brainbees currently holds 76.59% shareholding in Swara Baby on a fully dilutive basis
The company made initial primary investment of ₹906.17 million in 2020 to acquire 53.45% stake
Subsequent secondary purchases increased ownership to current level
Brainbees will participate in the OFS as partial monetization of its investment
Swara Baby will continue to remain as Subsidiary Company of Brainbees post-listing

Rationale for IPO:

Swara Baby started operations in 2018 as a diaper manufacturer
Business has diversified across product lines (baby diapers, adult diapers, sanitary napkins), channels, and international geographies
Has become the largest contract manufacturer by value in Fiscal 2025 in India's hygiene manufacturing industry
Revenue from operations derived from Brainbees has reduced from 27.03% in FY24 to 22.64% in FY26
The business has charted a different long-term vision requiring different capex and working capital needs

Management Structure:

Swara Baby operations led by Mr. Alok Birla and his son Mr. Udit Birla
No involvement of Brainbees' management in Swara Baby's business operations
Mr. Supam Maheshwari and Mr. Gautam Sharma serve as non-executive directors on Swara Baby's board

Financial Information (FY26):

Revenue from operations: ₹11,639 million (as per DRHP Page 75)
After inter-company transaction adjustment of ₹2,634.61 million: ₹9,004.39 million consolidated in Brainbees' India Multi-channel business
EBITDA: ₹1,927.70 million (as per DRHP Page 435)
EBITDA excluding other income: ₹1,442.28 million
After adjustment for share-based payment expenses of ₹3.42 million: ₹1,445.7 million consolidated in Brainbees' adjusted EBITDA

Business Relationship:

Terms of trade between Swara Baby and Brainbees have always been at arm's length
No anticipated changes post Swara Baby's listing
Brainbees will continue to leverage Swara Baby's capabilities without impact on supply chain or pricing