Duroflex files DRHP with Sebi, plans Rs 183 crore fresh issue in IPO

Duroflex Ltd, a provider of sleep and comfort solutions in India, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). The company is among the top three mattress makers in India by market share and operates across mattresses, foam, furniture, pillows and other bedding products under brands such as Duroflex, Sleepyhead and Perfect Rest.

The proposed initial public offering (IPO) comprises a fresh issue of equity shares aggregating up to Rs 183.6 crore and an offer for sale (OFS) of up to 22,564,569 equity shares by promoters and existing investors, with the final OFS quantum to be confirmed before the filing of the red herring prospectus (RHP).

The company intends to utilise the IPO proceeds for capital expenditure to set up 120 new Company Owned Company Operated (COCO) stores, lease and license costs for existing stores and Manufacturing Facility VII, marketing and brand promotion, and general corporate purposes.

Promoter selling shareholders include Jacob Joseph George, Mathew Chandy, Mathew George and Mathew Antony Joseph.

Duroflex offers more than 3,900 SKUs in mattresses and over 2,400 SKUs in furniture and accessories. Its products cover a range of price points, including luxury, premium, mass and economy segments. The company also markets polyurethane foam under the Durofoam brand to distributors serving smaller manufacturers.

According to Technopak, India's mattress and comfort solutions market is experiencing strong growth, driven by urbanisation, rising disposable incomes, increased health awareness and a shift towards branded offerings. JM Financial Ltd and Motilal Oswal Investment Advisors Ltd are appointed as book-running lead managers for the IPO.

As of June 30, 2025, Duroflex operates 73 COCO stores, over 5,576 general trade stores and maintains a significant digital presence across India.