Swara Baby, TMC Transformers, Ratnadeep Retail file DRHPs with SEBI to launch IPOs

India's primary market pipeline remained active as Swara Baby, TMC Transformers (India) and Ratnadeep Retail filed draft red herring prospectuses with the Securities and Exchange Board of India for their initial public offerings. Swara Baby and Ratnadeep Retail have proposed a mix of fresh issue and offer for sale, while TMC Transformers plans a fully fresh issue.

The three companies have set out different fund-raising plans and uses for the proceeds. Swara Baby plans to fund a new facility, repay debt and support acquisitions. TMC Transformers intends to expand capacity through a greenfield plant in Gujarat. Ratnadeep Retail plans to open new stores and reduce borrowings. All three have also kept room for pre-IPO placements.
 

Swara Baby plans Rs 1,000 crore IPO

Swara Baby, described in the DRHP as India's largest contract manufacturer of disposable hygiene products by value in FY25, has proposed an IPO with a fresh issue of up to Rs 500 crore and an offer for sale of up to Rs 500 crore. The offer for sale includes shares worth up to Rs 300 crore by Brainbees Solutions and up to Rs 200 crore by Anadya Bon Merchari LLP. The company may also consider a pre-IPO placement of up to Rs 100 crore.

The company said the fresh issue proceeds will be used to set up a new manufacturing facility in Madhya Pradesh, repay borrowings, infuse capital into subsidiaries for debt repayment, pursue inorganic acquisitions and meet general corporate requirements. Founded in 2018, Swara Baby makes baby diapers, adult diapers, sanitary napkins and panty liners for Indian and multinational brands, and also sells products under its own brands, Cuddles and Shield.

Its customers include Brainbees Solutions, Piramal Pharma and Himalaya Wellness. It acquired K.A. Enterprises Hygiene in December 2025. According to the DRHP, it held a 37 per cent share in India's baby diaper contract manufacturing segment and 36 per cent in adult diaper contract manufacturing by value in FY25.

It operates four facilities in Madhya Pradesh with 20 production lines and annual capacity of about 2.66 billion baby diapers, 253 million adult diapers and period panties, and 756 million sanitary napkins and panty liners. Revenue from operations rose to Rs 1,163.9 crore in FY26 from Rs 942.97 crore in FY25, while profit after tax increased to Rs 95.58 crore from Rs 80.67 crore. JM Financial and Avendus Capital are the book-running lead managers.
 

TMC Transformers eyes Rs 550 crore fresh issue

TMC Transformers (India) has filed preliminary papers to raise Rs 550 crore through an IPO consisting entirely of a fresh issue of equity shares. The Gujarat-based company may also undertake a pre-IPO placement of up to Rs 110 crore, which would reduce the size of the fresh issue. The proceeds will mainly be used to set up a greenfield Extra High Voltage transformer manufacturing facility with an installed capacity of 78,000 MVA at Halol in Gujarat, besides meeting incremental working capital requirements and general corporate purposes.

TMC Transformers is an integrated, design-led transformer manufacturer with capabilities across oil-filled transformers of up to 160 MVA and 220 kV, dry-type transformers of up to 20 MVA and 36 kV, and compact substations of up to 3 MVA and 36 kV. The DRHP said it is among the few domestic transformer manufacturers with certifications and capabilities to serve railways, renewable energy, metro projects, industrial customers and power distribution utilities. Hriday Narayan R. Shukla is the promoter. Anand Rathi Advisors and Intensive Fiscal Services are managing the issue.
 

Ratnadeep Retail files papers for supermarket chain IPO

Hyderabad-based Ratnadeep Retail has filed its DRHP for an IPO comprising a fresh issue of up to Rs 400 crore and an offer for sale of up to 1.49 crore equity shares by promoter selling shareholders. The company said it plans to use Rs 260 crore from the fresh issue to open new stores under its Ratnadeep and National Mart formats, Rs 40 crore towards repayment of borrowings, and the balance for general corporate purposes. It may also undertake a pre-IPO placement of up to Rs 80 crore before filing the red herring prospectus.

Ratnadeep Retail runs organised food, grocery and value-fashion stores across Andhra Pradesh, Telangana and Karnataka. As of March 31, 2026, it had 190 stores across multiple formats, including Ratnadeep neighbourhood supermarkets, Ratnadeep Select premium food stores and National Mart hypermarkets, which also house the Style Mart affordable fashion format. The retailer offers more than 30,000 SKUs across fresh produce, FMCG products, staples, general merchandise and apparel.

For FY26, it reported revenue from operations of Rs 2,223 crore, with a 15 per cent CAGR from FY24, while profit after tax stood at Rs 36.7 crore. According to the DRHP, its listed peers include Avenue Supermarts, Vishal Mega Mart, Spencer's Retail and Trent. Motilal Oswal Investment Advisors, Axis Capital and DAM Capital Advisors are the book-running lead managers.

With these filings, Swara Baby, TMC Transformers and Ratnadeep Retail have added to the current IPO pipeline, each setting out different issue structures, expansion plans and operating profiles as they move to the next stage of the regulatory and public issue process.