APAC IPOs & Placements, Aequitas Research

Kajal Jain

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Swara Baby Products / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swara-baby-products" target="_blank" data-smartkarma-citation="entities:50653:1" rel="noopener">Swara Baby Products (SWARA IN)</a> (SBPL) plans to raise around US$105m in its upcoming India IPO. The deal will be run by JM Financial and Avendus.</li>
<li>SBPL is a specialized, independent manufacturer of disposable consumer hygiene products, across baby care, adult incontinence and feminine hygiene product categories.</li>
<li>According to the TKC Report, it was the largest contract manufacturer by value in FY25 in the fast-growing hygiene manufacturing industry, including baby diapers, adult diapers and sanitary napkins.</li>
</ul>



Swara Baby Products (SWARA IN) (SBPL) plans to raise around US$105m in its upcoming India IPO. The deal will be run by JM Financial and Avendus.
SBPL is a specialized, independent manufacturer of disposable consumer hygiene products, across baby care, adult incontinence and feminine hygiene product categories.
According to the TKC Report, it was the largest contract manufacturer by value in FY25 in the fast-growing hygiene manufacturing industry, including baby diapers, adult diapers and sanitary napkins.


Aequitas: Swara Baby Products Limited Pre-IPO Tearsheet

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Swara Baby Products filed a Rs.1,000 crore DRHP on July 2, 2026, split evenly between a fresh issue and an offer for sale by FirstCry's parent and a promoter entity.</li>
<li>The company is India's largest contract manufacturer of disposable hygiene products, yet has no listed peer, leaving valuation entirely reference-free for investors.</li>
<li>Growth, margins and market share look strong on paper, but the ownership structure and client concentration deserve a closer read before subscription decisions are made.</li>
</ul>


Swara Baby Products filed a Rs.1,000 crore DRHP on July 2, 2026, split evenly between a fresh issue and an offer for sale by FirstCry's parent and a promoter entity.
The company is India's largest contract manufacturer of disposable hygiene products, yet has no listed peer, leaving valuation entirely reference-free for investors.
Growth, margins and market share look strong on paper, but the ownership structure and client concentration deserve a closer read before subscription decisions are made.


Swara Baby Products IPO: India's Largest Diaper Contract Manufacturer

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of large listings are already gearing up for what is seeming to be a busy second half</li>
<li>There weren't many placements across but we did have a look at Archion's valuations in its indicative price range.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of large listings are already gearing up for what is seeming to be a busy second half
There weren't many placements across but we did have a look at Archion's valuations in its indicative price range.


Aequitas ECM Weekly (20 July 2026)- Innolight, Gcash, SBI, Jio, Tier IV, Robotechnik, Archion

Price Gauge
52-week Range	0.00 - 0.00
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Swara Baby Products (SWARA IN)

Aequitas: Swara Baby Products Limited Pre-IPO Tearsheet

Swara Baby Products Limited (SBPL) plans to raise around US$105m in its upcoming India IPO. The deal will be run by JM Financial and Avendus.

Kajal Jain

Swara Baby Products IPO: India's Largest Diaper Contract Manufacturer

Swara Baby Products files Rs.1,000 crore DRHP with strong growth potential, but caution needed on ownership structure and client concentration.

Nimish Maheshwari

Aequitas ECM Weekly (20 July 2026)- Innolight, Gcash, SBI, Jio, Tier IV, Robotechnik, Archion

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Swara Baby Products Limited Pre-IPO Tearsheet

Swara Baby Products Limited (SBPL) plans to raise around US$105m in its upcoming India IPO. The deal will be run by JM Financial and Avendus.

Kajal Jain

Swara Baby Products IPO: India's Largest Diaper Contract Manufacturer

​Swara Baby Products files Rs.1,000 crore DRHP with strong growth potential, but caution needed on ownership structure and client concentration.

Nimish Maheshwari

Aequitas ECM Weekly (20 July 2026)- Innolight, Gcash, SBI, Jio, Tier IV, Robotechnik, Archion

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Swara Baby Products files Rs.1,000 crore DRHP with strong growth potential, but caution needed on ownership structure and client concentration.