India's primary market continues to show robust activity as three companies—Swara Baby, TMC Transformers (India), and Ratnadeep Retail—have filed their draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (SEBI) for initial public offerings (IPOs).
Each company has outlined distinct fundraising goals and proposed uses for the capital, signaling expansion plans across various sectors.
Swara Baby Plans Rs 1,000 Crore IPO
Swara Baby, a leading contract manufacturer of disposable hygiene products, proposes an IPO comprising a fresh issue of up to Rs 500 crore and an offer for sale (OFS) of up to Rs 500 crore. The OFS includes shares from Brainbees Solutions and Anadya Bon Merchari LLP. The company may also consider a pre-IPO placement of up to Rs 100 crore.
Proceeds from the fresh issue are earmarked for establishing a new manufacturing facility in Madhya Pradesh, repaying existing borrowings, infusing capital into subsidiaries for debt repayment, pursuing inorganic acquisitions, and meeting general corporate requirements. Founded in 2018, Swara Baby manufactures baby diapers, adult diapers, sanitary napkins, and panty liners for major brands, alongside its own brands, Cuddles and Shield. The company reported revenue from operations of Rs 1,163.9 crore in FY26, with a profit after tax of Rs 95.58 crore.
TMC Transformers Eyes Rs 550 Crore Fresh Issue
TMC Transformers (India) has filed preliminary papers for an IPO consisting entirely of a fresh issue of equity shares, aiming to raise Rs 550 crore. A pre-IPO placement of up to Rs 110 crore is also a possibility, which would reduce the fresh issue size.
The Gujarat-based company intends to utilize the funds primarily to set up a greenfield Extra High Voltage transformer manufacturing facility with an installed capacity of 78,000 MVA at Halol, Gujarat. The capital will also address incremental working capital requirements and general corporate purposes. TMC Transformers is an integrated manufacturer of oil-filled, dry-type, and compact substation transformers, serving railways, renewable energy projects, metro systems, industrial clients, and power distribution utilities.
Ratnadeep Retail Files for Supermarket Chain IPO
Hyderabad-based Ratnadeep Retail has filed its DRHP for an IPO that includes 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 might also undertake a pre-IPO placement of up to Rs 80 crore.
From the fresh issue, Rs 260 crore is allocated for opening new stores under its Ratnadeep and National Mart formats, while Rs 40 crore will go towards repaying borrowings, with the remainder for general corporate purposes. Ratnadeep Retail operates organized food, grocery, and value-fashion stores across Andhra Pradesh, Telangana, and Karnataka. As of March 31, 2026, it managed 190 stores across various formats. The retailer reported revenue from operations of Rs 2,223 crore for FY26, with a profit after tax of Rs 36.7 crore.
These filings signify the companies' readiness to tap public markets for capital, each with tailored strategies for growth and expansion.