Indian Gas Exchange (IGX), Swara Baby Products Receive SEBI Approval for IPOs

Indian Gas Exchange (IGX) Limited and Swara Baby Products Limited have received approval from the Securities and Exchange Board of India (SEBI) to proceed with their proposed initial public offerings (IPOs).

SEBI issued its observation letter to Swara Baby Products on October 6, 2026, followed by Indian Gas Exchange on October 12, 2026. The approvals allow both companies to move forward with their IPO plans, including finalising the issue details, price bands and subscription dates.

Indian Gas Exchange (IGX) IPO - Issue Details

• Issue Type: Book-Built Issue (Offer for Sale)
• Total Issue Size: Up to 1.67 crore equity shares
• Fresh Issue: Not Applicable
• Offer for Sale (OFS): Up to 1.67 crore equity shares
• Face Value: ₹10 per equity share
• Price Band: To be announced
• Lot Size: To be announced
• Listing: BSE, NSE
• Book Building Lead Managers: Axis Capital Limited and Motilal Oswal Investment Advisors Limited 
• Registrar: KFin Technologies Limited

About Indian Gas Exchange (IGX) Limited

Incorporated in 2019, Indian Gas Exchange (IGX) Limited (IGX) is India's first and only authorised national-level physical delivery-based gas trading exchange. A subsidiary of Indian Energy Exchange Limited (IEX), the company operates a fully automated electronic platform that enables trading of natural gas through standardised physical delivery contracts across multiple hubs connected to India's national gas pipeline network network.

IGX offers a range of spot and forward contracts and serves participants across the natural gas value chain, including gas producers, city gas distribution companies, power generators, refineries, LNG terminal operators, and industrial consumers. Through its technology-driven marketplace, the exchange facilitates transparent price discovery and efficient natural gas trading in India.

Key Financial Information

Swara Baby Products IPO - Issue Details

• Issue Type: Book Built Issue (Fresh Issue + OFS)
• Total Issue Size: Up to ₹1,000 crore
• Fresh Issue: Up to ₹500 crore
• Offer for Sale (OFS): Up to ₹500 crore
• Face Value: ₹2 per equity share
• Price Band: To be announced
• Lot Size: To be announced
• Listing: BSE, NSE
• Book Running Lead Managers: JM Financial Limited, Avendus Capital Private Limited
• Registrar: MUFG Intime India Private Limited

Utilisation of Swara Baby Products Limited IPO Proceeds

The Company proposes to utilise the net proceeds from the Fresh Issue towards the following purposes:

• Part-financing the capital expenditure towards setting up of the Project.
• Repayment/pre-payment, in full or part, of certain outstanding borrowings availed by the Company.
• Investment in the wholly-owned subsidiaries, Solis Hygiene, Swara Hygiene and KAEHPL, for repayment/prepayment, in full or in part, of certain outstanding borrowings availed by them 
• Funding inorganic growth through unidentified acquisitions and other strategic initiatives.
• General corporate purposes.

Check out newly Listed IPOs on BSE and NSE.

About Swara Baby Products Limited

Swara Baby Products Limited is a specialised manufacturer of disposable consumer hygiene products across the baby care, adult incontinence, and feminine hygiene segments. The company manufactures products for customers under contract, while also marketing its own brands, Cuddles and Shields.

According to the TKC Report, the company was the largest contract manufacturer of disposable hygiene products in India by value in Fiscal 2025. It has also expanded its presence in the feminine hygiene segment through the acquisition of a manufacturing business in December 2025, further diversifying its product portfolio.

Key Financial Highlights 

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