Ratnadeep Retail Limited and Swara Baby Products Limited have taken the first step towards their public market debut by filing their respective Draft Red Herring Prospectus (DRHPs) with SEBI on July 1 and July 2, 2026, respectively, for their proposed 100% book-built IPOs.

While both companies have disclosed the broad structure of their proposed IPOs in the DRHP, details such as the issue opening and closing dates, price band, lot size, basis of allotment, and listing schedule are yet to be announced. These will be finalised and disclosed in the Red Herring Prospectus (RHP) after receiving the necessary regulatory approvals.

Company	Issue Type	Fresh Issue	Offer for Sale (OFS)
Ratnadeep Retail Limited	Fresh Issue + OFS	Up to ₹400 crore	Up to 1.49 crore equity shares
Swara Baby Products Limited	Fresh Issue + OFS	Up to ₹500 crore	Up to ₹500 crore

Ratnadeep Retail IPO - Issue Details

Issue Type: Book Built Issue (Fresh Issue + OFS)
Total Issue Size: To be announced
Fresh Issue: Up to ₹400 crore
Offer for Sale (OFS): Up to 1.49 crore equity shares
Face Value: ₹2 per equity share
Listing: BSE, NSE
Book Running Lead Managers: Motilal Oswal Investment Advisors Limited, Axis Capital Limited and DAM Capital Advisors Limited
Registrar: KFin Technologies Limited

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Utilisation of Ratnadeep Retail IPO Proceeds

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

Repayment/prepayment, in part or full, of certain loan facilities availed by the Company.
Setting up of new stores under the formats of (i) “Ratnadeep” and (ii) “National Mart”
General corporate purposes.

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About Ratnadeep Retail Limited

Ratnadeep Retail Limited is an organised retailer offering food, grocery, and fashion products across Andhra Pradesh, Telangana, and Karnataka. As of March 31, 2026, the company operated 190 stores under the Ratnadeep and National Mart formats, along with its online platform RD Click, offering over 30,000 SKUs across groceries, fresh produce, FMCG, general merchandise, and apparel.

The company has built a retail network spanning 1.21 million sq. ft. across 20 cities in South India. Its integrated sourcing, supply chain, and store operations, combined with strong regional expertise, enable it to cater to both essential and discretionary consumer needs while supporting its continued expansion in the organised retail market.

Key Financial Highlights

Particulars	FY26 (in ₹ Cr.)	FY25 (in ₹ Cr.)	FY24 (in ₹ Cr.)
Revenue from Operations	2,223.14	1,987.72	1,680.03
Profit After Tax (PAT)	36.07	(26.69)	15.84
EBITDA	111.33	41.89	58.71

Swara Baby Products Limited 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
Listing: BSE, NSE
Book Running Lead Managers: JM Financial Limited, Avendus Capital Private Limited
Registrar: MUFG Intime India Private Limited

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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.

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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

Particulars	FY26 (in ₹ Cr.)	FY25 (in ₹ Cr.)	FY24 (in ₹ Cr.)
Revenue from Operations	1,163.90	942.97	749.96
Profit After Tax	95.58	80.56	93.95
EBITDA	192.77	162.72	153.59