Sleep and comfort solutions provider Duroflex Limited files DRHP with SEBI

Duroflex Limited, a leading sleep and comfort solutions provider has filed its draft red herring prospectus (DRHP) with Securities & Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The Company, founded in 1963 and among the top three mattress companies in India by market share, operates across mattresses, foam, furniture, pillows, accessories, and other bedding products under brands such as Duroflex, Sleepyhead, and Perfect Rest. As of June 30, 2025, Duroflex has established a broad network with 74 Company Owned Company Operated (COCO) stores, over 7,500 general trade stores, and a strong digital presence, serving a pan-India customer base.

According to the DRHP, the proposed IPO consists of a fresh issue of equity shares aggregating up to ₹ 1,836 million (₹ 183 crore) and an offer for sale (OFS) of up to 22,564,569 equity shares by promoters and existing investors, with details of the total OFS quantum to be confirmed prior to the RHP filing.

The company proposes to utilize the Net Proceeds towards: (i) capital expenditure to be incurred by the Company for setting up of 120 new COCO Stores; (ii) Expenditure for lease, sub-lease rent and license fees for our existing COCO Stores and Manufacturing Facility – VII; (iii) Marketing and advertisement expenses towards enhancing the awareness and visibility of the brand and for (iv) for general corporate purposes

 The promoter selling shareholders are Jacob Joseph George, Mathew Chandy, Mathew George, and Mathew Antony Joseph, each proposing to sell up to equity shares of face value of ₹1 each. Additional OFS participation comes from Lighthouse India Fund III Limited (investor selling shareholder) and Sachin Kumar Bhartiya (trustee of Lighthouse India III Employee Trust).

According to Technopak Report, the Indian mattress and comfort solutions market is witnessing robust growth, supported by urbanization, increasing disposable incomes, rising health awareness, and a shift towards branded offerings. The revenue from operations grew from ₹ 10,574.87 million (₹1057 crore) in FY2023 to ₹ 2,925.19 million (₹2925 crore) as of June 30, 2025. Between FY2020 and FY2025, revenues for Duroflex grew at a CAGR of 21.97%.

JM Financial Limited and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers to the issue.

 

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