Mattress maker Duroflex has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO) comprising a fresh issue of shares worth Rs 183.6 crore.
Apart from the fresh issue, there is an offer-for-sale (OFS) of over 2.25 crore equity shares by promoters and existing investors, according to the draft red herring prospectus (DRHP) filed on Wednesday.
As part of the OFS, Jacob Joseph George, Mathew Chandy, Mathew George, and Mathew Antony Joseph will offload a portion of their shareholding. In addition, the OFS will see participation from Lighthouse India Fund III Ltd and Lighthouse India III Employee Trust.
The company plans to utilize the proceeds from the fresh issue towards setting up 120 new company-owned company-operated (COCO) stores, meeting lease, sub-lease rent, and license fee obligations for existing COCO stores and the manufacturing facility, funding marketing and advertising initiatives to enhance brand visibility, and for general corporate purposes.
The filing comes at a time when the primary market is experiencing strong interest from both issuers and investors across various sectors. So far this year, 81 companies have been listed on the bourses, with close to three dozen firms making their debut in September and October.
Duroflex is among the top three mattress companies in India by market share, and operates across mattresses, foam, furniture, pillows, accessories, and other bedding products.
The company, under the Duroflex and Sleepyhead brands, sells various categories of sofas, sofa beds, recliners, beds, tables, and other furniture, as well as pillows, comforters, and mattress protectors. As of June 30, 2025, it offered more than 2,400 stock-keeping units (SKUs) across categories of furniture and accessories.
As of June 30, 2025, Duroflex has established a broad network with 73 COCO stores, over 5,500 general trade stores, and a strong digital presence, serving a pan-India customer base.
The revenue from operations grew from Rs 1,057 crore in FY23 to Rs 1,134 crore in FY25.
According to a 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.
To assist the public offering, JM Financial and Motilal Oswal Investment Advisors have been appointed as book-running lead managers to the issue.
