Mattress maker Duroflex files IPO papers with Sebi; eyes Rs 184-cr via new issue

Mattress maker Duroflex has filed preliminary papers with capital markets regulator Sebi to raise money 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 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 divest part of their shareholdings. In addition, the OFS will see participation from Lighthouse India Fund III Ltd and Lighthouse India III Employee Trust.

The company plans to use the proceeds from the new issue to establish 120 new company-owned COCO stores that will meet the lease, sub-lease rental and license fee obligations for existing COCO stores and the manufacturing facility, and fund marketing and advertising initiatives to increase brand visibility and for general corporate purposes.

Founded in 1963, Duroflex is one of the top three mattress companies in India by market share and operates in mattresses, foams, furniture, pillows, accessories and other bedding products under brands such as Duroflex, Sleepyhead and Perfect Rest.

As of June 30, 2025, the company had 74 Company Owned Company Operated (COCO) stores, more than 7,500 general merchandise stores and a strong digital presence. Revenue from operations grew from Rs 1,057 crore in FY2023 to Rs 2,925 crore as on June 30, 2025. According to a Technopak report, the Indian mattress and comfort solutions market is witnessing robust growth, supported by urbanization, increasing disposable incomes, rising health consciousness and a shift towards branded offerings.

In support of the public offering, JM Financial and Motilal Oswal Investment Advisors have been appointed as book-running lead managers for the issue.