Duroflex IPO: Mattress Maker Files DRHP with SEBI for ₹184-Crore Fresh Issue and 2.25 Crore Shares OFS

Mumbai | October 16

India’s sleep and comfort solutions company Duroflex has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its forthcoming initial public offering (IPO). The company aims to raise ₹183.6 crore through a fresh issue and an offer for sale (OFS) of 2.25 crore shares by promoters and existing investors. The proposed listing underscores Duroflex’s ambition to consolidate its leadership in the organised mattress market as demand for branded lifestyle products accelerates.

IPO Structure and Purpose

According to the DRHP, the Duroflex IPO will comprise a ₹183.6-crore fresh equity issue and an offer for sale of 22.56 million shares by the promoters — Jacob Joseph George, Mathew George, Mathew Chandy, and Mathew Antony Joseph — along with institutional investors Lighthouse India Fund III Ltd and Lighthouse India III Employee Trust.

JM Financial and Motilal Oswal Investment Advisors will act as book-running lead managers, while KFin Technologies has been appointed registrar. Proceeds from the fresh issue will be directed towards establishing 120 new company-owned stores, funding lease and rent obligations for existing outlets and manufacturing facilities, and marketing initiatives aimed at strengthening brand visibility. A portion will also be allocated for general corporate purposes. The filing indicates a measured strategy focused on expansion and operational depth rather than balance-sheet repair — reflecting the company’s confidence in the resilience of India’s discretionary consumption story.

A Brand Built on Comfort and Scale

Established in 1963, Duroflex is among the top three mattress companies in India by market share, according to a Technopak Report. Its portfolio extends across mattresses, foam, furniture, recliners, pillows, and accessories, marketed under brands including Duroflex, Sleepyhead, and Perfect Rest.

As of June 2025, the company operated 74 company-owned, company-operated (COCO) stores and had a presence in more than 7,500 general trade outlets. It also caters to institutional clients and OEM partners, supplying to hospitality, healthcare, and education sectors. The business model combines a diversified product portfolio with an omni-channel distribution strategy, blending physical retail with a growing e-commerce footprint.

Financial Performance and Industry Context

According to the DRHP, revenue from operations increased from ₹1,057 crore in FY23 to ₹1,134 crore in FY25, with profit after tax rising to ₹47.16 crore from ₹11.2 crore in FY24. The company also reported an improvement in return on capital employed (ROCE), achieving the highest margins among listed peers in the mattress and home-furnishings space with revenues above ₹500 crore.

The Technopak Report highlights a structural shift in India’s mattress industry — from fragmented, unorganised players to formal, brand-driven enterprises. Factors such as rising disposable incomes, urbanisation, and growing health awareness are expected to sustain double-digit growth in the coming years. Duroflex’s proposed expansion into company-owned outlets signals its intent to capture a greater share of this formalising market, particularly in Tier-II and Tier-III cities where brand penetration remains low.

Outlook

The Duroflex IPO represents more than a capital-raising exercise; it reflects the transformation of India’s consumer durables and home-comfort industries. By combining legacy, scale, and digital reach, the company aims to transition from a regional leader to a national brand in the comfort solutions segment. While valuation details are yet to be disclosed, investor attention is likely to focus on Duroflex’s profitability metrics and capacity to sustain growth amid intensifying competition from both domestic and international players.

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