After 60 years in business, Duroflex, one of India's leading sleep and comfort solutions providers, is now IPO-ready, a milestone attributed to its pan-India growth and strategic private investments. The company, founded in 1963 in Kerala, has transformed from a family-run business into a significant player in the Indian sleep solutions market.
Duroflex has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). SEBI approved the IPO on January 21, 2026. The IPO includes a fresh issue of shares worth ₹183.60 crore and an offer for sale (OFS) of up to 22,564,569 shares by existing promoters and investors. The equity shares are proposed to be listed on NSE and BSE.
The company intends to use the proceeds from the fresh issue for several key initiatives, including expanding its retail footprint by setting up new Company-Owned Company-Operated (COCO) stores and repaying lease liabilities for existing COCO outlets. Additionally, the funds will be used to strengthen marketing efforts and for general corporate purposes. As of June 30, 2025, Duroflex's network included 73 company-owned stores and over 5,500 general trade outlets, alongside a growing digital presence. The company plans to add 23 new stores by the end of the current financial year.
The IPO will also involve an offer for sale (OFS) where promoters Jacob Joseph George, Mathew George, Mathew Chandy, and Mathew Antony Joseph will sell part of their holdings. Existing investors, including Lighthouse India Fund III Limited and Lighthouse India III Employee Trust, will also offload shares.
Duroflex offers a wide range of sleep and comfort products, including mattresses, pillows, recliners, sofas, beds, and other furnishings. It operates through a diversified omni-channel network, catering to both direct retail consumers under its brands Duroflex, Perfect Rest, and Sleepyhead, and institutional clients in sectors like hospitality, healthcare, education, and government. The company also supplies OEM mattresses to national and international brands.
The company's revenue has grown at a CAGR of 21.81% from FY20 to FY25. For the fiscal year ending in March 2023 (FY23), the company’s revenue increased by 18.23% to Rs 1,057 crore, up from Rs 894 crore in the previous fiscal year. Duroflex also reported having the highest profit margins and return on capital employed (ROCE) among listed mattress and home furnishing peers with revenues above ₹500 crore. In FY25, Duroflex posted a profit after tax of ₹47.16 crore against ₹11.2 crore in FY24.
JM Financial and Motilal Oswal Investment Advisors are the book-running lead managers for the IPO, while KFin Technologies will act as the registrar to the issue.
With its consistent growth, wide product range, and strategic expansion plans, Duroflex aims to strengthen its retail presence and brand visibility through this IPO. The listing will help the company reduce liabilities, expand stores, and capture India's fast-growing home comfort market.
