Mattress mammoth to go public: Duroflex files DRHP for prospective ₹180 crore IPO

The mattress you've likely seen in stores across India is getting ready for an IPO. Duroflex has filed its draft papers with market regulators to launch an initial public offering, marking a significant milestone for the family-run business that began operations in 1963.

The Bengaluru-based company plans to raise Rs 183.6 crore through fresh shares. Its promoters and existing investors are set to sell an additional 22.5 million shares in the offering, according to the draft red herring prospectus (DRHP) filed with SEBI.

The mattress giant intends to open 120 new company-owned stores across India with the proceeds.

Here are the major DRHP points...

Fresh issue: up to Rs 1,836.00 million

Offer for Sale (OFS): up to 22,564,569 equity shares

Total offer: Fresh issue + OFS

Face value: Rs 1 per equity share

Don't sleep on this

If you've ever shopped for a mattress, chances are you've encountered Duroflex—or its digital-first brand, Sleepyhead.

The company, in its DRHP, noted that it was among the top three mattress players nationally with an 8 per cent market share.

This may not be an impressive number overall, but it is in the southern states that Duroflex dominates, commanding approximately 20 per cent of the branded modern mattress market. Nearly 60 per cent of its 5,576 retail stores are located in the country's south.

While competitors like Wakefit offer around 9 mattress options, Duroflex boasts a portfolio of 67 different mattress models catering to a diverse set of budgets. The company also manufactures its own foam, which it says gives it control over costs and quality. The company said that the annual production capacity of this foam is around 36,000 metric tonnes.

Crunching the financials of Duroflex

After struggling with a negative profit margin of 1.46 per cent in fiscal 2023, Duroflex turned things around with a 4.16 per cent profit margin by fiscal 2025.

The company stated that revenue grew at a compounded annual rate of 21.81 per cent over the past five years, the fastest among its listed competitors. Duroflex posted a revenue of Rs 1,134.2 crore in the financial year ending March 2025, it cited in the DRHP.

The business is controlled by four promoter families—Jacob Joseph George, Mathew Chandy, Mathew George, and Mathew Antony Joseph—who collectively own 66.10 per cent of the company. They, along with early investor Lighthouse India Fund III, are set to sell portions of their stakes through the prospective IPO.

Duroflex's market debut comes at a time when the mattress industry is transitioning from traditional coir to modern foam and memory foam products, aided by digital-first players like Wakefit, Flo, and Sleepycat.

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