Mattress maker Duroflex files for IPO; eyes Rs 184 Cr via fresh issue

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 utilise 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.

Founded in 1963, 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 under brands such as Duroflex, Sleepyhead, and Perfect Rest.

As of June 30, 2025, the company had 73 Company Owned Company Operated (COCO) stores, over 5,576 general trade stores, and a strong digital presence.

The revenue from operations grew from Rs 1,057 crore in FY2023 to Rs 292.5 crore as of June 30, 2025.

According to a Technopak Report, the Indian mattress and comfort solutions market is witnessing robust growth, supported by urbanisation, 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.

(The story was updated with revenue numbers)