Duroflex IPO

About Duroflex IPO

The IPO of Duroflex comprises a fresh issue and an offer for sale. The fresh issue aggregates up to ₹183.60 crores and the offer for sale aggregates up to 22,564,569 equity shares. The total issue size is pegged at TBA. It’s a 100% book-built issue. The price band is TBA. The IPO opens on TBA and closes on TBA.

The listing date is on TBA and the allotment date is TBA. The credit of shares to the Demat account will take place on TBA, while the initiation of refund will be on TBA.

Duroflex is a provider of sleep and comfort solutions in India, with a diversified omni-channel distribution network. It manufactures a wide range of products, including foam, mattresses, sofas, recliners, beds, pillows, accessories and other furnishings.

Objectives of Duroflex IPO

The company proposes to utilise the IPO proceeds for:

• Capital expenditure to be incurred for setting up of new COCO stores
  
• Expenditure for lease, sub-lease rent and license fee payments for its existing COCO stores and manufacturing facility
  
• Marketing and advertisement expenses towards enhancing the awareness and visibility of its brand
  
• General corporate purposes
  

Industry Outlook

The Indian mattress market has evolved significantly from a fragmented, traditional sector dominated by cotton and coir mattresses to a dynamic, innovation-driven industry with diverse product offerings. During the 1960s and 1970s, the industry was largely unbranded with small scale manufacturers producing cotton and coir mattresses. These products were affordable and durable but offered limited comfort and lacked standardisation.

The Indian mattress market has exhibited continuous growth over the years. It has grown at a CAGR of ~6.2% from ₹270 billion in FY2020 to ₹364 billion in FY2025 and is further expected to grow at a CAGR of ~7.7% till FY2030 to reach a market value of ₹527 billion.

Also, the Indian modern mattress market has grown at a CAGR of approximately 8.6%, increasing from ₹108 billion in FY2020 to ₹163 billion in FY2025. Going ahead, the market is projected to grow at a CAGR of around 10.7% to reach ₹271 billion by FY2030.

The reason for the high growth rate of modern mattresses can be attributed to increasing population, rising urbanisation, increase in disposable income of people, increase in health-related issues of the Indian population, rising demand of such mattresses among consumers because of its various health benefits such as better comfort, temperature regulations etc.

Company Information

Duroflex is a provider of sleep and comfort solutions in India, with a diversified omni-channel distribution network. Its business has a continuing legacy of over 60 years, with its predecessor entity having been established in 1963.

It manufactures a wide range of products, including foam, mattresses, sofas, recliners, beds, pillows, accessories and other furnishings. According to the TKC Report, Duroflex is among the top three largest mattress companies in India, with 8% branded modern mattress market share by value for fiscal 2025.

Strengths of Duroflex

• Established business with a continuing legacy of 60 years, and strong market position in the mattress segment
  
• House of brands capturing multiple customer segments and price points
  
• Comprehensive product portfolio and customer centric product innovations
  
• Strong brand equity, driven by a multi-pronged marketing approach
  
• Well-diversified, pan-India omnichannel distribution network
  
• Difficult to replicate, vertically integrated manufacturing and supply chain operations
  
• Promoter led company with a strong professional management team
  

Risks of Duroflex IPO

• Any impairment, dilution or damage to its brands in any manner may adversely affect business reputation
  
• Shifts in customer preferences or heightened competition in these product categories could adversely affect business
  
• Exposed to risks relating to its general trade distribution channels
  
• Exposed to risks relating to its e-commerce channels that may affect ecommerce platforms, changes in customer behaviour and platform disruptions
  
• Unscheduled, unplanned or prolonged disruption of manufacturing operations could materially and adversely affect business
  
• Under-utilisation of manufacturing capacities over extended periods, or significant underutilisation in the short term could increase cost of production
  
• No long-term agreements with suppliers for raw materials
  
• Failure in quality control processes or if the quality of products does not meet customers’ expectations, could have an adverse effect on business
  
• Failure to develop or launch new products may adversely affect business and results of operations
  
• Inability to compete effectively may adversely affect business
  

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: KFin Technologies
• Book Running Lead Managers: JM Financial and Motilal Oswal Investment Advisors

Business Model

Duroflex manufactures a wide range of products, including foam, mattresses, sofas, recliners, beds, pillows, accessories and other furnishings. The company has developed a ‘house of brands’ architecture in the sleep and comfort solutions space, with each brand catering to different customer segments, allowing it to capture the full spectrum of mattress customers in India.

The flagship brand, Duroflex, offers sleep and comfort solutions across a spectrum of price points encompassing varied customer requirements, and is aimed at more established and health-conscious customers from the economy to luxury segments of the mattress market. The Sleepyhead brand is aimed at younger customers and provides a range of trendy and stylish mattresses and furniture in the mid to premium segments of the mattress market.

The Perfect Rest brand serves value conscious consumers (primarily from Tier 2+ regions in India) in the economy to mid-premium segments of the mattress market with high quality products.

Company Growth Trajectory

The revenue from operations of Duroflex grew from ₹1057.487 crores in FY 23 to ₹1134.250 crores in FY 25, while its EBITDA margin grew from 5.38% in FY 23 to 8.64% in FY 25. PAT margin grew from (1.46%) in FY 23 to 4.16% in FY 25. Established business with a continuing legacy and a well-diversified, pan-India omnichannel distribution network has helped the company grow over the years.

Market Position

According to the TKC Report, Duroflex is among the top three largest mattress companies in India, with 8% branded modern mattress market share by value for fiscal 2025. In South India, which has traditionally been its largest geographic market, it’s among the top two players in the branded modern mattress segment with a market share of approximately 20% for fiscal 2025.

The company has a significant presence across all distribution channels. Its network covers 73 COCO stores, with 375 distributors reaching 5,576 general trade stores and major e-commerce platforms, as of June 30, 2025.

How to Check Allotment Status of Duroflex IPO?

1. Visit the Registrar’s Website

• Visit the official website of KFin Technologies
• Click on ‘IPO Allotment Status’ from ‘Investors’ under ‘Products’
• Click on any one of the appearing links
• Choose IPO name and enter either your application number, Demat account or PAN number
• Enter captcha and click on ‘Submit’ to know the status

2. Check on the National Stock Exchange Website

The National Stock Exchange (NSE) website has an IPO bid verification module. You can use it to check the allotment status of Duroflex IPO. Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO bid verification page, enter:

• Company name from dropdown
• Application number
• PAN

Then click 'Submit' to know the allotment status.

3. Check on the BSE Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Select 'Equity' from the dropdown menu
• Choose 'Duroflex' in the next dropdown
• Enter your application number
• Enter your PAN
• Click 'Search’ to know allotment status

How to Apply for the Duroflex IPO?

To apply for this IPO:

• Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
  
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
  
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.