Duroflex Eyes ₹184 Cr IPO to Expand Retail Network
Can a sixty-year-old mattress company reinvent itself for today’s consumers? Duroflex IPO is ready to hit market soon. The company has filed papers with SEBI for an Initial public offering (IPO) that includes a fresh issue of shares worth about ₹183 crore, along with an offer for sale by existing investors.
The plan is straightforward. The fresh funds will go into opening new stores, increasing brand visibility through advertising, and strengthening operations. Some money will also be set aside for lease payments and general business expenses.
Why Now?
Duroflex has been around since 1963, starting as a family-run business in Kerala. Over the years, it has grown into one of India’s best-known mattress brands. Today it offers more than 3,900 SKUs (stock-keeping units) operating through 73 company-owned stores with more than 5,500 general trade outlets, and through online platforms such as Flipkart, Amazon, and its own website.
The company says India’s growing middle class and rising focus on wellness are pushing up demand for branded comfort products. And with more consumers moving away from unbranded mattresses, this may be the right moment for Duroflex to expand its retail reach.
Several analysts believe the company’s timing is clever. The IPO market has been lively this year, with over 80 companies already listed in the past two months. Investor appetite for consumer goods and lifestyle firms is especially strong, giving Duroflex a friendly environment to go public.
A Look at the Numbers
In terms of performance, Duroflex reported revenue of ₹1,134.25 crore, up 3.56% compared to ₹109.52 crore in the previous fiscal. It has shown consistent growth, posting a profit after tax of ₹47.16 crore in FY25 against ₹11.2 crore in FY24.
Analysts expect the IPO proceeds to improve the company’s financial position. Reducing debt and investing in company-owned stores could strengthen both its balance sheet and brand reach.
How Does Duroflex Intend to Use the Funds?
While Duroflex remains one of the top three players in India’s mattress market, it is no longer just about mattresses. The company now sells furniture, recliners, pillows, and bedding accessories under its two main brands, Duroflex and Sleepyhead. The latter is a digital-first brand aimed at younger consumers.
Duroflex wants to use part of the IPO funds to open 120 new company-owned stores. These outlets will allow direct engagement with customers and reduce dependence on third-party retailers. The rest of the money will go into lease payments, marketing and improving its online presence, and general corporate initiatives.
The company’s focus is shifting toward becoming a complete sleep and comfort solutions provider. It has already invested in celebrity-led campaigns to refresh its image and appeal to urban buyers who value wellness and lifestyle comfort.
What Lies Ahead for the Brand?
Duroflex’s public issue marks more than just a capital raise. For a business that started six decades ago with basic mattresses, this is a chance to step into a new growth phase. The brand now faces a key question. Can it hold on to its legacy while appealing to younger customers who shop online and expect modern designs?
If it succeeds, Duroflex could emerge as one of India’s strongest players in the lifestyle and home comfort segment. The company’s challenge will be balancing tradition with innovation, and growth with profitability.
As Indian consumers spend more on comfort and quality sleep, Duroflex’s story could turn into another example of an old brand finding new relevance in a changing market.
Sources
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in securities market are subject to market risks, read all the related documents carefully before investing. Brokerage will not exceed SEBI prescribed limit. The securities are quoted as an example and not as a recommendation. SEBI Registration No-INZ000200137 Member Id NSE-08081; BSE-673; MSE-1024, MCX-56285, NCDEX-1262.