Duroflex IPO Plans – A Sleep Solutions Company

Joining the ranks of various late-stage startups, Duroflex, a player in sleep solutions, is gearing up for an initial public offering (IPO). The firm has made a significant move by transforming its holding company into a public limited entity. The Duroflex board has enacted a special resolution to alter its status to a public company, changing its name from Duroflex Private Limited to Duroflex Limited, according to its regulatory filing.

Reports indicate that Duroflex plans to be listed on Indian stock exchanges by the end of 2026. The upcoming IPO will feature both a fresh issue of equity shares and an offer for sale (OFS), as detailed in the regulatory filing.

Established in 1963, Duroflex operates as an omnichannel mattress player, retailing mattresses, furniture, bed linen, pillows, and additional accessories through its website, physical stores, and platforms including Amazon and Flipkart. Its other brand, Sleepyhead, focuses on online mattress sales, targeting younger customers.

According to various sources from a startup data intelligence platform, the Kerala-based company has accumulated over $80 million in funding to date, with Norwest Venture Partners and Lighthouse being among its main investors.

In FY24, Duroflex’s operating revenue remained steady at Rs 1,095.3 crore, while its profit decreased to Rs 11.2 crore. Notably, the company experienced a loss of Rs 15.47 crore in the prior fiscal year (FY23).

Duroflex faces competition from other sleep solutions providers, such as Wakefit, which has recently submitted its DRHP with SEBI to raise Rs 468 crore through a fresh issue. The company also competes with The Sleep Company, which has raised Rs 480 crore, as well as traditional players like Sheela Foam.