Duroflex Sharpens Eye on Profit Ahead of IPO

Mattress maker Duroflex has aggressively pursued profitability in the past two years as it prepares to list on the public markets in the coming 18 months, its group chief executive officer Sridhar Balakrishnan said.

- Priyamvada C.

The public offering will largely be to give its investors an exit, he said, adding that there is no pressure to raise funds through private equity or an initial public offering (IPO) in the near term as it is well-capitalized.

"We will start the preparation soon for a listing in 18-24 months. It's always a good idea to be IPO-ready and then go to the market when the timing is right," Balakrishnan told Mint in an interview.

If all goes as planned, Duroflex will likely be the second company in the space after its larger rival Sheela Foam—maker of Sleepwell and Kurlon mattresses—went public in 2016. Duroflex also competes with other players such as Wakefit, The Sleep Company and SleepyCat.