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NEW DELHI: Brainbees Solutions, the parent company of omni-channel retailer FirstCry has filed draft initial public offering (IPO) papers with market regulator Securities and Exchange Board of India (SEBI) on Thursday. The IPO comprises an issue of fresh shares worth Rs 1,816 crore and an offer for sale (OFS) of 5.4 crore shares by existing investors.
Biggest shareholder SoftBank, Mahindra & Mahindra and private equity firm TPG are among the selling shareholders. SoftBank which holds a 25.5% stake in the company will offload 2 crore shares at the IPO, according to the draft red herring prospectus (DRHP).
Founded by Supam Maheshwari, Prashant Jadhav, Amitava Saha and Sanket Hattimattur in 2010, FirstCry retails baby and kids products besides offering a range of maternity clothing and related items through its website and stores.
The Pune-based firm’s physical footprint spans 936 FirstCry and BabyHug modern stores across 465 cities in the country. The firm has raised more than $900 million from investors, according to estimates by market research firm Tracxn and was last valued at under $3 billion. The four founders are among the individual selling shareholders offering some of their shares in OFS. Ratan Tata is also selling 77,900 shares.
FirstCry plans to use the IPO proceeds to set up new stores, warehouses, fund acquisitions, overseas expansion and support sales and marketing initiatives. FirstCry and Ola Electric belong to the first batch of new age companies going for a public debut in 2024.
Players like Oyo, Swiggy, PayU India are among other firms aiming to get listed in the public markets in the coming year. FirstCry’s losses ballooned to Rs486 crore in FY23 from Rs 78 crore in FY22. Revenue from operations, however, increased by 135% year-on-year to Rs 5,632 crore.
Biggest shareholder SoftBank, Mahindra & Mahindra and private equity firm TPG are among the selling shareholders. SoftBank which holds a 25.5% stake in the company will offload 2 crore shares at the IPO, according to the draft red herring prospectus (DRHP).
Founded by Supam Maheshwari, Prashant Jadhav, Amitava Saha and Sanket Hattimattur in 2010, FirstCry retails baby and kids products besides offering a range of maternity clothing and related items through its website and stores.
The Pune-based firm’s physical footprint spans 936 FirstCry and BabyHug modern stores across 465 cities in the country. The firm has raised more than $900 million from investors, according to estimates by market research firm Tracxn and was last valued at under $3 billion. The four founders are among the individual selling shareholders offering some of their shares in OFS. Ratan Tata is also selling 77,900 shares.
FirstCry plans to use the IPO proceeds to set up new stores, warehouses, fund acquisitions, overseas expansion and support sales and marketing initiatives. FirstCry and Ola Electric belong to the first batch of new age companies going for a public debut in 2024.
Players like Oyo, Swiggy, PayU India are among other firms aiming to get listed in the public markets in the coming year. FirstCry’s losses ballooned to Rs486 crore in FY23 from Rs 78 crore in FY22. Revenue from operations, however, increased by 135% year-on-year to Rs 5,632 crore.
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