FirstCry Parent Company Considering Stock Market Debut On August 13: Report
The report cited sources in the know and said that anchor issue for the IPO is expected for August 5, 2024, while the firm will accept bids for its maiden offer between August 6-8, 2024
FirstCry’s parent company, BrainBees Solutions Ltd, is reportedly going to list in the stock market next month, media reports said. The reports cited sources aware of the matter and stated that the firm plans to issue an anchor book, followed by an initial public offering (IPO), scheduled in August.
A report by Moneycontrol cited sources in the know and said that anchor issue for the IPO is expected for August 5, 2024, while the firm will accept bids for its maiden offer between August 6-8, 2024.
The e-commerce entity will be valued at slightly under $3 billion (Rs 25,000 crore) in the IPO, the report noted. During its earlier round, FirstCry was valued at Rs 23,000 crore.
Notably, the company first submitted draft listing papers with the Securities and Exchange Board of India (SEBI) in December last year. The draft papers showed that the issue intended to raise $215 million via fresh shares, and raise $300 million through an offer-for-sale for existing shares. ABP Live independently couldn't verify the authenticity of the news.
Also Read : Top 7 Long-Term Financial Strategies For Students: Avoid Debt, Open Savings Account And More
However, later the company withdrew its draft papers after the markets regulator asked for more clarity in key performance indicators (KPIs) from the firm. The report noted that FirstCry shared only five to six KPIs in the first filings, while SEBI sought 25 indicators.
Later on, the firm followed with another set of listing papers with more clarity on the financial performance of the brand. The firm reported a revenue of Rs 4,814 crore in the nine months period ended December 31, 2023, along with a loss of Rs 278 crore during the period. The company is based out of Pune, Maharashtra.
The firm is backed by Softbank. Notably, another firm backed by Softbank, Ola Electric, is set to make its debut in the stock market on August 9, 2024.