Brainbees Solutions, the parent company of online e-commerce unicorn FirstCry, submitted an application for an initial public offering (IPO) with the market regulator SEBI on December 28.
In addition to the fresh issue of equity shares, existing investors like automotive company Mahindra & Mahindra (M&M), private equity firm TPG, NewQuest Asia and SoftBank, will together sell a total of 5.44 crore shares in Brainbees via an Offer for Sale (OFS).
FirstCry is looking to raise a total of $500 million (around Rs 4,200 crore) through its IPO and 60 percent of that will be the offer for sale (OFS) component while the remaining will be the primary part. FirstCry will only list in 2024.
The company will use the funds to open new stores and warehouses, and also expand internationally, per the Draft Red Herring Prospectus (DRHP).
More recently, SoftBank had reportedly sold shares worth Rs 630 crore in FirstCry and the same was bought by the family offices of cricketer Sachin Tendulkar, Infosys co-founder Kris Gopalakrishnan, Ravi Modi of Manyavar, the ethnic clothing brand, among several others, in a secondary transaction.
The DRHP also said that FirstCry may consider a private placement of shares to certain investors for up to Rs 363.20 crore.
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