FirstCry's parent Firm re-files IPO papers with SEBI
What's the story
Brainbees Solutions Ltd., the parent company of online shopping platform FirstCry, has submitted revised documents for its upcoming initial public offering (IPO) to the Securities and Exchange Board of India (SEBI).
This action follows SEBI's request for more detailed information about the company's key performance indicators.
The updated draft red herring prospectus indicates that the proposed IPO size remains consistent with previous plans. The company aims to raise around $500 million from its IPO.
IPO breakdown
Details of FirstCry's proposed IPO revealed
The forthcoming IPO will comprise a new issue of equity shares worth ₹1,816 crore and an Offer For Sale (OFS) of up to 5.44 crore shares by current shareholders.
Brainbees Solutions's financial data for the nine-month period ending December 2023 shows a net loss of ₹278 crore and an operating revenue of ₹4,814 crore.
The majority of the company's sales were conducted online, accounting for 77% of total sales, while physical stores contributed to the remaining 23%.
Share sale
Major shareholders to sell shares in upcoming IPO
The Offer For Sale (OFS) will involve SVF Frog, a Softbank entity registered in the Cayman Islands, selling 2.03 crore equity shares of Brainbees Solutions Ltd.
Additionally, auto giant Mahindra & Mahindra (M&M) will sell off 28.06 lakh shares of the FirstCry parent.
Currently, Softbank owns a 25.55% stake in Brainbees Solutions and M&M holds a 10.98% stake in this multi-brand retail platform.
Stakeholders
Other shareholders participating in the OFS revealed
Other shareholders participating in the OFS include PI Opportunities Fund, TPG, NewQuest Asia Investments, Valiant Mauritius, TIMF Holdings, Apricot Investments, Think India Opportunities Fund, and Schroders Capital.
These entities will be selling their shares of Brainbees Solutions Ltd. as part of the company's upcoming IPO.
The exact number of shares each entity plans to sell has not been disclosed yet.