BrainBees Solutions Ltd, the parent company of FirstCry, is set to list on stock exchanges on August 13, according to news report by Moneycontrol. The e-commerce giant will also launch its anchor book for the initial public offering (IPO) on August 5, with the public subscription period expected to run from August 6 to August 8.
The IPO will value FirstCry at just under Rs 25,000 crore ($3 billion). This listing will make FirstCry the second new-age company from SoftBank’s portfolio to go public in August, following Ola Electric’s anticipated debut on August 9.
This valuation is slightly above its previous secondary market valuation of Rs 23,000 crore (around $2.8 billion). Earlier, FirstCry was expected to price its IPO at a valuation of $3.5-3.75 billion, but this estimate has since been revised downward.
BrainBees Solutions had initially filed draft IPO documents with India’s Securities and Exchange Board of India (SEBI) last December, aiming for what would have been one of the year’s largest IPOs. The company plans to raise approximately $215 million through new shares and an additional $300 million through the sale of existing shares.
The company had previously withdrawn its draft papers after SEBI requested additional details on key performance indicators (KPIs). Upon refiling, FirstCry provided more detailed financials, reporting revenue of Rs 4,814 crore for the nine months ending December 31, 2023, with a loss of Rs 278 crore. In FY23, the company had revenue of Rs 5,633 crore and a loss of Rs 486 crore, compared to Rs 2,401 crore in revenue and a loss of Rs 79 crore in FY22. Over 75 percent of FirstCry’s sales are derived from online channels.
