FirstCry Likely To File Papers For $3-3.5 Bn IPO This Week

FirstCry IPO: SoftBank To Offload Over 2 Cr Shares

SUMMARY

FirstCry’s offer size remains consistent with its draft IPO papers, totalling INR 1,816 Cr for the primary fundraise

Earlier this month, Securities and Exchange Board of India (SEBI) approved the initial public offerings of FirstCry

Firstcry first filed its DRHP in December last year, taking the first step in its journey to list on the bourses

Pune-based FirstCry is expected to file its red herring prospectus (RHP) this week for an initial public offering (IPO) that values the omnichannel marketplace at $3-3.5 Bn.

“FirstCry will launch its IPO for subscription officially from this week, and wants to close it before August 15,” a source told ET, adding that it has received strong interest from institutional investors for its anchor book.

Earlier this month, the Securities and Exchange Board of India (SEBI) approved the initial public offerings of FirstCry.

FirstCry’s offer size remains consistent with its draft IPO papers, totalling INR 1,816 Cr for the primary fundraise.

The IPO will also include an offer-for-sale (OFS) component of up to 5.4 Cr equity shares.

Shareholders, including SoftBank, Premji Invest, TPG Growth and Mahindra & Mahindra, will offload shares under the OFS.

It is pertinent to note that Firstcry first filed its DRHP in December last year, taking the first step in its journey to list on the bourses. However, it withdrew the IPO papers after SEBI flagged that some of the key indicators were missing. Following this, the kids-focussed retailer refiled its DRHP in April this year.

Founded in 2010 by Maheshwari and Amitava Saha, FirstCry is an omnichannel marketplace for baby and kids’ products.

To date, FirstCry has raised over $700 Mn in multiple funding rounds, with notable investors including SoftBank, ChrysCapital, and Vertex Ventures.

Notably, FirstCry clocked sales of INR 4,814 Cr and reported a loss of INR 278.2 Cr in the first nine months of the fiscal year ended March 2024 (FY24).

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