FirstCry Sets IPO Price Band At INR 440-465, Aims To Raise INR 4,193 Cr

Omnichannel kidswear brand FirstCry has fixed a price band of INR 440-465 per equity share for its upcoming initial public offering (IPO), which will open for subscription on August 6.

The Pune-based startup is expected to raise INR 4,193 Cr at the upper price band via its IPO. The IPO bidding will conclude on August 8.

FirstCry’s public offer comprises a fresh issue of shares worth up to INR 1,666 Cr and an offer-for-sale (OFS) component of up to 5.4 Cr equity shares worth up to INR 2,527 Cr.

The net proceeds from the fresh issue will be utilised towards funding the company’s organic and inorganic growth initiatives via acquisitions and overseas expansion plans.

The firm is expected to list on exchanges on August 13.

Investors can bid for a minimum of 32 equity shares and in multiples thereof.

FirstCry has reserved 75% of the net offer for qualified institutional buyers (QIBs), whereas non-institutional buyers (NIIs) will get a 15% allocation. The remaining 10% shares will be available for retail bidders.

The company has allocated shares worth up to INR 3 Cr to eligible employees, who will get a discount of INR 44 per equity share during the bidding process.

Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, JM Financial and Avendus Capital are managing the share sale, whereas Link Intime India is the registrar to the issue.

Founded in 2010 by Supam Maheshwari and Amitava Saha, FirstCry is a kids-focussed omnichannel marketplace. It converted into a public company in 2022. 

FirstCry’s parent BrainBees Solutions first filed its draft red herring prospectus (DRHP) in December last year. However, it withdrew the IPO papers after capital markets regulator SEBI expressed concern that some of the key indicators were missing from its earlier DRHP. 

The kids-focussed retailer refiled its DRHP in April this year, with SEBI granting approval to its public issue in June.

The IPO-bound startup posted a consolidated net loss of INR 321.5 Cr in the financial year 2023-24 (FY24), an almost 34% drop from INR 486 Cr reported in the previous fiscal.

FirstCry’s operating revenue rose 15% to INR 6,480.8 Cr during the year under review from INR 5,632.5 Cr in FY23.

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