FirstCry IPO at $2.9 billion valuation: check price band, dates and more

Brainbees Solutions, which operates FirstCry, is floating its initial public offering (IPO) at a valuation of $2.9 billion. It has set a price band of Rs 440-460 apiece for issuing shares to investors which will open on August 6 and close on August 8. This is nearly a flat valuation for the SoftBank-backed firm which was last valued at $2.8 billion.

The Pune-based firm has reduced the size of its fresh issue to Rs 1,666 crore from Rs 1,816 crore disclosed in its draft red herring prospectus (DRHP), and an offer for sale (OFS) for up to 54 million shares.

The anchor investor round will open a day before the IPO launch, on August 5.

According to the RHP, Mahindra & Mahindra (M&M) plans to sell up to 2,806,174 shares of the company in the IPO, while SoftBank-operated SVF Frog will sell 20,318,050 shares.

Other participants in the OFS include Premji Invest, TPG Growth, NewQuest Asia, Apricot Investments, Satyadharma Investments, Schroders Capital, Sage Investment, and Pratithi Investment.

The company reported a 15% growth in operating revenue, reaching Rs 6,481 crore in FY24, and reduced its losses by 34%, bringing them down to Rs 321 crore during the same period, according to the red herring prospectus filed by Brainbees Solutions, which runs the omnichannel retail firm.