SoftBank sells shares worth $310M in FirstCry
Japanese conglomerate SoftBank has sold shares worth USD 310 million in omnichannel retailer FirstCry, which is likely to file a draft paper for IPO this week.
Japanese conglomerate SoftBank has sold shares worth $310 million in omnichannel retailer FirstCry, which is likely to file a draft paper for IPO this week, sources said on Monday.
"SoftBank recently sold shares worth Rs 630 crore in . It was picked up by a few high-net-worth individuals. With this sale, SoftBank has realised $310 million from two rounds of stake sale in FirstCry," a source told PTI.
The source said that the sale values FirstCry in the range of $3.5-3.75 billion.
SoftBank had invested $400 million in FirstCry at an enterprise valuation of $900 million.
Another source said that SoftBank is still left with shares valued in the range of $800-900 million which it will sell later.
"SoftBank is looking to make around $1.3 billion from the investment made in FirstCry," the source said.
