FirstCry refiles IPO documents with SEBI: Report
FirstCry disclosed that its revenue for nine months of FY24 was Rs 4,814 crore and a loss of Rs 278 crore
Omnichannel retailer has refiled its initial public offering (IPO) papers with updated data on its financials after the market regulator Securities Exchange Board of India (SEBI) sought further details, according to media reports.
FirstCry has disclosed that for the first nine months of FY24 ending December 31, 2023, it generated a revenue of Rs 4,814 crore while the losses stood at Rs 278 crore, the updated draft red herring prospectus show, according to reports in The Economic Times and Moneycontrol.
This development comes after SEBI had raised certain questions on key business metrics of FirstCry and sought further information.
FirstCry Co-founder Supam Maheshwari
However, the IPO size of FirstCry is expected to remain at its original proposed size of $500 million and there is unlikely to be any change in this. The IPO is expected to be a combination of a fresh issue of shares and offer for sale.
YourStory has reached out to FirstCry for comments on this development.
BrainBees Solutions, the parent company of FirstCry, had filed for an IPO with SEBI in December 2023. The proposed issue comprised a fresh issue of equity shares aggregating up to Rs 1,816 crore and an Offer For Sale (OFS) of up to 5.44 crore equity shares by existing shareholders.
Founded in 2010, FirstCry is backed by leading investors including SoftBank, TPG, Premji Invest, and Mahindra and Mahindra.
FirstCry is among the numerous other Indian startups that have filed for their IPO papers. The others are companies like , and . The startup ecosystem hopes to see a sizeable number of IPOs this year.
Edited by Affirunisa Kankudti