Brands
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Youtstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

YSTV

ADVERTISEMENT
Advertise with us

FirstCry's parent firm re-files IPO papers; issue size remains unchanged

The Pune-based company's proposed IPO is a combination of a fresh issue of equity shares aggregating up to Rs 1,816 crore and an Offer For Sale of up to 5.44 crore equity shares by existing shareholders.

FirstCry's parent firm re-files IPO papers; issue size remains unchanged

Monday May 06, 2024 , 2 min Read

Brainbees Solutions Ltd, the parent firm of online ecommerce platform FirstCry, has re-filed preliminary papers with SEBI to raise funds through an initial public offering (IPO), an update with the markets regulator showed on Monday.

This came after the regulator directed the company to re-file the draft papers citing insufficient disclosure of key performance indicators (KPIs), market sources said.

The company's key performance indicators include its number of orders, average order value, and annual transacting customers.

According to the fresh draft red herring prospectus (DRHP), the Pune-based company's IPO size remains unchanged. Its proposed IPO is a combination of 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.

For the nine months ended December 2023, the company reported a net loss of Rs 278 crore and an operating revenue of Rs 4,814 crore. Around 77% of the company's total sales came through online medium and the remaining 23% through offline stores, as per the latest draft papers.

Under the OFS, SVF Frog, a Cayman Islands-registered entity of Softbank, will sell 2.03 crore equity shares of Brainbees Solutions Ltd, and automaker Mahindra & Mahindra (M&M) will offload 28.06 lakh shares of the company.

Currently, Softbank holds a 25.55% stake in Brainbees Solutions and M&M owns a 10.98% stake in the multi-brand retailing platform, the draft papers showed.

Apart from Softbank and M&M, other selling shares in the OFS are PI Opportunities Fund, TPG, NewQuest Asia Investments, Apricot Investments, Valiant Mauritius, TIMF Holdings, Think India Opportunities Fund and Schroders Capital.


Edited by Suman Singh