FirstCry gains 45% on stock market debut; market cap reaches $4.1B
Brainbees Solutions, the parent company of FirstCry, priced its IPO at Rs 476 per share.
FirstCry, the omnichannel retailer, gained 44.8% on day one of its listing on the Indian stock markets and ended the day with a market capitalisation of $4.1 billion.
Brainbees Solutions, the parent company of FirstCry, priced its initial public offering (IPO) at Rs 476 per share. The company made a strong gain at the opening with its stock price touching Rs 651 and rose to a high of Rs 707.70 before closing at Rs 673.50, as per the National Stock Exchange.
The gain of 44.8% on day one also saw the market capitalisation of FirstCry rising to $4.1 billion (Rs 34,967.05 crore) from the level of $2.9 billion before the IPO.
Some of FirstCry's existing investors like Mahindra & Mahindra, Softbank, Premji Invest, and Ratan Tata made handsome gains, with some investors partially selling their stake in the company.
The company's IPO is a book-built issue and aims to raise Rs 4193.73 crore, including Rs 1,666 crore through a fresh issue of shares and an offer for sale garnering Rs 2,527.73 crore.
FirstCry launched in 2010 as an online retailer of infant and children apparel products. The company, led by Founder and CEO Supam Maheshwari, has a presence in India, Saudi Arabia, and the United Arab Emirates.
On the listing of FirstCry, Sudhir Sethi, Founder and Chairman of Chiratae Ventures, said, "Supam's founding vision has been the bedrock of FirstCry's triumph. His foresight, unwavering determination, and relentless pursuit of excellence have steered the company’s growth trajectory, transforming FirstCry into a household name synonymous with trust, innovation, and customer-centricity."
The strong gains made by FirstCry on day one mirrors the trend seen by Unicommerce's IPO, where the SaaS company saw its share price gain 96% on day one of its listing.
Edited by Suman Singh