The parent company of Firstcry, BrainBees Solutions Limited raised $227 million by offering its shares to over 71 anchor investors ahead of its Initial Public Offerings. The key anchorinvestors in the firstcry’s IPO include the State Bank of India, ICICI, Goldman Sachs, Kotak, Fidelity, Morgan Stanely, Max Life, Baja Allianz, and Morgan Stanely. The company plans to use these fresh proceeds to scale its operations, increase its network, and prepare for its Initial public offering.
The board members approved a resolution to allot 4,05,55,428 equity shares at an upper band issue price of Rs 465 each to raise 227 million USD from its anchor investors. According to the Bombay Stock Exchange filing, the startup will secure this amount from its anchor investors and use these fresh proceeds for working capital purposes and market expansion.
FirstCry plans to start its Initial Public Offerings from 6th August to 8 August with a price from Rs 440 to Rs 465 with a minimum bid of 32 equity shares. This startup specializes in offering baby and mother care products through its omnichannel network. The company provides a financial services platform that uses various technologies to offer.
The e-commerce startup has secured over 700 million USD across multiple funding rounds since its inception. The company is backed by SoftBank and Vertex Ventures. FirstCry planned to use the IPO proceeds to establish more warehouses and stores across India.
The company intends to scale and expand its services into Saudi Arabia. Entrackr mentioned that before this anchor investment round, Softbank was the largest shareholder with a 25.53 percent stake followed by Mahindra with 10.97% and Premji invest with 10.36 percent. This investment shows investors’ trust in the company’s market potential and business model.
Last month the startup announced its plans to file for Initial Public Offering papers for $3.5 billion. The Pune-based startup reported a 15 percent increase in its operating revenue to Rs 6,481 crore in FY24. However, it narrowed its losses by 34% to Rs 321 crore in the same duration with an improved EBITDA margin. Firstcry had a valuation of around 2.8 billion USD in its last private funding round. The company claims to have more than 1,018 offline stores across India including 632 franchise-owned
stores and the remaining were owned by the company until 2023.
Conclusion :
First Cry is an e-commerce startup that sells Baby care and kids-related products through its online and offline stores. The parent compay of FirstCry, BrainBees Solutions Limited offered its shares worth 4227 million to around 71 anchor investors ahead of its Initial Public Offerings. FirstCry previously received approval for its Initial Public Offering from the Security Exchange Board of India.
The company issued 2,05,55,428 equity shares with a face value of Rs 440 to Rs 465 per share to raise Rs 1,886 crore from anchor investors. The major anchor investors of the firm include ICICI, SBI, Morgan Stanley, and Goldman Sachs. The company plans to launch its initial public offerings from 6th to 8th August.
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