Brainbees Solutions Limited, the parent company of FirstCry, has refiled its draft initial public offering (IPO) documents with the Securities and Exchange Board of India (Sebi) after facing scrutiny, prompted by insufficient disclosure of key performance indicators (KPIs).
Despite the refiling, the IPO size of FirstCry remains unchanged in the latest draft red herring prospectus (DRHP) dated April 29. The company aims to raise approximately $218 million (around Rs 1,815 crore) through the issuance of new shares and divestment of 54 million shares from existing investors.
As per the latest DRHP, for the nine months ending in December 2023, FirstCry reported operating revenue of Rs 4,814 crore and a net loss of Rs 278 crore. Notably, approximately 77% of its total sales are generated online, with the remaining portion coming from offline retail stores. During the same period, the company recorded a gross sales figure of Rs 5,650 crore.
The launch of FirstCry's IPO is projected to occur around July, with the size of the IPO expected to be approximately $500 million (approximately Rs 4,163 crore), subject to the final valuation of the company during the public offering. FirstCry, which is backed by Premji Invest, was last valued at under $3 billion in the private market.
