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Shares of Brainbees Solutions Ltd, owners of FirstCry outlet, will be listed at the bourses today. The company has fixed the IPO price at ₹465, at the upper end of the price band ₹440-465.
Earlier, the initial public offering of FirstCry’s parent, Brainbees Solutions Ltd, sailed through on the last day of issue closing by receiving bids for 12.22 times. Till penultimate day, the issue had received only a lukewarm response.
The ₹4,193-crore public issue of Brainbees Solutions consisted of a fresh issue worth ₹1,666 crore and an OFS (offer for sale) of ₹2,528 crore by existing shareholders. Among the others, SVF Frog, a Cayman Islands-registered entity of Softbank, sold 2.03 crore shares, and automaker Mahindra & Mahindra 28.06 lakh shares.
The company will use the net proceeds to set up new modern stores under the brand ‘BabyHug’, invest in subsidiaries, expand overseas, and implement sales and marketing initiatives.
While the QIB portion was subscribed 19.30 times, the NII portion received bids for 4.68 times and retail investors 2.31 times. The employee portion saw 6.57x subscription.
As part of the IPO, the online e-commerce platform raised ₹1,886 crore from anchor investors by allotting 4.05 crore shares to 71 funds at ₹465 apiece. The Government of Singapore, Nomura Funds, Abu Dhabi Investment Authority, Fidelity Funds, Goldman Sachs Funds, Citigroup Global Markets Mauritius, SBI Mutual Fund (MF), ICICI Prudential MF, HDFC MF, Kotak MF, and SBI Life Insurance Company are among the anchor investors.
Launched in 2010, FirstCry is India’s largest multi-channel, multi-brand retailing platform for products for mothers, babies and kids. It was set up to create a one-stop destination for parenting needs across commerce, content, community engagement, and education based on brand affinity, loyalty, and trust of customers.L
Further, FirstCry expanded internationally in select markets, establishing a presence in the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA) in 2019 and 2022, respectively.
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