SoftBank-backed FirstCry seeks to rob practically $220 million in India IPO

FirstCry, India’s biggest e-commerce platform for mother and toddler merchandise, is aiming to rob $218 million by blueprint of the sale of new shares in its preliminary public offering, almost a Third of the $700 million it had firstly centered.

Brainbees Solutions, the guardian company of online toddler product marketplace FirstCry, wrote in a draft prospectus filed with the native market regulator that some investors at the side of SoftBank, NewQuest and TPG draw to promote some shares as share of the IPO.

The startup is eyeing a valuation of about $4 billion, down from its outdated $6 billion goal final year, in response to an individual conversant in the matter. FirstCry acknowledged it hadn’t put the value in its draft prospectus. The e book-working lead managers appointed for the IPO include Kotak Mahindra Capital, Morgan Stanley, BofA Securities India and JM Financial.

Based mostly in 2010, FirstCry plans to use the IPO proceeds toward expenditure for developing new shops and warehouses, gross sales and marketing initiatives, investments in foreign places and home growth, technology costs and inorganic remark by blueprint of acquisitions. FirstCry gives greater than 1 million SKUs from over 6,800 producers. This entails major third-celebration Indian and worldwide producers as nicely as FirstCry’s like home producers equivalent to BabyHug, Babyoye and others.

Small print of FirstCry’s shareholders, maintaining now not now not as much as 1%, as of Thursday. (Disclosure: FirstCry DRHP)

The startup also operates 180 pre-faculties below the emblem FirstCry Intellitots across India. Brainbees has also expanded foreign places by launching FirstCry online platforms in UAE and Saudi Arabia. It also got a majority stake in GlobalBees in 2021.

FirstCry reported greater than doubling its total earnings to $688.4 million in the financial year ending March 2023, up from $302 million from the same duration a year ago. Within the financial year ending March this year, its losses had ballooned to $58.3 million, from $9.4 million from a year ago.

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