IPO-bound FirstCry files DRHP, aims to raise Rs 1,816 cr
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Mother and child care e-commerce platform FirstCry on Thursday filed its draft red herring prospectus (DRHP) with the market regulator SEBI, seeking to raise Rs 1,816 crore via fresh issue of shares.
FirstCry’s parent company BrainBees Solutions filed the DRHP which includes offer-for-sale (OFS) comprising 5.4 crore equity shares.
Japanese investment giant SoftBank is likely to sell up to 2 crore equity shares while Premji Invest is likely to sell 86 lakh shares during the OFS, according to reports.
FirstCry will use the IPO funds to set up modern retail stores and warehouses across the country.
Meanwhile, FirstCry reported Rs 5,632 crore revenue from operations in FY23, while its losses surged over six times to Rs 486 crore from Rs 79 crore in FY22.
The SoftBank-backed unicorn registered about 2.4 times growth in revenue but losses also went up significantly. Income from sale of products accounted for 98 per cent of the total operating revenue at Rs 5,519 crore in FY23, according to its financial statements filed with the Registrar of Companies.
SoftBank has already sold shares in FirstCry amounting to around Rs 630 crore, according to reports.
In total, SoftBank has sold shares worth $310 million in FirstCry in two rounds.
