- ByStartupStory | May 1, 2024
FirstCry, the popular omnichannel retailer, has resubmitted its initial public offering (IPO) documents to the Securities Exchange Board of India (SEBI) with updated financial data, following queries from the market regulator. According to reports from The Economic Times and Moneycontrol, FirstCry’s updated draft red herring prospectus reveals that for the first nine months of FY24 ending December 31, 2023, the company generated revenue of Rs 4,814 crore with losses amounting to Rs 278 crore.
The decision to refile comes after SEBI sought additional details regarding key business metrics from FirstCry. Despite these updates, the size of the IPO is expected to remain at its original proposed amount of $500 million, with no anticipated changes in scale. The IPO is planned to comprise a combination of fresh issue of shares and offer for sale, as per the updated filings.
BrainBees Solutions, the parent company of FirstCry, initially filed for the IPO with SEBI in December 2023. The proposed issue consists of a fresh issue of equity shares totaling up to Rs 1,816 crore and an Offer For Sale (OFS) of up to 5.44 crore equity shares by existing shareholders.
In response to these developments, a representative of FirstCry stated that “We are committed to transparently addressing SEBI’s queries and providing comprehensive information to ensure a smooth IPO process.”
Founded in 2010, FirstCry has garnered support from prominent investors including SoftBank, TPG, Premji Invest, and Mahindra and Mahindra. The company’s IPO journey aligns with a broader trend in India’s startup landscape, with several other startups like Ola Electric, MobiKwik, and Unicommerce also moving forward with IPO filings. The startup ecosystem anticipates a notable influx of IPOs this year, marking a significant evolution in the Indian entrepreneurial landscape.
