Japanese conglomerate SoftBank has reportedly sold shares worth $310 million in the omnichannel retailer FirstCry, which is expected to file a draft paper for its initial public offering (IPO) this week, according to sources on Monday. This move comes as SoftBank continues to divest its holdings in the company.
A source familiar with the matter stated, “SoftBank recently sold shares worth Rs 630 crore in FirstCry. It was picked up by a few high-net-worth individuals. With this sale, SoftBank has realised $310 million from two rounds of stake sale in FirstCry.”
The source further disclosed that the sale values FirstCry in the range of $3.5-3.75 billion. SoftBank had initially invested $400 million in FirstCry at an enterprise valuation of $900 million.
Another source mentioned that SoftBank still holds shares valued in the range of $800-900 million, which it plans to sell later. “SoftBank is looking to make around $1.3 billion from the investment made in FirstCry,” the source added.
FirstCry, known for its extensive range of baby and kids’ products, has been a prominent player in the Indian market. The company’s IPO filing is expected to attract significant attention from investors, considering its position in the retail sector and the ongoing momentum in India’s IPO market.
