FirstCry's parent Brainbees Solutions gets SEBI's nod to raise funds via IPO

Online e-commerce platform FirstCry's parent, Brainbees Solutions Limited, has received the go-ahead from market regulator Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO).

According to the company's IPO papers, Pune-based Brainbees Solutions' proposed public issue consists of a fresh issue of equity shares valued at ₹1,816 crore and an OFS (offer for sale) component of up to 5.44 crore shares by existing shareholders.

Shareholders who will be offloading their stakes include SVF Frog, which is a Cayman Islands-registered entity of Softbank, carmaker Mahindra & Mahindra (M&M), TPG, PI Opportunities Fund, Apricot Investments, NewQuest Asia Investments, Valiant Mauritius, Think India Opportunities Fund, TIMF Holdings, and Schroders Capital.

Presently, Softbank owns a 25.55% stake in Brainbees Solutions, and M&M holds a 10.98% stake.

The company's KPIs include its number of orders, annual transacting customers and average order value.

Firstcry is a online store for newborn, baby and kids products. Started in 2010, the company is headquartered in Pune.

Apart from FirstCry's parent, three more companies have received SEBI's observations. They include software as a service (SaaS) platform Unicommerce eSolutions, Maharashtra-based Interarch Building Products and Gala Precision Engineering.

In SEBI's parlance, observations mean a nod to floating the IPO.

Shares of these four firms will be listed on the National Stock Exchange (NSE) and BSE.