FirstCry's parent Brainbees Solutions set to float IPO on August 6; check key details

Online e-commerce platform FirstCry's parent, Brainbees Solutions Ltd, is set to launch its initial public offering (IPO) on August 6.

The three-day issue is scheduled to close on August 8 and the bidding for the anchor portion will open for a day on August 5, according to the red herring prospectus (RHP).

The proposed public issue of Pune-based Brainbees Solutions consists of a fresh issue of equity shares valued at ₹1,666 crore and an OFS (offer for sale) component of up to 5.44 crore shares by existing shareholders.

The price band of the public issue will be announced on Thursday.

Under the OFS, SVF Frog, a Cayman Islands-registered entity of Softbank, will sell 2.03 crore equity shares of Brainbees Solutions Ltd, and automaker Mahindra & Mahindra (M&M) will offload 28.06 lakh shares of the company.

Currently, Softbank holds a 25.55 per cent stake in Brainbees Solutions, and M&M owns a 10.98 per cent stake in the multi-brand retailing platform.

Apart from Softbank and M&M, other selling shares in the OFS are PI Opportunities Fund, TPG, NewQuest Asia Investments, Apricot Investments, and Schroders Capital.

Launched in 2010, FirstCry is India's largest multi-channel, multi-brand retailing platform for mothers', babies' and kids' products. It was set up with the aim of creating a one-stop destination for parenting needs across commerce, content, community engagement, and education, based on brand affinity, loyalty and trust of customers.

Further, FirstCry expanded internationally in select markets, establishing a presence in the United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA) in 2019 and 2022, respectively.

Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Private Ltd, BofA Securities India Ltd, JM Financial Ltd and Avendus Capital Private Ltd are the book running lead managers to the issue.