FirstCry IPO: Company refiles draft IPO papers with updated financial details
Upstox
2 min read • Updated: April 30, 2024, 4:09 PM
Summary
FirstCry, a prominent e-commerce platform specializing in children's and baby products, has resubmitted its draft IPO papers to SEBI after revising its financial data. Initially submitted in December 2023, the documents were returned by SEBI, which requested further details and clarity.
FirstCry IPO: FirstCry has resubmitted its draft IPO papers to the Securities and Exchange Board of India (SEBI) after updating its financial data. The company first submitted its Draft Red Herring Prospectus (DRHP) for the public issue in December 2023, but SEBI returned the documents, seeking additional details and further clarity.
While SEBI requested 25 metrics, FirstCry provided only 5-6, reported Moneycontrol.
FirstCry, the leading e-commerce player specialising in kids and baby products, plans to raise ₹1,815 crore, or $218 million, through the maiden public issue. This funding will involve the issuance of new shares as well as the divestment of 5.4 crore shares from existing investors.
The company’s IPO size remains unchanged at ₹4,163 crore, or $500 million. The company disclosed revenue of ₹4,814 crore for the nine months ending December 31, 2023 and it reported a loss of ₹278 crore during the same period, according to the revised DRHP.
Approximately 77% of its total sales originate from online channels, with the remaining 23% has been attributed to offline retail stores. The company achieved gross sales of ₹5,650 crore for the nine-month period ending in December 2023.
Following almost a month of communication between FirstCry and SEBI, the regulator returned the company’s papers last week, requesting more information.
According to an Economic Times report, the Firstcry IPO launch may take place around July. Although the IPO is anticipated to be valued at approximately ₹4,163 crore, the final valuation will depend on the company’s assessment in the public offering.
Established in 2010 by Supam Maheshwari and Amitava Saha, FirstCry is headquartered in Pune. The parent company of FirstCry is Brainbees Solutions Private Ltd, which is backed by SoftBank.