FirstCry, the prominent omnichannel retailer specializing in baby and mother care products, has announced the price band for its upcoming initial public offering (IPO) at Rs 440 to Rs 465 per equity share. This IPO, which is valued at nearly $3 billion, will consist of a fresh issue of Rs 1,666 crore and an offer for sale of 543 lakh equity shares by existing shareholders.
Founder and CEO Supam Maheshwari will not be selling any of his stake in the IPO. The company does not have a designated promoter for its public debut. Instead, the largest shareholder, SoftBank, through its entity SVF Frog, is set to sell 2.03 crore equity shares. Additionally, Mahindra & Mahindra (M&M) will offer 28.06 lakh equity shares for sale.
The bidding process for anchor investors will commence on August 5, while the public offer will open on August 6 and close on August 8. FirstCry aims to list its shares on August 13. The company had initially withdrawn its IPO papers in April following a request from the Securities and Exchange Board of India (SEBI) for additional information on key performance indices. FirstCry later refiled its documents, reporting revenue of Rs 4,184 crore for the first nine months of FY24, ending December 31, 2023, with losses amounting to Rs 287 crore for the same period.
Kotak Investment Banking, Morgan Stanley, Bank of America Securities, JM Financial, and Avendus have been appointed as the book-running lead managers for the IPO.