FirstCry’s IPO Band Set Between Rs 440-465 Per Share

Brainbees Solutions, the parent company of FirstCry, declared the price band for its upcoming initial public offering (IPO) at Rs 440 to Rs 465 per share, at a valuation of USD 2.9 billion, as per media reports. The IPO consists of a fresh issue of Rs 1,666 crore.

According to media reports, The firm reduced the size of its fresh issue to Rs 1,666 crore from Rs 1,816 crore, as disclosed in its draft red herring prospectus (DRHP), and an offer for sale (OFS) for up to 54 million shares. Participants in the OFS include Mahindra & Mahindra, SoftBank, Premji Invest, TPG Growth, NewQuest Asia, Apricot Investments, Satyadharma Investments, Schroders Capital, Sage Investment, and Pratithi Investment.

The issue will open on 6 August, with anchor bidding starting on 5 August. The IPO will close on 8 August. The allotment basis will be determined on 9 August, refunds and shares will be credited to accounts on 12 August, and the firm will list on 13 August, as per media reports.

FirstCry's parent, Brainbees Solutions, first filed draft IPO papers with India's Securities and Exchange Board of India (SEBI) last December for an IPO. FirstCry, however, withdrew its draft papers after the capital markets regulator, Sebi, sought more clarity on key performance indicators (KPIs). The company refiled its IPO papers and provided more clarity on its financials.