Ecommerce platform FirstCry has filed its Red Herring Prospectus (RHP) with SEBI and announced that its IPO will open for public subscription from August 6 to August 8, according to media reports. The anchor book will be launched on August 5, and the price band will be revealed on August 1.
As per media reports, FirstCry aims for a valuation between USD 2.9 billion and USD 3 billion with this public listing. The offering includes a fresh issue of equity shares worth USD 16,660 million with a face value of USD 2 each, and up to 54,359,733 equity shares with a face value of USD 2 each are being offered for sale. The total amount of the offer is yet to be specified.
Media reports indicate that the selling shareholders in the offer for sale (OFS) include Mahindra & Mahindra Limited, Premji Invest, TPG Growth, NewQuest Asia, and SVF Frog (Cayman).
According to media sources, the IPO proceeds will be used for setting up new modern stores, sales and marketing incentives, investing in its subsidiary Digital Age, and more. Funds will also go towards paying leases for existing stores, setting up warehouses, and expanding to Saudi Arabia.
However, as per media reports, the company’s expansion plans could be impacted by factors such as labor shortages, increased costs, delays in completion, regulatory restrictions, and other external factors beyond the management’s control.
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