According to a draft red herring prospectus filed with SEBI on Thursday, Ratan Tata the former Chairperson of Tata Group, who initially paid ₹66 lakh for a 0.02 percent of investment in FirstCry which is “India’s multi-channel retailing platform for newborns”, plans to sell all 77,900 shares at an average cost per share of ₹84.72 in an initial public offering (IPO).
Brainbees Solutions (FirstCry.com) is The Pune-based unicorn’s which operates omnichannel businesses of kidswear, has applied for an initial public offering (IPO) to set up modern stores and a warehouse, and to make lease payments for the stores to run in the country. The initial public offering (IPO) consists of the sale of over 54 million equity shares as well as a new issue of shares amounting Rs 1,816 crore.
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Supam Maheshwari,co-founder of Firstcry also selling his shares.in this IPO. SoftBank is the main shareholder of the unicorn, FirstCry, with the shareholding (25.5%). The paper states that Mahindra will sell its 0.58% ownership in the parent firm and that SoftBank will also sell its 2.03 crore shares.
Although Firstcry has not yet disclosed the dates of the IPO subscription’s opening and closing in its DRHP, a number of media reports indicate that the public offering will begin in early 2024.