FirstCry IPO: BrainBees Solutions gets SEBI nod for its public issue


FirstCry IPO: BrainBees Solutions Ltd, the operator of FirstCry, has received the Securities and Exchange Board of India (SEBI) approval for its proposed initial public offering (IPO).

According to Sebi disclosures, the market regulator received FirstCry's final observation letter on June 25, which means the companies have received approval to list on the stock exchanges.

FirstCry's parent company BrainBees Solutions re-filed its papers for the IPO in April this year after Sebi had sought additional documents on key performance indicators (KPIs).

According to the latest Draft Red Herring Prospectus (DRHP), the proposed IPO of Pune-based BrainBees Solutions is a combination of fresh issue of equity shares aggregating to Rs 1,000 crore. ₹1,816 crore and an offer for sale (OFS) of 5.44 crore equity shares by existing shareholders

The Supam Maheshwari-led company is expected to raise around $15 million through its IPO. As per reports, Rs 3,700 crore has been raised through a combination of fresh issue and offer for sale. NDTV.

Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, JM Financial Limited and Avendus Capital Private Limited are the book-running lead managers to the issue, BrainBees Solutions said in its official statement.

Under the OFS, SoftBank's Cayman Islands-registered unit SVF Frog will sell up to 2.03 crore equity shares of BrainBees Solutions Ltd, and automaker Mahindra & Mahindra (M&M) will sell up to 28.06 lakh shares of the company.

SoftBank currently holds a 25.55 per cent stake in BrainBees Solutions, and M&M holds a 10.98 per cent stake in the multi-brand retailing platform.

The offer for sale includes the following

-Up to 20,318,050 equity shares by SVF Frog (Cayman) Limited

-2,806,174 equity shares by Mahindra & Mahindra Limited

-Up to 8,601,292 equity shares by PI Opportunities Fund – 1

-Up to 3,899,525 equity shares by TPG Growth v SF Markets Private Limited.

-Up to 3,014,233 equity shares by NewQuest Asia Investments III Limited

-Up to 2,523,280 equity shares by Apricot Investments Limited

-up to ₹2,404,344 by Valiant Mauritius Partners FDI Ltd

-Up to 837,676 equity shares by TIMF Holdings (Mauritius)

-Up to 837,676 equity shares by Think India Opportunities Master Fund LP (Cayman)

– Up to 616,945 equity shares by Schroders Capital Private Equity Asia Mauritius II Limited (Corporate Selling Shareholders)

Besides, three more companies – SaaS platform Unicommerce E-Solutions, Maharashtra-based Gala Precision Engineering and Interarch Building Products – received regulatory approval to launch initial share sales.

As per the update, these companies — which had filed their initial IPO documents with Sebi between January and May 2024 — received the regulator’s comments during June 25-28.

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