(L-R) – Mr. Debasish Purohit (Managing Director & Co Head Of India Investment Banking, Bofa Securities India Limited), Mr. Kamal Yadav (Managing Director & Co Head Of India Investment Banking, Morgan Stanley India Company Private Limited), Mr. Gautam Sharma (Chief Financial Officer, Brainbees Solutions Limted – Firstcry), Mr. Supam Maheshwari, (Managing Director And Chief Executive Officer, Brainbees Solutions Limted – FirstCry), Mr. Jayasankar Venkatraman (Managing Director & Member Of The Board, Kotak Mahindra Capital Company Limited), Mr. Pranay Jain (Managing Director, Avendus Capital Private Limited) and Mr. Abhishek Bhagat (Managing Director, JM Financial Limited) at the press conference in connection to Brainbees Solutions Limted’s (FirstCry) Initial Public Offering (IPO).
MUMBAI, 1st AUGUST, 2024 (GPN): Pune-based Brainbees Solutions Limited the Parent of Indian Retail firstcry.com IPO consists of a fresh issue of Rs 1,666 crore and an offer for sale of 543 lakh equity shares by its existing shareholders. Founder and CEO Supam Maheshwari is not selling any stake in the IPO. On the upper price band, the OFS is valued at Rs 2,527.72 crore. The total issue size will be Rs 4,193.72 crore while the total market cap will be Rs 22,475 crore or $2.68 billion.
Brainbees Solutions Ltd, which operates “firstcry.com” the flagship omnichannel kidswear business has set a price band of Rs. 440 – 465 a share for its IPO.
The issue opens on August 6, with anchor bidding starting on August 5. The IPO closes on August 8. The allotment basis will be determined on August 9, refunds and shares will be credited to accounts on August 12, and the firm will list on August 13.
FirstCry parent BrainBees had 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). SEBI had initially sought 25 KPIs of which FirstCry provided only 5-6 in its first set of filings, sources told GPN earlier.
Under the OFS, SVF Frog, a Cayman Islands-registered entity of Softbank, will sell 2.03 crore equity shares of Brainbees Solutions Ltd, and automaker Mahindra & Mahindra (M&M) will offload 28.06 lakh shares of the company.
The company will use net proceeds from the fresh issue for setting up new modern stores under the brand ‘BabyHug’, investment in the subsidiary, overseas expansion, as well as sales and marketing initiatives, besides, a portion will be used for corporate general purposes.
Launched in 2010, FirstCry is India’s largest multi-channel, multi-brand retailing platform for mothers’, babies’ and kids’ products. It was set up with the aim of creating a one-stop destination for parenting needs across commerce, content, community engagement, and education, based on brand affinity, loyalty and trust of customers.
Further, FirstCry expanded internationally in select markets, establishing a presence in the United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA) in 2019 and 2022, respectively.
The company said that 75 per cent of the issue size has been reserved for qualified institutional buyers, 35 per cent for non-institutional investors and the remaining 10 per cent for retail investors. Investors can bid for a minimum of 32 equity shares and in multiples thereof.
Currently, Softbank holds a 25.55 per cent stake in Brainbees Solutions, and M&M owns a 10.98 per cent stake in the multi-brand retailing platform.
Apart from Softbank and M&M, other selling shares in the OFS are PI Opportunities Fund, TPG, NewQuest Asia Investments, Apricot Investments, and Schroders Capital. Further, individuals selling shareholders include veteran industrialist Ratan Tata.
Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Private Ltd, BofA Securities India Ltd, JM Financial Ltd and Avendus Capital Private Ltd are the book running lead managers to the issue.
RHP Link: https://investmentbank.kotak.
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