FirstCry To Refile IPO Papers With Additional KPI Disclosure, Updated Financials
FirstCry sells a wide range of products for babies, kids and mothers through online and physical stores.
Online retailer BrainBees Solutions Pvt., the parent of FirstCry, is expected to refile papers soon for its initial public offering after SEBI sought additional information and sent back its initial set of documents.
FirstCry will refile its papers with updated financials up until the December quarter of financial year 2023 and additional information on certain key performance indicators, according to two persons familiar with the matter. The Securities and Exchange Board of India had found certain KPI disclosure-related issues and sought clarity from the company, they said on the condition of anonymity.
FirstCry's KPIs include annual unique transacting customers, total orders placed, average order value, gross merchandise volume and its growth, according to its first draft red herring prospectus filed in December.
The Supam Maheshwari-led company's IPO is expected to raise about Rs 3,700 crore in a combination of a fresh issue and an offer for sale. The Pune-based unicorn plans to sell fresh equity shares worth Rs 1,816 crore, while existing investors, including SoftBank, will sell up to 5.44 crore shares via an offer for sale, according to its previous DRHP. The fresh documents could entail changes in the same.
In its DRHP, FirstCry says it will use a major part of the proceeds—Rs 648 crore—to fuel its expansion, including setting up new modern stores, a warehouse and lease payments for its existing identified modern stores in India.
Launched in 2010, FirstCry sells a wide range of products for babies, kids and mothers through online and physical stores. It has raised about $425 million till date and turned unicorn in 2020 when SoftBank invested around $300 million.
