First cry IPO: Ratan Tata , Mahindra & Mahindra to sell their all shares
Brainbees Solutions, the parent company of brand name First cry, has filed its paper for nominations to debut for an IPO, with market regulator SEBI. The capital issue of shares are worth Rs 1,816 crore.
![First cry IPO: Ratan Tata , Mahindra & Mahindra to sell their all shares](https://www.psuconnect.in/sdsdsd/FIRST_CRY_IPO.jpg)
The offer for sale [OFS] for respective company includes the selling of up to 54.4 million shares by existing investors like SoftBank, Mahindra & Mahindra [M&M] and US private equity fund TPG. SoftBank is considered to be the biggest shareholder and holds 25.5 percent stake in the startup, followed by M&M's 10.98 percent. While the list of individuals selling shareholders includes Tata Sons Chairman Ratan Tata and Firstcry Co-founder and CEO Supam Maheshwari.
The Tata-backed chairman Ratan Tata had picked up 0.02 percent stake for Rs66 lakh in the startup and will offload all his shares 77,900 in the IPO where the average cost of acquisition comes to Rs84.72 per share.
Read Also : R.K. Chaudhary, CMD, NHPC met Chowna Mein, Hon’ble Dy. CM, Arunachal PradeshOn the other hand, the Supam Maheshwari is divesting 18.24 lakh shares out of 2.89 crore shares, with 5.95 percent stake in the company. Other selling shareholders include PI Opportunities Fund, TPG, New Quest Asia, Apricot Investments, Valiant Mauritius Partners, TIMF Holdings, Think India Opportunities Master Fund and Schroders Capital Private Equity Asia. The book-running lead managers to the IPO are Kotak Investment Banking, Morgan Stanley, BofA Securities, JM Financial and Avendus.
The respected company has reported consolidated net loss widened to Rs486.05 crore, over twofold to Rs 5,632.53 crore. Its parent association Brainbee owned a total of 936 modern stores and it plans to set up 336 new stores measuring an aggregate of approximately 0.59 million square feet under the Babyhug brand in the next three fiscal years.
Read Also : State Coal Minister inaugurates new solar plant at CCL’s Piparwar AreaThe Japanese conglomerate, SoftBank had invested $400 million in First Cry at an enterprise valuation of $900 million. It currently owns more than 15 percent stake in the company. First cry is tagged as the biggest e-commerce platform for mother and baby products, and is currently envisaging to raise $218 million through the sale of new shares in initial public offering, which accounted for almost one third of the $700 million it had originally targeted.
Read Also : WAPCOS CMD met Safarzoda Manuchehr Bakhodur Hon’ble Deputy Minister of Energy and Water ResourcesNews Must Read
- Petroleum Minister Hardeep S Puri Highlights India’s Bioenergy Progress
- NBCC bags orders worth Rs. 182.50 Crore
- OMCs increases price of 19 kg commercial LPG cylinder by Rs 39
- HUDCO Issues Record Date For Dividend, Shares Rise 118% YTD
- NTPC Bongaigaon to Support TB Eradication Efforts; Partners with District Administration, Kokrajhar
- Solar Energy Corporation of India Ltd (SECI) attains Navratna Status
- Dr D K Sunil Takes Over as CMD (Additional Charge) of HAL
- DVC bags Champions Trophy for Corporate Sustainability at XLRI, Jamshedpur
- Minister Pralhad Joshi Visits IREDA Office, Reviews Company’s Strategic Growth Plan
- HAL Selects SAFHAL Helicopter Engines to Develop and Produce ‘Aravalli’ Engines