FirstCry, an Indian e-commerce giant specializing in mother and baby products, plans to raise $218 million in its initial public offering (IPO), a reduction from the initially intended $700 million. The company’s parent, Brainbees Solutions, disclosed in a draft prospectus that key investors like SoftBank, NewQuest, and TPG may sell shares during the IPO. The company’s valuation is aimed at around $4 billion, a decrease from the $6 billion mark last year. The IPO’s book-running lead managers are noted firms such as Kotak Mahindra Capital and Morgan Stanley.
Since its inception in 2010, FirstCry has grown to offer over 1 million stock keeping units (SKUs) from more than 6,800 brands, including third-party and proprietary labels like BabyHug and Babyoye. The company plans to allocate IPO proceeds to various growth avenues, including new stores, warehouses, marketing, and international expansion.
FirstCry also manages 180 pre-schools across India and has made international strides with platforms in the UAE and Saudi Arabia, alongside a significant acquisition of GlobalBees. Financially, the company has seen a substantial increase in total income to $688.4 million in the last financial year, though losses have also increased notably.
