Brainbees Solutions Ltd, parent firm of FirstCry refiles IPO papers
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The IPO consists of a fresh issue of equity shares worth up to Rs 1,816 crore and an Offer For Sale (OFS) of up to 5.44 crore equity shares by existing shareholders.
The IPO size remains unchanged as per the latest draft red herring prospectus (DRHP).
New Delhi,UPDATED: May 6, 2024 17:20 IST
Brainbees Solutions Ltd, the parent company of FirstCry, has refiled papers with Sebi for an initial public offering (IPO), as revealed in an update with the market regulator on Monday.
The decision to refile the IPO documents followed a directive from Sebi to address insufficient disclosure of key performance indicators (KPIs), according to market sources.
The company's key performance indicators include its number of orders, average order value, and annual transacting customers.
As per the latest draft red herring prospectus (DRHP), the Pune-based company's IPO size remains unchanged.
It consists of a fresh issue of equity shares worth up to Rs 1,816 crore and an Offer For Sale (OFS) of up to 5.44 crore equity shares by existing shareholders.
For the nine months ended December 2023, Brainbees Solutions Ltd reported a net loss of Rs 278 crore and an operating revenue of Rs 4,814 crore.
Approximately 77% of the company's total sales came through online channels, with the remaining 23% through offline stores, according to the draft papers.
In the OFS, SVF Frog, a Cayman Islands-registered entity of Softbank, plans to sell 2.03 crore equity shares of Brainbees Solutions Ltd, while automaker Mahindra & Mahindra (M&M) will offload 28.06 lakh shares of the company.
Presently, Softbank holds a 25.55% stake in Brainbees Solutions, and M&M owns a 10.98% stake in the multi-brand retailing platform, as outlined in the draft papers.
Besides Softbank and M&M, other shareholders participating in the OFS include PI Opportunities Fund, TPG, NewQuest Asia Investments, Apricot Investments, Valiant Mauritius, TIMF Holdings, Think India Opportunities Fund, and Schroders Capital.
Published On:
May 6, 2024