FirstCry IPO: Ecommerce platform all set to file draft papers to raise over $600 million, says report
general elections..," people aware of the matter were quoted as saying by ET. FirstCry is poised to become the second Indian vertical e-commerce platform to undergo an initial public offering (IPO), following Nykaa's IPO in 2021.
Headquartered in Pune, the company specializes in offering a diverse range of products for children and mothers through both online and offline channels. In anticipation of its IPO, FirstCry attracted investments totaling approximately ₹435 crore in August from three prominent family investment offices within India Inc.
These offices include Ranjan Pai's MEMG Family Office (Manipal Group), Harsh Mariwala's Sharrp Ventures (Marico), and Hemendra Kothari's DSP family office. Notably, these investments involved the acquisition of stakes from FirstCry's largest investor, SoftBank.
Adhering to India's FDI laws for e-commerce, FirstCry is required to maintain its foreign shareholding below 51%. In this context, SoftBank is actively working to reduce its stake to below 26% to avoid being classified as a promoter of the company.
Additionally, Ola Electric, another portfolio company under the umbrella of Masayoshi Son's SoftBank Corp, is reportedly preparing to file its Draft Red Herring Prospectus (DRHP) in the coming days, according to sources familiar with the matter. Also read: Ola Electric to file DRHP with SEBI this month to raise $700 million via IPO According to a Moneycontrol report, FirstCry and Ola Electric’s common investor SoftBank had marked up the valuations of both the firms, along with a few others in its portfolio, signalling the investor's optimism in the two companies ahead of the IPO.Milestone Alert!
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