FirstCry IPO subscribed 17% on day 2 so far. Check GMP, other details
FirstCry, was subscribed just 17% on the second day of the bidding process on Wednesday.
As of 11:45 a.m., the issue attracted bids for merely 82,74,368 shares, or 0.17 times the issue size of 4,96,39,004 shares. The quota reserved for retail individual investors (RIIs) was subscribed 71%. The issue was subscribed 12% in the NII category. There were just 2,752 shares bid by the qualified institutional buyers, out of the 2,70,36,953 shares reserved for them.
The current grey market premium (GMP) for Brainbees Solutions is Rs 55, representing a premium of about 12% in the unlisted market.
The IPO consists of a fresh issue of shares worth Rs 1,666 crore and an offer for sale (OFS) of up to 2,528 crore shares. At the upper price band of Rs 465, the OFS would be worth about Rs 2,528 crore. Ahead of the issue opening, the company raised Rs 1,886 crore from anchor investors.
Under the OFS, Mahindra & Mahindra (M&M) plans to sell up to 28.06 lakh shares and SoftBank-operated SVF Frog will sell 20,318,050 shares. Others participating in the OFS include PI Opportunities Fund, TPG Growth and NewQuest Asia, Apricot Investments, Satyadharma Investments, Schroders Capital, Sage Investment and Pratithi Investment.
FirstCry IPO price band
The company has fixed a price band of Rs 440-465 per share, where investors can bid for 32 shares in one lot.
FirstCry IPO review
Analysts advised investors to subscribe to the IPO as the company is well placed to cater to the $120 billion market size of the child and mother and kids
