FirstCry shares to debut on Tuesday. Here's what GMP indicates
FirstCry, will debut on the exchanges on Tuesday. Ahead of the listing, the company's shares are trading at a GMP of Rs 84 in the unlisted market.
Considering the upper price band of Rs 549, the stock is expected to list at a premium of 18% to the issue price.
However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly.
The IPO of FirstCry sailed through on the last day of the bidding process with a subscription of over 12 times at close.
Ahead of the issue opening, the company raised Rs 1,886 crore from 71 anchor investors. Marquee investors who participated in the anchor round include SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Government of Singapore, ADIA, Goldman Sachs.
The SoftBank and Premji Invest-backed firm said it would utilise net proceeds from the IPO towards setting up new modern stores under the brand 'BabyHug', for investment in subsidiary Digital Age, for overseas expansion, and sales and marketing initiatives.
Brainbees Solutions is the largest multi-channel retailing platform for mothers, babies, and kids products, with a growing presence in select international markets. The company launched FirstCry platform as a one-stop destination for parenting needs encompassing commerce, content, community engagement, and education.
It offers a wide range of products including apparel, footwear, baby gear, nursery items, diapers,
