Kids retailer FirstCry to refile DRHP with updated financials
DRHP) with updated financials after markets regulator Securities and Exchange Board of India (Sebi), pressed for detailed key performance indicators or KPIs, a person with knowledge of the development said. The Pune-based company is looking to raise $500 million from its public listing.
The company that counts Mahindra Group and TPG as its other investors filed DRHP with Sebi in December for an IPO to raise $215 million through fresh issuance in addition to $300 million more via offer for sale by existing investors. “The regulator had asked for additional info and the company is refiling the papers.
The IPO process is on track," said the person cited above. As per its DRHP, the company saw its losses jump six times to $57.6 million, as against a total income of $684 million for the financial year ended 31 March 2023.
“The company will file its updated financials up to December 2023," the person said. Investment banks such as Kotak Mahindra Capital Co., Morgan Stanley, Bank of America, JM Financials and Avendus are managing the issue for the company.
The IPO that is likely to be launched in the first half of the current calendar year, will be one of the largest new-age IPOs in the last 12-24 months. Mamaearth parent, Honasa Consumer, raised ₹1,700 crore or roughly $210 million from the Street in November.Milestone Alert!
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