India’s leading retail player in the mother and childcare segment, FirstCry, is gearing up for a significant move as it plans to file its Draft Red Herring Prospectus (DRHP) for an Initial Public Offering (IPO) next week. Ranjan Pai-backed FirstCry, powered by Mahindra Retail and backed by SoftBank, is eyeing a substantial fundraising target of $500 million. Notably, SoftBank is also an investor in Ola Electric, which is concurrently in the process of filing its IPO.
FirstCry IPO Details
FirstCry aims to raise the capital through a mix of methods, with 60% of the funds expected to come from the Offer for Sale (OFS) route and the remaining directed to the primary segment. The IPO, if successful, will mark a milestone for FirstCry and become the second e-commerce IPO in India following Nykaa’s debut in 2021.
SoftBank holds a prominent position as the largest investor in FirstCry. Additionally, key family investment offices, including Ranjan Pai’s MEMG Family Office, Harsh Mariwala’s Sharrp Ventures, and Hemendra Kothari’s DSP family office, have acquired stakes in FirstCry, collectively investing around Rs 435 crore.
FirstCry IPO Opening Date
The filing of the DRHP is anticipated by December 29, with the listing date speculated to be after the general elections in April-May 2024. The move aligns with a strategic approach, possibly influenced by the economic and market dynamics post elections.
FirstCry Fundamental Overview
Positioned as an online store catering to newborns, babies, and kids, FirstCry boasts claims to be the largest retailer in the mother and childcare segments. With a community of over 1 crore parents, it has established itself as a go-to destination for parenting needs.
As India eagerly awaits the IPO filing, FirstCry’s journey to the stock market reflects the evolving landscape of e-commerce in the country and the investor confidence garnered by leading players in the retail sector.
In summary, FirstCry’s upcoming IPO is poised to make headlines, and market observers will be closely monitoring its progress, especially in the context of the dynamic economic and political landscape in the post-election period.