FirstCry, an e-commerce company for baby and mother care products, has refiled its draft Initial Public Offering (IPO) products, as per a report by the Economic Times. Recently, the company withdrew its IPO papers after the Securities and Exchange Board of India (SEBI) raised queries about its key performance metrics.
While the regulatory commission had asked for twenty-five metrics, FirstCry provided only five to six, as per a report by Moneycontrol. FirstCry aims to raise Rs 1,815 crore, or $218 million, through its IPO. Similarly, an offer for sale will be for up to 54,391,592 equity shares, as reported by Entrackr. There has been no change in the company’s IPO size.
Read: FirstCry's Parent Firm Brainbees Solutions Files Draft Papers With Sebi To Garner Funds Via IPO
The company has also disclosed its financials. As per the Economic Times report, the company reported a revenue of Rs 4,818 crore and a net loss of Rs 278 crore (for the nine-month period ending in December 2023).
While 77 percent of the company’s sales come from online purchases, the rest come from offline retail stores. Similarly, during the nine months, the company’s average number of unique transacting customers was 8.80 million. As reported by Entrackr, the total number of orders during this time period was 26.73 million, while the average order value was Rs 2,554.
With the company refiling its paper again, its IPO might not happen in July, as per the Economic Times report. While the company’s IPO is expected to be around $500 million in size, it will depend on the final valuation of the company at the time of the public offering, as per the report.
In December 2023, FirstCry filed for its IPO papers, which were eventually returned by the SEBI, as reported earlier. As per a report by Business Standard, several investors, including Mahindra and Mahindra and TPG, will sell up to 54.4 million shares. Similarly, Brainbees Solutions, the parent company of FirstCry, will sell shares worth Rs 1,816 crore.
