FirstCry's parent Brainbees Solutions shares jump nearly 46% in debut trade

New Delhi: Shares of e-commerce platform FirstCry's parent Brainbees Solutions Ltd on Tuesday ended with a hefty premium of nearly 46 per cent against the issue price of Rs 465.

The stock made its debut at Rs 625, a jump of 34.40 per cent from the issue price on the BSE. During the day, it surged 52 per cent to Rs 707.05. Shares of the firm ended at Rs 678.25, a surge of 45.86 per cent.

At the NSE, it listed at Rs 651, reflecting a sharp rally of 40 per cent. The stock ended at Rs 673.50, higher by 44.83 per cent.

The company's market valuation stood at Rs 35,213.67 crore.

The rally in the stock defied broader market's plunge. The 30-share BSE Sensex tumbled 692.89 points or 0.87 per cent to settle at 78,956.03. The NSE Nifty slumped 208 points or 0.85 per cent to 24,139.

The initial public offer of Brainbees Solutions received 12.22 times subscription on the closing day of bidding on Thursday.

The Rs 4,194 crore initial share-sale had a price band of Rs 440-465 a share.

The public issue of Pune-based Brainbees Solutions had a fresh issue of equity shares valued at Rs 1,666 crore and an OFS (Offer For Sale) component of up to 5.44 crore shares worth Rs 2,528 crore by existing shareholders.

The company will use net proceeds from the fresh issue for setting up stores under the brand 'BabyHug', investment in subsidiaries, overseas expansion, and sales and marketing initiatives. Besides, a portion will be used for corporate general purposes.

Launched in 2010, FirstCry is India's largest multi-channel, multi-brand retailing platform for mothers', babies' and kids' products. It was set up to create a one-stop destination for parenting needs across commerce, content, community engagement, and education, based on brand affinity, loyalty and trust of customers.

FirstCry established itself in the UAE and Saudi Arabia in 2019 and 2022, respectively.