FirstCry's parent firm Brainbees Solutions files IPO papers with Sebi

New Delhi: Brainbees Solutions Ltd, the parent firm of online e-commerce platform FirstCry, on Thursday filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The company's proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 1,816 crore and an Offer For Sale (OFS) of up to 5.44 crore equity shares by shareholders, according to the draft red herring prospectus (DRHP).

Those selling shares in the OFS include Mahindra & Mahindra (M&M), TPG, NewQuest Asia, SVF Frog (Cayman) Ltd, Apricot Investments, Valiant Mauritius, TIMF, Think India Opportunities Fund, Schroders Capital and PI Opportunities.

Proceeds from the fresh issue would be used to open new stores and warehouses in India as well as in the Kingdom of Saudi Arabia (KSA). Besides, the capital will be used for sales and marketing initiatives.

FirstCry is India's largest multi-channel, multi-brand retailing platform for mothers, babies and kids.