The parent company of Indian babycare retailer Firstcry, Brainbees Solutions, is hoping to raise $218 million through an initial public offering (IPO). According to reports, the company wants to be valued at almost US $4 billion, which is less than its original US$6 billion target but higher than its most recent private market valuation.
Brainbees revealed in a preliminary prospectus that up to 54.4 million shares could be sold by certain investors, including SoftBank, NewQuest, and TPG. The business stated that it will use the proceeds from the IPO to build new stores in Saudi Arabia and India and to terminate the leases on its current locations in India.
FirstCry was established in 2010 and offers clothing, accessories, and toys for mothers, babies, and children both online and in-person. Along with its own brands like BabyHug and Babyoye, it offers over 1 million stock-keeping units from over 6,800 brands from India and overseas.
The online retailer had intended to go public last year, but adverse market conditions caused the listing to be delayed. The company saw a 2.4x increase in revenue in its fiscal year 2023.
FirstCry’s initial public offering (IPO) follows the quiet November debut of Honasa, the parent company of Indian beauty and skincare brand Mamaearth, on the National Stock Exchange of India.
With over 180 companies going public in 2023, the IPO market in India saw a record-breaking year. Overall revenue is still less than in 2022, though.
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