SEBI approves Rs 1,816 Cr IPO for Brainbees Solutions, parent company of FirstCry

FirstCry IPO: Brainbees Solutions Limited, the company behind FirstCry, has been granted approval by India's Securities and Exchange Board (SEBI) for its planned IPO.

As per the Sebi disclosure, FirstCry's final observation letter was received by the market regulator on 25 June, allowing the companies to list on the bourses.

Sebi requested more documents on Key Performance Indicators (KPIs), which led Brainbees Solution, the parent company of FirstCry, to resubmit their papers for an IPO in April.

As per the latest draft red herring prospectus (DRHP), Brainbees Solutions from Pune plans to raise Rs 1,816 crore through a new share offering and allow existing shareholders to sell up to 5.44 crore equity shares through an offer for sale (OFS).

 The company led by Supam Maheshwari is expected to raise approximately Rs 3,700 crore through an initial public offering (IPO), consisting of a combination of new shares and existing shares being sold.

Brainbees Solutions, in an official announcement, stated that Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, JM Financial Limited, and Avendus Capital Private Limited are the Book-Running Lead Managers for the IPO.

SVF Frog, a Softbank entity based in the Cayman Islands, plans to sell 2.03 crore equity shares of Brainbees Solutions Ltd through an Offer for Sale (OFS). Additionally, automaker Mahindra & Mahindra (M&M) will sell 28.06 lakh shares of the company.

At present, Softbank has a 25.55 percent ownership in Brainbees Solutions, while M&M holds a 10.98 percent stake in the multi-brand retail platform.

The sale offer consists of different entities that are selling ownership shares in the business. SVF Frog (Cayman) Ltd aims to provide a maximum of 20,318,050 shares, while Mahindra & Mahindra Limited plans to offer up to 2,806,174 shares. PI Opportunities Fund-1 is providing 8,601,292 shares for investment, while TPG Growth V SF Markets Pte is also offering their own opportunities. Ltd. plans to offload a maximum of 3,899,525 shares. Up to 3,014,233 shares are being offered by NewQuest Asia Investments III Limited, while Apricot Investments Limited is offering up to 2,523,280 shares. The courageous company Valiant Mauritius Partners FDI Limited aims to offload 2,404,344 shares, while TIMF Holdings (Mauritius) and Think India Opportunities Master Fund LP (Cayman) each plan to sell 837,676 shares. Schroders Capital Private Equity Asia Mauritius II Limited intends to sell a maximum of 616,945 shares as part of corporate selling shareholders.

Also Read: SBI Mutual Fund launches new SBI Silver ETF Fund of Fund