Firstcry IPO: Retail platform raises ₹1,886 crore in anchor book round ahead of public issue

The omnichannel children's apparel company Brainbees Solutions Ltd., which operates under the FirstCry brand, on Monday, said it has raised over ₹1885.8 crore ahead of company’s proposed IPO.

According to the exchange filing, the company has allocated 4,05,55,428 equity shares to 71 anchor investors at the upper price band of ₹465 per equity share with face value of ₹2 per share.

The marquee investors include Government of Singapore, Monetary Authority of Singapore, Abu Dhabi Investment Authority, Nomura Funds Ireland Public Limited, Fidelity Funds, Goldman Sachs Funds, SBI Blue Chip Fund, ICICI Prudential, HDFC MF, Kotak Mahindra Trustee Company Limited, SBI Life Insurance, Bajaj Allianz General Insurance Company, Bajaj Allianz Life Insurance Company, Aditya Birla Sun Life Trustee Private Limited, Amundi, Invesco India, Reliance Nippon Life Insurance Company Limited, CITI Group Global Markets Mauritius Private Limited, Goldman Sachs, Max Life Insurance Company Limited to name a few.

The company further informed that out of the total allocation of 4,05,55,428 equity shares to the anchor investors, 1,51,60,928 equity shares (i.e. 37.38% of the total allocation to anchor investors) were allocated to 8 domestic mutual funds through a total of 23 schemes.

Firstcry IPO details

Brainbees Solutions' IPO will be open for subscription from Tuesday, August 6, until Thursday, August 8. The price band of the upcoming IPO has been set ₹440 to ₹465 per equity share of face value of ₹2.

The ₹4,193 crore Firstcry IPO includes an offer-for-sale (OFS) of 54,359,733 equity shares by the selling shareholder, along with a new issuance amounting to ₹1,666 crore.

The offer for sale comprises of up to 46,814,458 equity shares of face value ₹ 2 each by corporate selling shareholders and up to 7,545,275 equity shares of face value ₹2 each by individual selling shareholders.

The company intends to use the net revenues to cover the expenses of constructing a new, modern facility and a warehouse in India. Additionally, they plan to invest in their subsidiary and cover lease payments for their existing, well-known modern boutiques.

The book-running lead managers for the Brainbees Solutions (Firstcry) IPO include Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Pvt Ltd, BofA Securities India Limited, JM Financial Limited, and Avendus Capital Pvt Ltd. The registrar for the offering is Link Intime India Private Ltd.