 "FirstCry")
FirstCry is providing a 17 per cent stake to public shareholders. Photograph: Twitter @firstcryindia
Indian retailer FirstCry is searching for to lift as much as $501 million in an preliminary public providing (IPO), valuing the corporate as a lot as $2.9 billion, based on a time period sheet seen by Reuters on Thursday.
FirstCry, which sells child merchandise together with garments, diapers and toys and competes with on-line children’ retailer Hopscotch, and in some segments with home corporations Consumers Cease and Flipkart-owned Myntra, is searching for to faucet the marketplace for new mother and father on this planet’s most populous nation.
The corporate is providing recent shares price $199 million, whereas current traders, together with SoftBank, TPG and India’s Mahindra and Mahindra, will promote a mixed stake price $302 million, the time period sheet confirmed.
FirstCry is providing a 17 per cent stake to public shareholders and has set a worth band between 440 rupees and 465 rupees per share, based on the time period sheet.
It mentioned it would use the proceeds from the providing to fund acquisitions, worldwide enlargement and arrange new shops and warehouses in India.
FirstCry didn’t instantly reply to a Reuters’ request for remark.
The ebook working lead managers are BofA Securities India, Morgan Stanley India, Kotak Mahindra Capital, JM Monetary and Avendus Capital.
A inventory market growth has resulted in over 150 Indian firms elevating practically $5 billion by way of public listings within the nation between January and July, practically double the quantity raised for a similar interval final yr, based on LSEG information.
Indian e-scooter maker Ola Electrical earlier this week mentioned it goals to lift $734 million within the nation’s largest IPO this yr.
(Solely the headline and movie of this report might have been reworked by the Enterprise Commonplace employees; the remainder of the content material is auto-generated from a syndicated feed.)
First Printed: Aug 01 2024 | 10:22 AM IST
