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Ratan Tata will sell all 77,900 of the FirstCry IPO’s shares.

livendtv.com by livendtv.com
29 December 2023
in Business, News
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Ratan Tata will sell all 77,900 of the FirstCry IPO’s shares.
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In 2016, Tata acquired a 0.02 percent stake for ₹66 lakh in Brainbees Solution, a company that runs omnichannel kidswear businesses under the FirstCry brand.

Ratan Tata will sell all 77,900 of the FirstCry IPO's shares.

Ratan Tata at a Mumbai press conference.23/03/2009; photo by Abhijit Bhatlekar.

 

Business magnate Ratan Tata plans to divest all 77,900 of his shares in the e-commerce platform FirstCry’s impending initial public offering (IPO). In 2016, Tata acquired a 0.02 percent stake for ₹66 lakh in Brainbees Solution, a company that runs omnichannel kidswear businesses under the FirstCry brand.

The parent company of FirstCry, Brainbees Solutions, filed a draft red herring prospectus (DRHP) with the capital markets regulator, Securities and Exchange Board of India (SEBI). The IPO entails the issuance of new equity shares valued at ₹1,816 crore in addition to an offer for sale by current shareholders and promoters.

See Also: Firstcry IPO: Issue specifics, goals, and extra - 10 essential takeaways from DRHP

Current investors in Brainbees, such as Mahindra & Mahindra (M&M), SoftBank, NewQuest Asia, and the private equity firm TPG, intend to sell a combined 5.44 crore shares through an Offer for Sale (OFS) in conjunction with the main offering.

SoftBank is the main shareholder of the unicorn in online e-commerce, FirstCry, with the largest stake (25.5%). The document states that Mahindra will sell its 0.58% ownership in the parent company and that SoftBank will sell its 2.03 crore shares.

FirstCry may think about a private placement of shares to specific investors for up to ₹363.20 crore, according to the DRHP. FirstCry provides mothers, babies, and children with toys, clothes, and accessories via their physical and online stores.

Although Firstcry has not yet disclosed the dates of the IPO subscription’s opening and closing in its DRHP, a number of media reports indicate that the public offering will begin in early 2024. Additionally, the IPO price band and offer price for the issue have not yet been disclosed.


The net proceeds will be used, in accordance with the DRHP, to open new retail locations, warehouses, and international expansion. The registrar of the offer is Link Intime India Private Limited, while the book-running lead managers are Kotak, Morgan Stanley, Bofa Securities, JM Financial, and Avendus.

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