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The initial public offer (IPO) of Brainbees Solutions (Firstcry) received 60,64,27,424 bids for shares as against 4,96,39,004 shares on offer, according to stock exchange data at 17:36 IST on Thursday (8 August 2024). The issue was subscribed 12.22 times.
The issue opened for bidding on Tuesday (6 August 2024) and it will close on Thursday (8 August 2024). The price band of the IPO is fixed at Rs 440 to 465 per share. An investor can bid for a minimum of 32 equity shares and in multiples thereof.
The IPO comprises offer for sale (OFS) of 5,43,59,733 equity shares and fresh issue of equity shares, aggregating to Rs 1,666 crore.
Out of the proceeds from the fresh issue, Rs 108.1 crore will be used for establishment of new modern stores under the BabyHug brand and establishment of a warehouse in India; Rs 93.9 crore towards lease payments for existing identified modern stores owned and operated in India; Rs 299.6 crore towards investments in subsidiary Digital Age; Rs 155.6 crore towards investment in subsidiary Firstcry Trading.
Further, Rs 169 crore will be utilized towards investment in subsidiary Globalbees Brands for the acquisition of an additional stake in its subsidiaries; Rs 200 crore towards sales and marketing initiatives; Rs 57.6 crore towards technology and data science costs, including cloud and server hosting costs; and the balance to finance inorganic growth through acquisitions and other strategic initiatives and general corporate purposes.
Ahead of the IPO, Brainbees Solutions (Firstcry) on Monday, 5 August 2024, raised Rs 1,885.83 crore from anchor investors. The board allotted 4.05 crore shares at Rs 465 each to 71 anchor investors.
Brainbees Solutions (Firstcry) was founded in 2010. It caters to the needs of mothers, babies, and kids via its online platform ‘FirstCry‘. The company offers everything needed for an infant up to the age of 12, including apparel, footwear, baby gear, nursery, diapers, toys, and personal care, amongst others. The portfolio includes Indian third-party brands, global brands, and own brands.
The extensive offerings consisted of more than 1.65 million stock keeping units (SKUs) from more than 7,580 brands on its multi-channel platform across categories as of March 31, 2024. BabyHug, one of Firstcry‘s house brands was the largest multi-category brand for mother, baby, and kid products in India by gross merchandise value (GMV) in FY 2024, according to a RedSeer report. Other key house brands include Pine Kids, Cute Walk by BabyHug, and Babyoye.
The firm reported a net loss of Rs 274.28 crore and sales of Rs 6,480.86 crore for the twelve months ended on 31 March 2024.
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