firstcry ipo: SoftBank-backed FirstCry to file IPO papers soon, targets raising $500-600 million

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After having delayed its public listing last year due to choppy market conditions, omnichannel retailer FirstCry is finally looking to file its draft IPO papers in the next few days, people in the know said.

The company is aiming to raise $500-600 million at a $4-5 billion valuation, these people said.

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“The draft red herring prospectus ( DRHP) is likely to be filed with the markets regulator Sebi before December 29. The listing is expected to be post the general elections..,” said a person familiar with the matter who spoke on the condition of anonymity.

FirstCry will be the second Indian vertical e-commerce platform to go public after Nykaa’s IPO in 2021. The Pune-headquartered company specialises in selling products for kids and mothers across online and offline formats.

As a precursor to its IPO, in August, three family investment offices from India Inc had picked up stakes in FirstCry for about Rs 435 crore recently. Ranjan Pai’s (Manipal Group) MEMG Family Office, Harsh Mariwala’s (Marico) investment office Sharrp Ventures and Hemendra Kothari’s DSP family office invested in the company by largely buying stakes from its largest investor SoftBank.

FirstCry has to keep its foreign shareholding below 51%, in line with the country’s FDI laws for ecommerce. SoftBank, in particular, has been looking to dilute its stake to under 26%, so that it does not get classified as a promoter of the firm.

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Another portfolio company of Masayoshi Son’s SoftBank Corp, Ola Electric is also filing its DRHP in the next few days, sources in the know said.ETtech has reached out to FirstCry for a comment on its IPO filing.

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