This Mahindra-backed retail startup is coming up with an IPO, gearing up to raise $600 million.

The IPO of First Cry, the popular omni-channel retail venture backed by the Mahindra Group, could be coming soon. First Cry, one of the most popular retail brands in the baby care and children’s apparel category, has started preparations for an IPO and the company will submit its IPO draft to market regulator SEBI in the coming days. can Such a claim is being made in the news.

The IPO was coming up last year.

According to a report in the Economic Times, FirstCry is preparing to file an IPO (DRHP) draft soon. The company had earlier planned for an IPO but postponed the IPO decision due to market turmoil. The company was planning to launch an IPO last year but the market was quite volatile at that time.

The size of the IPO can be so large.

According to the report, FirstCry may try to raise up to $500-600 million from the market through an IPO. There is no word yet on the estimated value of the company, but people close to the matter say the company could be valued at around $4 billion at the time of the IPO.

The draft is expected to enter this month.

First Company, a company that has a presence in both online and offline retail businesses, may file an IPO draft by next week. An ET report quoted sources as saying that the DRHP for the IPO could be submitted to SEBI by December 29, while the company will bring its IPO after the Lok Sabha elections next year. The Lok Sabha elections are expected to be held in April-May next year.

So much is part of the Mahindra Group.

FirstCry’s parent company is BrainBiz. As of March 2021 data, Mahindra Group’s Mahindra Retail holds 10.48 percent stake in BrainBiz. While Mahindra Engineering and Chemical Products has an additional 3.11% stake in First Cry.

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