FirstCry refiles draft IPO papers
The parent company of children’s omni-channel shop FirstCry, Brainbees Solutions, has re-filed its draft red herring prospectus (DRHP) a few days after the Security Exchange Board of India (SEBI) expressed concerns about some of its data.
FirstCry refiles draft IPO papers
The company only supplied financial information until the first quarter of the financial year 2024, thus SEBI had concerns about some of the important indicators it presented to investors. As a result, the company withdrew its IPO papers last week. An IPO-bound company is required by SEBI’s new rule, which was established in 2022, to disclose all significant business data that it has provided with potential investors over the previous three years.
FirstCry refiles draft IPO papers
FirstCry has released the most recent financial information, which covers the first three quarters of FY24, in the refiled DRHP. As of Q3 FY24, the company’s net losses were Rs 278 crore, while its operating revenue was registered at Rs 4814 crore.
FirstCry refiles draft IPO papers
Other information has been made available as well: during that time, the business had 26.73 million orders with an average order value of Rs 2,554, and 8.80 million average unique transacting consumers.
FirstCry refiles draft IPO papers
The FirstCry IPO, which is supported by SoftBank, consists of an offer for sale (OFS) of up to 54,391,592 equity shares and a new issue of equity shares totaling up to Rs 1,816 crore. The new issue and OFS are unchanged from the most recent DRHP.
Operating revenue for FirstCry increased by more than two times to Rs 5,632 crore in FY23 from Rs 2,401 crore in FY22. The Pune-based company also revealed that its losses in FY23 increased six-fold to Rs 486 crore. In the first quarter of FY24, it brought in Rs 1,407 crore and lost Rs 110 crore.
FirstCry refiles draft IPO papers
Following SEBI’s intervention, FirstCry was not the only business that had to resubmit its draft IPO papers. Prior to this, GO Digit, an insurtech business, revised its prospectus regarding employee equity plans. The travel tech business TBO and the fintech startup MobiKwik also resubmitted their draft papers with a smaller IPO amount.
