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Did Sebi Approve Brainbees Solutions’ FirstCry IPO? The Suspense Unfolds!

NiftyTrader • July 1, 2024

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FirstCry IPO: The Securities and Exchange Board of India (SEBI) has approved Brainbees Solutions Limited, the company that runs FirstCry, to proceed with its planned initial public offering (IPO).

As per Sebi’s announcement, FirstCry’s final observation letter was received by the market regulator on June 25. This implies that the businesses are now authorised to list on the bourses.

Following Sebi’s request for further information on Key Performance Indicators (KPIs), Brainbees Solution, the parent company of FirstCry, refiled its IPO filings in April of this year.

Pune-based Brainbees Solutions’ planned IPO is described in the updated draft red herring prospectus (DRHP) as a mix of an offer for sale (OFS) by current shareholders of up to 5.44 crore equity shares and a fresh issue of equity shares, totaling up to Rs 1,816 crore.

Additionally, the report states that the book-running lead managers for the offer are Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, JM Financial Limited, and Avendus Capital Private Limited.

Currently, Softbank holds a 25.55 per cent stake in Brainbees Solutions, and M&M owns a 10.98 per cent stake in the multi-brand retailing platform.

In addition, the regulator approved the floatation of the first share sale for three other companies: Unicommerce eSolutions, a SaaS platform; Gala Precision Engineering, situated in Maharashtra; and Interarch Building Products.

Approval Brainbees FirstCry IPO Sebi
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