The offer received bids for 60.64 crore shares as against 4.96 crore shares on offer.
The initial public offer (IPO) of Brainbees Solutions (Firstcry) received 60,64,29,472 bids for shares as against 4,96,39,004 shares on offer. The issue was subscribed 12.22 times.
The Qualified Institutional Buyers (QIBs) category was subscribed 19.30 times. The Non Institutional Investors (NIIs) category was subscribed 4.68 times. The Retail Individual Investors (RIIs) category was subscribed 2.31 times.
The issue opened for bidding on 6 August 2024 and it closed on 8 August 2024. The price band of the IPO was fixed at Rs 440 to 465 per share.
The IPO comprised 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 Firstcrys 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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First Published: Aug 09 2024 | 5:16 PM IST
