Brainbees Solutions Ltd, the parent company of FirstCry, has refiled its papers with Sebi for an initial public offering (IPO), following a directive from the market regulator to address insufficient disclosure of key performance indicators (KPIs).
The IPO remains unchanged in size, consisting of a fresh issue of equity shares worth up to Rs 1,816 crore and an Offer For Sale (OFS) of up to 5.44 crore equity shares by existing shareholders.
For the nine months ended December 2023, Brainbees Solutions Ltd reported a net loss of Rs 278 crore and operating revenue of Rs 4,814 crore. A significant portion of the company's sales, approximately 77%, came through online channels, with the remaining 23% through offline stores.
In the OFS, SVF Frog, a Softbank entity, plans to sell 2.03 crore equity shares of Brainbees Solutions Ltd, while automaker Mahindra & Mahindra (M&M) will offload 28.06 lakh shares of the company.
Currently, Softbank holds a 25.55% stake in Brainbees Solutions, and M&M owns a 10.98% stake in the multi-brand retailing platform.
Other shareholders participating in the OFS include PI Opportunities Fund, TPG, NewQuest Asia Investments, Apricot Investments, Valiant Mauritius, TIMF Holdings, Think India Opportunities Fund, and Schroders Capital.
