The FirstCry IPO will see Ratan Tata selling all his 77,900 shares in the company. Tata had bought 0.02% in preference shares at a price of Rs 84.72 a share, amounting to an investment of around Rs 66 lakh.
Besides Tata, SoftBank will sell 20.3 million shares — the highest among all existing investors — while Mahindra & Mahindra (M&M) plans to sell 2.8 million. TPG will sell 3.9 million shares and the investment arm of the Premji Foundation will sell 8.6 million.
SoftBank is FirstCry’s biggest shareholder and holds a 25.6% stake or 124 million shares followed by M&M, which has a 10.98% stake. Among individual selling shareholders, FirstCry’s chief executive officer Supam Maheshwari owns 5.95% of the company.
The company’s fresh issue of equity shares remains unchanged at Rs1,816 crore with an offer for sale (OFS) component of up to 54.4 million equity shares.
On Tuesday, the kids-focused omnichannel retailer refiled its draft red herring prospectus (DRHP) to include its FY24 financials till the December quarter. The company had earlier withdrawn its papers following concerns of the Securities and Exchange Board of India (Sebi) regarding key financial metrics disclosed in the document filed in December.
In the nine months ended December 31, the company reported a net loss of Rs 287.2 crore on a revenue of Rs 4,814 crore. Adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) came in at Rs 190.7 crore. The company had posted revenue from operations of Rs 5,632.5 crore and a net loss of Rs 486 crore in the same period a year ago.
FirstCry’s number of stores increased to 1,018 at the end of December from 904 in FY23. Annual unique transacting customers rose to 8.8 million from 7.98 million in March, 2023 and average order value across its platforms also rose to Rs 2,554 from Rs 2,342 in the previous financial year. Gross merchandise value at the end of December was at Rs 6,825 crore.
Other shareholders to sell shares in the IPO include PI Opportunities Fund, NewQuest Asia, Apricot Investments, Valiant Mauritius Partners, TIMF Holdings, Think India Opportunities Master Fund and Schroders Capital Private Equity Asia.