E-commerce Startup FirstCry Seeks to Raise $218 Million in Upcoming IPO
FirstCry, a Mumbai-based startup in the e-commerce industry, is making waves with its plans to raise $218 million through an initial public offering (IPO). The 13-year-old company recently filed a draft prospectus with the market regulator, making it the latest Indian startup to explore the public markets.
In the past, FirstCry had aimed to raise as much as $700 million in its Mumbai IPO. However, the company had to alter its plan due to worsening market conditions.
According to recent news, Brainbees Solutions, the parent company of FirstCry, intends to sell some of its shares through the IPO. This includes shares from investors such as SoftBank, NewQuest, and TPG. The startup is hoping for a valuation of about $4 billion, which is lower than its previous ambition of $6 billion. A reliable source familiar with the matter stated that FirstCry has not yet set the price for its IPO in the draft prospectus.
“We are excited to launch our IPO and open up new opportunities for investment and growth in the e-commerce sector,” says the CEO of FirstCry.
The FirstCry IPO is expected to be a highly anticipated event and could pave the way for other Indian startups to enter the public markets. Stay tuned for more updates on this developing story.
More to follow.