FirstCry's Parent Brainbees Solutions Sees 11% IPO Subscription on Day One

The initial public offer of Brainbees Solutions, parent company of e-commerce platform FirstCry, registered an 11% subscription on its first day. The IPO aims to raise Rs 4,194 crore, including fresh equity shares and an offer for sale by existing shareholders. The IPO will close on August 8.

The initial public offer (IPO) of Brainbees Solutions, the parent company of the e-commerce platform FirstCry, saw an 11% subscription on its first day of bidding on Tuesday.

The Rs 4,194 crore IPO garnered bids for 53,36,320 shares against the 4,96,39,004 shares on offer, according to NSE data. Retail Individual Investors (RIIs) subscribed at 46%, while non-institutional investors were at 8%. Qualified Institutional Buyers (QIBs) showed minimal interest.

The IPO, priced between Rs 440-465 per share, will close for public subscription on August 8. The public issue consists of a fresh issue of equity shares worth Rs 1,666 crore and an offer for sale (OFS) up to 5.44 crore shares valued at Rs 2,528 crore by existing shareholders.

SVF Frog, Mahindra & Mahindra, and other shareholders, including Ratan Tata, are part of the selling shareholders. The funds raised will be employed for store setups under the 'BabyHug' brand, investment in subsidiaries, overseas expansion, and sales and marketing. Brokerage houses estimate the company's market capitalisation at Rs 24,142 crore post-issue.