August 13, 2024
New Delhi, India
Firstcry IPO Listing
Brainbees Solutions Ltd, the parent company of the popular e-commerce platform FirstCry, made an impressive stock market debut on Tuesday, August 13, 2024. The company’s shares opened at ₹651 on the National Stock Exchange (NSE), representing a 40% premium over the issue price of ₹465, signaling strong investor confidence in the brand.
Key Highlights:
- Listing Performance: FirstCry shares opened at ₹651 on the NSE, delivering a return of ₹186 or 40% per share above the IPO price of ₹465. On the Bombay Stock Exchange (BSE), the shares were listed at ₹625, marking a premium of ₹160 or 34.40% over the issue price.
- Grey Market Premium (GMP): Prior to the listing, the FirstCry IPO had a grey market premium (GMP) of approximately ₹87, indicating strong expected listing gains, which were surpassed by the actual performance.
IPO Details:
- IPO Size: The FirstCry IPO was valued at ₹4,193.7 crore, consisting of a fresh issue of 3.6 crore shares worth ₹1,666 crore and an offer for sale (OFS) of 5.4 crore shares totaling ₹2,527.7 crore.
- Subscription Details: The IPO, which was open for subscription from August 6 to August 8, 2024, was oversubscribed by 12.2 times. The retail category was subscribed 2.3 times, while the Qualified Institutional Buyers (QIBs) category saw strong demand with a 19.3 times subscription. The Non-Institutional Investors (NIIs) category was subscribed 4.7 times.
- Anchor Investors: Ahead of the listing, Brainbees Solutions raised ₹1,885.8 crore from anchor investors on August 5, showcasing strong pre-listing interest from institutional players.
Company Background: Founded in 2010, Brainbees Solutions Ltd operates the FirstCry platform, which is a leading online retailer specializing in products for mothers, babies, and children. The platform features over 1.5 million SKUs (stock-keeping units) from more than 7,500 brands, offering a wide range of products and services.
Utilization of IPO Proceeds: The funds raised through the IPO will be directed towards various growth initiatives, including:
- Establishing new stores under the “BabyHug” and “FirstCry” brands.
- Expanding into international markets.
- Investing in technology and data science.
- Supporting other corporate growth initiatives.
Lead Managers and Registrar: The FirstCry IPO was managed by Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Pvt Ltd, Bofa Securities India Ltd, JM Financial Ltd, and Avendus Capital Pvt Ltd, with Link Intime India Pvt Ltd serving as the registrar for the issue.
FirstCry’s robust market debut reflects strong investor confidence and the company’s solid business model. The 40% listing premium underscores the successful execution of its IPO and sets a positive tone for its future in the public markets. As Brainbees Solutions Ltd continues to expand its reach and innovate within the e-commerce space, investors will be keen to track its performance and growth trajectory.
Disclaimer:
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