Former chairman of Tata Group and veteran businessman Ratan Tata will sell his entire stake in the upcoming IPO of e-commerce company FirstCry. In 2016, Ratan Tata bought a 0.02 per cent stake in Brainbees Solutions by investing Rs 66 lakh. He is one of the early investors of the company.
According to the news of Money Control, Ratan Tata can sell 77,900 shares in the upcoming IPO of FristCry, an e-commerce company selling kids’ wear and pregnancy-related products.
The Company Submitted Documents To SEBI
FirstCry, which makes products for small children, will launch its IPO soon. FirstCry’s parent company, Brainbees Solutions, has submitted draft papers to the market regulator, the Securities and Exchange Board of India (SEBI). According to the DRHP filed by the company, the company will issue fresh shares worth Rs 1,816 crore in this IPO. Also, old investors and shareholders will sell their stake in the IPO.
These Are The Investors Of The Company
The initial investors of FirstCry’s parent company, Brainbees Solutions, include companies like Mahindra & Mahindra, NewQuest Asia, SoftBank and private equity firm TPG. According to the news of Live Mint, all these companies will sell a total of 5.44 crore shares in this IPO. All these shares will be issued through an offer for sale.
According to the documents submitted, Mahindra & Mahindra will sell a 0.58 per cent stake in the company. Meanwhile, SoftBank, which holds a significant stake of 25.5 per cent in BrainBiz, will sell 2.03 crore shares in the total IPO.
When Will the IPO Open?
In the documents submitted to SEBI, FirstCry’s parent company, Brainbees, has not disclosed the opening date of the IPO. However, many media reports say the company’s IPO may hit the market in early 2024. The company has also not decided on the price range of shares in the IPO. In the coming time, the company will share more information related to the IPO.
