Brainbees Solutions Limited, the company behind the popular online shopping platform FirstCry, has successfully raised INR 1885.8 crore from 71 anchor investors. The company has allotted 4,05,55,428 equity shares at INR 465 per share, including a premium of INR 463 and a face value of INR 2 per share.
Key Investors and Allocation
The anchor allocation includes several marquee investors such as SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Government of Singapore, Abu Dhabi Investment Authority, Goldman Sachs Funds, SBI Life Insurance, Fidelity Funds, Nordea Asset Management, Max Life Insurance Company Limited, Nomura Funds, Norges Bank, PSP, and Carmignac. Out of the total allocation, 1,51,60,928 equity shares (37.38%) were allocated to eight mutual funds through 23 schemes.
Offer Details
The offer consists of a fresh issue of equity shares aggregating up to INR 16,660 million and an offer for sale (OFS) of up to 54,359,733 equity shares with a face value of INR 2 each. The OFS includes up to 46,814,458 equity shares by corporate selling shareholders and up to 7,545,275 equity shares by individual selling shareholders.
Additionally, the offer includes a reservation of certain equity shares, aggregating up to INR 30 million, for eligible employees under the ‘Employee Reservation Portion’.
Lead Managers
Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, JM Financial Limited, and Avendus Capital Private Limited are the book-running lead managers (BRLMs) for the offer.
Strategic Move
This fundraising and share allotment is a strategic move by Brainbees Solutions to strengthen its financial position ahead of its upcoming initial public offering (IPO). The successful raising of INR 1885.8 crore from prominent investors indicates strong confidence in the company’s growth potential and market position.
Brainbees Solutions’ latest fundraising round and share allotment mark a significant milestone as the company prepares for its IPO. With robust backing from key investors and a clear strategy for expansion, FirstCry is poised for continued growth and success in the competitive online shopping market.
