The Share Sale Landscape:
SoftBank Vision Fund, led by Masayoshi Son, has strategically sold additional shares, reducing its holding to below 25%. The total secondary share sale, ahead of the planned IPO, surpasses Rs 1,000 crore, with SoftBank alone making a significant exit, having invested around $400 million and already pocketing close to $300 million. The move is part of SoftBank’s gradual dilution, having initially held around 29-30% a couple of years ago.
Key Investors Joining the Fray:
Noteworthy participants in this share sale include family offices of cricket legend Sachin Tendulkar, Ravi Modi of Manyavar, Kris Gopalakrishnan of Infosys, and the TVS group family. Ranjan Pai (Manipal Group), Harsh Mariwala’s Sharrp Ventures, and Hemendra Kothari’s DSP family office have also acquired stakes. These transactions highlight the diverse and influential investors entering FirstCry’s ecosystem.
SoftBank’s Potential Remaining Stake:
Despite SoftBank’s substantial divestment, sources indicate that the remaining stake could still be valued at $1 billion if FirstCry achieves a listing valuation of $4 billion or more. The IPO is expected to raise $500-600 million, further shaping FirstCry’s trajectory in the competitive market.
Valuation and IPO Plans:
While FirstCry hasn’t officially disclosed its IPO valuation, industry insiders suggest it could be in the range of $4 billion, a significant increase from its last valuation just under $3 billion. The company aims for a $500 million IPO with 35-37% in primary share sale and the rest through a secondary offering.
Notable Investors on FirstCry’s Cap Table:
FirstCry’s existing cap table boasts influential names such as Premji Invest (the family office of Wipro founder Azim Premji) and the Mahindra group, showcasing the widespread interest and confidence in the company’s potential.
Industry Landscape and Globalbees Subsidiary:
FirstCry is set to become the second Indian vertical ecommerce platform to go public after Nykaa’s successful IPO in 2021. With close to 1,000 retail stores across India and a significant ecommerce roll-up subsidiary named Globalbees, FirstCry is positioned as a comprehensive player in the market.
Founders and Leadership:
Founded in 2010 by Supam Maheshwari, Sanket Hattimattur, Amitava Saha, and Prashant Jadhav, FirstCry has not only expanded its retail footprint but has also ventured into logistics through Xpressbees, a logistics firm spun out from the ecommerce giant. Nitin Agarwal leads Globalbees as its Chief Executive.
Conclusion about firstcry IPO:
FirstCry’s journey to IPO, marked by strategic share sales and diverse investor participation, underscores the company’s prominence in the industry. As it navigates the dynamic landscape of the market, the IPO is poised to be a pivotal moment for FirstCry, shaping its future and solidifying its position as a key player in the competitive world of ecommerce.