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SoftBank executive Paul Davison leaves FirstCry board
Economic Times
·
9m ago
Medial
Paul Davison, partner at SoftBank Vision Fund, has resigned as a non-executive director of Brainbees Solutions, the parent company of FirstCry. The resignation is due to SoftBank's compliance policies now that FirstCry is a public company. SoftBank typically exits board positions in companies after they go public for governance and compliance reasons. FirstCry recently made its stock market debut, opening at a premium of 34.4% above its IPO price. In the quarter ending June 30, the company reported a consolidated net loss of Rs 57 crore and revenue of Rs 1,652 crore. The shares of FirstCry closed at Rs 633.25 on Tuesday.
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SoftBank, TPG-backed FirstCry set to withdraw IPO papers after SEBI scrutiny
VCCircle
·
1y ago
Medial
FirstCry, an Indian retailer backed by SoftBank and TPG, is expected to withdraw its IPO papers after India's market regulator raised concerns over key metrics disclosed to investors. FirstCry sells baby products and had planned to raise up to $500 million through its IPO. However, the Securities and Exchange Board of India (SEBI) recently informed the company that it had not complied with regulations requiring the sharing of key business metrics from the past three years. FirstCry will now make changes and refile its IPO papers at a later date.
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ETtech Exclusive | India most successful IPO market in the world for 2024: SoftBank’s Alex Clavel
Economic Times
·
9m ago
Medial
India is considered the most successful IPO market in 2024, according to SoftBank Investment Advisers co-chief executive Alex Clavel. He attributes this success to the development of India's capital markets and progressive market regulations that have increased domestic liquidity. SoftBank portfolio firms like FirstCry, Ola Electric, and Unicommerce have recently gone public, with more IPOs, including Swiggy's $1.25 billion offering, lined up. In contrast, the US public markets have been relatively stagnant. SoftBank has invested $11 billion in the Indian digital economy and sees plenty of entrepreneurial opportunities in the country.
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SoftBank may get 106% gains from Ola Electric, 2 more IPOs: Report
Inshorts
·
1y ago
Medial
SoftBank may get 106% returns on cumulative investments worth ₹7,085 crore in Ola Electric, FirstCry and Unicommerce, all of which may list in next two weeks, Moneycontrol's analysis of the startups' offer documents showed. SoftBank is selling FirstCry and Unicommerce shares at three times the prices it bought them for. It'll hold ₹11,011-crore shares in the startups post the IPO.
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HNIs line up as SoftBank offloads stake worth $310 Mn In IPO-bound FirstCry
Inc42
·
1y ago
Medial
Japanese tech investor SoftBank has reportedly sold a portion of its stake in FirstCry, an IPO-bound ecommerce unicorn, for $310 million. The shares were acquired by several high-net-worth individuals (HNIs), valuing FirstCry at a range of $3.5 billion to $3.75 billion. SoftBank still holds shares worth $800 million to $900 million, which it plans to sell at a later date. SoftBank aims to bring its stake in the company below 26% to avoid being classified as a promoter. FirstCry is preparing to file its draft red herring prospectus (DRHP) by December 29 for an IPO, targeting a valuation of $4 billion.
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FirstCry IPO spells windfall for SoftBank, Mahindra Group
The Arc Web
·
1y ago
Medial
FirstCry, a children's products retailer, has filed for an initial public offering (IPO) and disclosed that SoftBank Vision Fund holds a 25% stake, potentially worth over $1 billion at the targeted $4 billion valuation. SoftBank has invested $400 million in FirstCry and could enjoy returns of over 3X its investment. Other sellers in the IPO include Mahindra & Mahindra, PremjiInvest, TPG Growth, Valiant, Newquest, and Think Investments. FirstCry plans to raise $218 million in fresh capital and expand its retail stores, warehouses, and presence in Saudi Arabia.
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SoftBank-backed FirstCry to file IPO papers soon, targets raising $500-600 million
Economic Times
·
1y ago
Medial
Omnichannel retailer FirstCry is set to file its draft IPO papers in the coming days, aiming to raise $500-600 million at a valuation of $4-5 billion. The company specializes in selling products for kids and mothers online and offline. Three Indian family investment offices recently invested around Rs 435 crore in FirstCry. SoftBank, the largest investor, is looking to dilute its stake to under 26% to comply with FDI laws. Ola Electric, another SoftBank portfolio company, is also expected to file its IPO papers soon.
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FirstCry IPO: M&M, SoftBank, TPG Growth Set To Make Big Gains
Inc42
·
12m ago
Medial
Indian automotive company Mahindra & Mahindra is expected to make a 6X return by selling more than 28 lakh shares of FirstCry, while SoftBank is also anticipating a 3X gain from the startup's upcoming public listing. SoftBank is also set to profit from its investment in Ola Electric, with a 1.5X return, as well as potential gains from Unicommerce's IPO. Key stakeholders, such as Ratan Tata and FirstCry founders Supam Maheshwari and Amitava Saha, will also be selling shares in the public offering, which was oversubscribed 12.22 times.
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Ratan Tata to sell all his 77,900 shares in FirstCry IPO
Economic Times
·
1y ago
Medial
Ratan Tata, Chairman Emeritus of Tata Sons, plans to sell his 77,900 shares in the upcoming Initial Public Offering (IPO) of kidswear startup FirstCry. Tata had acquired a 0.02% stake in FirstCry in 2016 for ₹66 lakh. The IPO will include a fresh issue of shares worth up to ₹1,816 crore, with existing investors like SoftBank and Mahindra & Mahindra also selling their shares. FirstCry intends to use the funds to expand its stores in India and Saudi Arabia.
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SoftBank fund sells more of its FirstCry stake ahead of IPO
Economic Times
·
1y ago
Medial
SoftBank's Vision Fund has sold more of its stake in FirstCry, an Indian parenting platform, ahead of its IPO. The move suggests that SoftBank is looking to cash out its investments in the company. FirstCry is expected to go public in the coming months, and this stake sale gives an indication of SoftBank's strategy with regards to its portfolio companies.
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Kids retailer FirstCry to refile DRHP with updated financials
Livemint
·
1y ago
Medial
FirstCry, a kids omnichannel retailer backed by SoftBank, is expected to resubmit its draft red herring prospectus (DRHP) with updated financials. This comes after the Securities and Exchange Board of India (SEBI) requested detailed key performance indicators (KPIs). The company aims to raise $500 million through its initial public offering (IPO), with $215 million from fresh issuance and $300 million from existing investors. The IPO, managed by investment banks such as Kotak Mahindra Capital, Morgan Stanley, and Bank of America, is expected to be one of the largest new-age IPOs in recent times.
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