SoftBank fund offloads more of stake ahead of IPO

Omni-channel retailer FirstCry’s shareholder SoftBank Vision Fund has sold additional shares in the business as it gears up for its initial public offering. Investors buying into the business include Indian cricketer and celebrity Sachin Tendulkar, Infosys’ co-founder Kris Gopalakrishnan, TVS Group, and Manyavar’s Ravi Modi. 

FirstCry is expected to file its draft IPO papers within the coming week, the Economic Times reported. The business aims to raise between $500 million to $600 million through the IPO. Its most recent valuation was under $3 billion but its valuation ahead of the IPO could reach up to $4 billion. The IPO is expected to consist of both a primary share sale and an offer for sale. 
 
SoftBank Vision Fund first invested in FirstCry in 2020 and has funded the business to the tune of around $400 million to date, ET Bureau reported. The business has already reaped $300 million and its remaining stake could reach a valuation of $1 billion if FirstCry achieves the $4 billion valuation or higher. 

FirstCry is headquartered in Pune and retails a multi-brand selection of mother and child focused products ranging from clothing to accessories to personal care and lifestyle goods, according to its website. The business was founded in 2010 by Supam Maheshwari, Sanket Hattimattur, Amitava Saha, and Prashant Jadhav.