Children’s clothing and lifestyle business FirstCry’s parent company Brainbees Solutions Limited has received the green light from the Securities and Exchange Board of India to launch its initial public offering which will include a fresh issue of equity shares and an offer for sale.
Brainbees’ IPO will include a fresh issue of equity shares valued at Rs 1,816 crore, India Retailing reported. The offer for sale would see up to 5.44 crore equity shares be sold off by existing shareholders in the Pune-based business.
Sebi gave its observations to the business which amounts to its approval for the IPO. Brainbees had refiled its preliminary papers with Sebi in May this year after Sebi requested more detailed information on key performance indicators such as number of orders and average order value among other factors. Following the IPO, Brainbees’ shares will be listed on the National Stock Exchange and the Bombay Stock Exchange.
Brainbees’ draft red herring prospectus stated that the offer for sale portion of its IPO will see Japanese business SoftBank’s Cayman Islands-registered entity SVF Frog sell 2.03 crore equity shares in the business from its current stake of 25.55%, the Press Trust of India reported. Automobile manufacturing business Mahindra & Mahindra also plans to sell off 28.06 lakh shares in the business from its current 10.98% stake.
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