Ratan Tata, who originally invested ₹66 lakh for a 0.02 per cent stake in FirstCry, it plans to sell all 77,900 shares at an average price per share of ₹84.72, according to the draft Red Herring prospectus filed with SEBI on Thursday.
Ratan Tata took to Instagram to answer various questions. (Instagram/@ratantata) {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
Brainbees, the online retailer's parent company, will issue $1.5 billion in new shares ₹According to DRHP, existing investors will offload 54.39 million shares through the offering for sale.
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Also Read – FirstCry IPO: Brainbees Solutions files paperwork, Mahindra sells 0.58% stake
Who else is selling shares ahead of FirstCry's IPO?
Top sellers in the OFS include SoftBank's SVF Frog (Cayman) with 20.3 million shares, followed by Mahindra & Mahindra with 2.8 million shares, PI Opportunities Fund-1 with 8.6 million shares, TPG Growth V SF Markets Pte. with 3.9 million shares and NewQuest Asia Investments with 3 million shares.
Other sellers include Apricot Investments with 2.5 million shares, Valiant Mauritius Partners with 2.4 million shares, TIMF Holdings (Mauritius) with 8.37 million shares, Think India Opportunities with 8.37 million shares and Schroders Capital with 6.16 shares Million shares.
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Firstcry co-founder Supam Maheshwari is also one of the individual shareholders selling his shares.
How will FirstCry use the proceeds from the IPO?
FirstCry intends to use the net proceeds for the following purposes:
1. Expenses for:
• Setting up new stores and warehouses
• Lease payments for existing identified stores in India
2. Investment in FirstCry Trading subsidiary for overseas expansion through:
• Construction of new warehouses and stores in Saudi Arabia
3. Investment in Globalbees Brands with a view to acquiring an additional stake in indirect subsidiaries.
4. Sales and marketing initiatives
5. Technology and data science costs, including cloud and server hosting costs.
6. Funding inorganic growth through acquisitions and other strategic initiatives and general corporate purposes.
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