SEBI Approves IPO Plans Of FirstCry, Unicommerce

The initial public offering plans of FirstCry operator Brainbees Solutions Ltd. and Unicommerce eSolutions Ltd. were approved on Monday by India's markets regulator.

In a disclosure on July 1, SEBI said it has received final observation letters from Unicommerce on June 28 and FirstCry on June 25, which means the companies have clearance to go ahead and list on the bourses.

FirstCry parent BrainBees Solutions had refiled its papers for an IPO in April after SEBI sought additional information and sent back the online retailer's initial set of documents.

The Supam Maheshwari-led company's IPO is expected to raise about Rs 3,700 crore in a combination of a fresh issue and an offer for sale. There is no change in the structure of the offering, with the Pune-based unicorn planning to sell fresh equity shares worth Rs 1,816 crore, while existing investors, including SoftBank, will sell up to 5.44 crore shares via an OFS, according to its fresh DRHP.

Snapdeal-owned Unicommerce's IPO will be a pure offer for sale of up to 2.98 crore shares, according to its DRHP. Selling shareholders include parent AceVector, which is looking to offload 1.14 crore shares, while investors B2 Capital Partners and SB Investment Holdings (UK) will sell about 22.1 lakh and 1.61 crore shares, respectively.

Apart from the two, SEBI also approved the IPOs of Gala Precision Engineering Ltd. and Interarch Building Products Ltd.