Brainbees Solutions Ltd., the parent firm of online e-commerce platform FirstCry, set a price band of Rs 440 to Rs 465 per share for its initial public offering. The issue will open on Aug. 6.
The IPO consists of a fresh issue of shares worth Rs 1,666 crore and an offer-for-sale component consisting of 5.43 crore shares, according to the red herring prospectus. The size of the fresh issue was brought down from Rs 1,816 crore when it filled its preliminary papers with the market regulator.
The valuation at the upper end of the price band stands at about Rs 24,300 crore or $2.9 billion. That is at roughly a 10% discount to its last private funding round of about $3.3 billion.
The minimum lot size for bidding will be 32 shares, with further bids to be made in multiples, according to the price band advertisement released by the company on Thursday. The public issue will end on Aug. 8 and the company will raise funds from its anchor investors on Aug. 5.
Under the OFS, SVF Frog, an affiliate of Softbank, will sell 2.03 crore equity shares and Mahindra & Mahindra Ltd. will offload 28.1 lakh shares of the company.
Net proceeds from the issue will be used for general expenditure, lease payments and investment in its subsidiaries among others. Brainbees offers apparel, footwear, baby gear, nursery, diapers, toys, and personal care, for infants and children up to the age of 12 years.
The FirstCry parent had refiled its papers for an IPO in April after the Securities and Exchange Board of India sought additional information and sent back the company's initial set of documents.
Kotak Mahindra Capital Co., Morgan Stanley India Co., BofA Securities India Ltd., JM Financial Ltd. and Avendus Capital Pvt. will be the book-running lead managers for the issue.
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