FirstCry Shares Debut Impressively at INR 651 per Share on NSE, With a 40% Premium

Nitin Konde, Bhoraniya Huda Hifzur Rehman

Aug 16, 2024 — 2 min read

FirstCry Shares Debut Impressively at INR 651 per Share on NSE, With a 40% Premium

Brainbees Solutions Ltd, the multi-channel retail platform that runs the 'FirstCry' brand, had a successful initial public offering (IPO) on Tuesday. The NSE listed price of a FirstCry share was INR 651, which was 40% more than the issue price of INR 465.00 per share.

Shares of FirstCry were launched on BSE at INR 625 each, representing a premium of 34.41%.

The market anticipated FirstCry's IPO listing on Tuesday. Grey market indicators pointed to a successful launch of Brainbees Solutions shares prior to the listing. The grey market premium, or FirstCry IPO GMP, on August 13, 2024, was INR 80, which, according to stock market observers, was approximately 17% higher than the upper price range of FirstCry IPO.

IPO’s Particulars

Brainbees Solutions' initial public offering (IPO) was offered for subscription to the general public from August 6 to August 8. August 13, was the first day of the FirstCry IPO, which had its allotment determined on August 9.

The company raised INR 4,193.73 crore at the upper end of the price band for its first public offering (IPO), which was set at INR 440 to 465 per share. A total of 3,58 crore equity shares, with a face value of 1,666 crore INR, and 5.44 crore shares, with an OFS component, totalling 2,527.73 crore INR, made up the book-built issue.

According to subscription data on NSE, the FirstCry IPO was oversubscribed by 12.22 times, with bids for 60.64 crore equity shares compared to 4.96 crore shares on offer.

A total of 2.31 retail bookings, 19.30 QIB bookings, and 4.68 NII bookings were recorded for the initial public offering.

Company’s Future Plans

Among the many planned uses for the IPO money are the opening of additional "BabyHug" and "FirstCry" retail locations, growth into new global markets, investments in data science and technology, and other business expansion projects.

The major book-runners for the FirstCry IPO are Kotak Mahindra Capital Company Ltd, Avendus Capital Pvt Ltd, JM Financial Ltd, Bofa Securities India Ltd, and Morgan Stanley India Company Pvt Ltd. The issue is being registered by Link Intime India Pvt Ltd.

With its FirstCry brand, Brainbees Solutions Ltd has become the leading multi-channel retailer in India for products for moms, infants, and children. The company has established itself as a frontrunner in the specialised but fast-expanding sector because of its extensive product line and robust online and offline presence.

In addition to India, FirstCry is increasing its presence in certain other foreign countries. Financially, Brainbees Solutions was all over the place in FY24, despite the company's dominant market position. Net sales for the quarter came to INR 6,480.9 crore, and the company's EBITDA was INR 70.5 crore.