FirstCry IPO: Brainbees Solutions Gets SEBI Nod for Public Offering

Brainbees Solutions Limited, the company behind FirstCry, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).

SEBI’s final observation letter for FirstCry was received on June 25, indicating that the company is now cleared to list on the stock exchanges.

Earlier this year, SEBI requested additional documents on Key Performance Indicators (KPIs), prompting Brainbees Solutions to refile their IPO papers in April.

According to the new draft red herring prospectus (DRHP), the Pune-based company’s IPO will include a fresh issue of equity shares worth up to ₹1,816 crore and an offer for sale (OFS) of up to 5.44 crore equity shares by existing shareholders.

The IPO, led by Supam Maheshwari, is expected to raise around ₹3,700 crore through a combination of new shares and shares sold by current investors, as reported by NDTV.

Brainbees Solutions announced that Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, JM Financial Limited, and Avendus Capital Private Limited will be the Book-Running Lead Managers for the IPO.

In the OFS, SVF Frog, a Cayman Islands-based entity of Softbank, will sell 2.03 crore equity shares, while Mahindra & Mahindra (M&M) will sell 28.06 lakh shares.

Currently, Softbank holds a 25.55% stake in Brainbees Solutions, and M&M owns 10.98% of the company.

The offer for sale includes:

• Up to 20,318,050 equity shares by SVF Frog (Cayman) Ltd
• Up to 2,806,174 equity shares by Mahindra & Mahindra Limited
• Up to 8,601,292 equity shares by PI Opportunities Fund-1
• Up to 3,899,525 equity shares by TPG Growth V SF Markets Pte. Ltd.
• Up to 3,014,233 equity shares by NewQuest Asia Investments III Limited
• Up to 2,523,280 equity shares by Apricot Investments Limited
• Up to 2,404,344 equity shares by Valiant Mauritius Partners FDI Limited
• Up to 837,676 equity shares by TIMF Holdings (Mauritius)
• Up to 837,676 equity shares by Think India Opportunities Master Fund LP (Cayman)
• Up to 616,945 equity shares by Schroders Capital Private Equity Asia Mauritius II Limited (Corporate Selling Shareholders)

In addition to Brainbees Solutions, three other companies—SaaS platform Unicommerce eSolutions, Maharashtra-based Gala Precision Engineering, and Interarch Building Products—have also received SEBI’s approval to launch their initial share sales.