SoftBank-backed FirstCry to resubmit its DRHP with revised Finances

By Team Startupcity  |  Tuesday, 30 April 2024, 08:45 IST

SoftBank-backed FirstCry to resubmit its DRHP with revised Finances
After markets regulator Securities and Exchange Board of India - Sebi demanded detailed key performance indicators or KPIs, SoftBank-backed kids’ Omni channel retailer FirstCry is likely to resubmit its draft red herring prospectus (DRHP) with updated financials, a person with knowledge of this subject stated.
“The regulator had asked for additional info and the company is refiling the papers. The IPO process is on track. The company will file its updated financials up to December 2023,”
The public listing of the Pune-based business has the potential to bring in $500 million. In December, the company filed DRHP with Sebi for an initial public offering (IPO) to raise $215 million through fresh issuance and $300 million through offer for sale by existing investors. 
The company's DRHP shows that for the fiscal year that ended on March 31, 2023, it had a total income of $684 million, but its losses increased by six times to $57.6 million. 
The Speculation banks like Kotak Mahindra Capital Co., Morgan Stanley, Bank of America, JM Financials and Avendus are dealing with the issue for the organization.
The Initial public offering that is probably going to be launched in the principal half of the ongoing schedule year, will be one of the biggest trendy Initial public offerings in the last 12 two years. In November, Honasa Consumer, a subsidiary of Mamaearth, raised approximately $210 million from the market.
 

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