Internet-first Kids Apparel brand 'Firstcry' gets green signal from SEBI to launch IPO

By Team Startupcity  |  Tuesday, 02 July 2024, 12:58 IST

Internet-first Kids Apparel brand 'Firstcry' gets green signal from SEBI to launch IPO
Kid focused D2C omnichannel retail brand FirstCry and ecommerce SaaS startup Unicommerce have both received the approval from Security Exchange Board of India for their initial public offering.
FirstCry submitted its initial draft red herring prospectus (DRHP) in December of the previous year. Subsequently, the company was required to resubmit the draft IPO documents in April of the current year due to regulatory instructions. SEBI had expressed concerns regarding certain crucial metrics that FirstCry had revealed to potential investors, particularly because the financial information only covered up to the first quarter of the fiscal year 2024.
The initial public offering (IPO) of FirstCry includes a new issuance of equity shares totaling 1,816 crore and a sale offer of up to 54,391,592 equity shares. In the revised Draft Red Herring Prospectus (DRHP), FirstCry revealed that its revenue from operations reached 4,814 crore, with net losses amounting to 278 crore for the cumulative period of Q1, Q2, and Q3 of FY24.
On the other side, an integrated e-commerce enablement SaaS platform Unicommerce has filed its DRHP in January this year. The company decided to raise funds through an OFS of up to 2,98,40,486 equity shares. The firm will not have fresh issues for the proposed IPO.
After this, taking all these into account, SEBI has approved IPO applications of three SoftBank-backed companies in the past couple of weeks. During the last month the watchdog of capital market SEBI has given green signal to the IPO of Ola Electric, which intends to raise 5,500 crore, which is equivalent to $660 million through the public listing.
During this year, very few internet first companies have got listed on the Indian stock exchange, and many of them are about to go public very soon with their IPO. For example, TBO tech, Digit Insurance, Awfis and Ixigo have listed while Mobikwik, Swiggy and Avanse have been waiting for approval from the market regulator.
Moreover, logistics startup Blackbuck, online meat marketplace Zappfresh and electric scooter manufacturer Ather converted into a public entity and they are soon going to launch IPO.
 

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