The initial public offering (IPO) of Brainbees Solutions Ltd, better known as Firstcry, concluded on August 8, drawing significant interest from investors. As of August 9, the IPO allotment is finalized, and shareholders are eagerly anticipating the listing of Brainbees Solutions shares on the stock market, scheduled for Tuesday.
Firstcry’s IPO opened for public subscription on August 6 and concluded on August 8. The company set the IPO price band between ₹440 and ₹465 per share. The allotment was confirmed on August 9, with the listing date fixed for August 13.
Grey Market Premium (GMP)
As the listing approaches, investors are keenly observing the grey market premium (GMP) of the Firstcry IPO, a key indicator of the expected listing price of Brainbees Solutions shares on the stock exchanges, BSE and NSE. Currently, Brainbees Solutions shares are trading at a significant premium in the unlisted market. The current GMP for the Firstcry IPO is ₹84 per share, suggesting an estimated listing price of ₹549 per share, which is about an 18.06% premium over the issue price of ₹465 per share. It’s important to remember that the GMP is a speculative indicator and should not be solely relied upon for investment decisions.
IPO
The IPO was a combination of a fresh issue and an offer for sale (OFS). The fresh issue comprised 3.58 crore equity shares, raising ₹1,666.00 crore, while the OFS component involved 5.44 crore shares, amounting to ₹2,527.73 crore. In total, the company raised ₹4,193.73 crore from the IPO. The offering saw robust participation, being subscribed 12.22 times overall. The retail segment subscribed 2.31 times, Qualified Institutional Buyers (QIBs) 19.30 times, and Non-Institutional Investors (NII) 4.68 times.
Leading the IPO as book-running lead managers were Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, JM Financial, and Avendus Capital, with Link Intime India Private Ltd acting as the IPO registrar.
Brainbees Solutions Ltd operates India’s largest multi-channel retail platform for products targeted at mothers, babies, and kids, with an expanding footprint in select international markets. In FY24, the company reported net sales of ₹6,480.9 crore, an EBITDA of ₹70.5 crore, and a net loss of ₹321.5 crore.
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