Brainbees Solution, the company that owns the multi-channel retail network for maternity and infant products called FirstCry, has secured Rs 1,885.8 crore (roughly $224.48 million) in funding before its Rs 4,194-crore public offering.
Brainbees Solution is to utilize the funds raised from the sale of new shares to establish contemporary retail outlets under the BabyHug brand. Additionally, the company intends to establish warehousing and infrastructure facilities in both India and Saudi Arabia. A portion of the funds will also be allocated for investment in Globalbees Brands Private Limited, which is the company’s house of brands organization.
A total of 71 anchor investors participated in the pre-IPO funding round, with each equity share priced at Rs 465 (with a premium of Rs 463 per share) and a face value of Rs 2 per share. This money was secured prior to the company’s public offering.
The company, scheduled to commence its initial public offering (IPO) subscription on August 6, has established a price range of Rs 440 to Rs 465 per equity share.
8 domestic mutual funds were awarded about 37.38% of the total 4.05 crore equity shares allocated to anchor investors.
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The initial public offering (IPO) comprises a new issuance of Rs 1,666 crore and a sale of 5.43 crore equity shares by current shareholders of the company. SoftBank, the primary stakeholder in Brainbees, plans to sell 2.03 crore equity shares, while Mahindra & Mahindra intends to sell 28.06 lakh equity shares in the company.
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