According to people familiar with the matter, e-commerce startup FirstCry.com is planning to file for an initial public offering in Mumbai as soon as this month, which could raise around $700 million.
The online baby product marketplace is seeking a valuation of at least $6 billion, said the people, who asked not to identify the information as private. The issuance will include both new and existing shares and a listing could happen as early as this year, the people said.
The TPG-backed FirstCry led by founder Supam Maheshwari was profitable in the fiscal year ended March 31, 2021, the company’s latest filing shows. This turned into a loss from previous years as the pandemic accelerated the shift to online shopping. It is one of the few startups in India that wants to tap the IPO market by becoming profitable at the operational level.
People said that discussions are on and the details of the IPO, including the size and timing, may still change. A FirstCry spokesperson declined to comment.
The company, formally known as BrainBees Solutions Pvt, runs an online store featuring products for babies and expectant mothers. Its investors include TPG, SoftBank Group Corp and PremjiInvest, the family office of Wipro Ltd founder Azim Premji.
As Bloomberg News reported earlier this month, PremjiInvest has moved to buy a stake planned to be sold by an existing shareholder to National Investment and Infrastructure Fund Ltd, India’s sovereign wealth fund. People said the deal is worth about $3 billion to FirstCry.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.