FirstCry files for IPO

FirstCry, the prominent baby and mother care products retailer, is set to file its red herring prospectus (RHP) this week for an initial public offering (IPO), valuing the company between $3 billion and $3.5 billion. The IPO will feature a primary fundraising of $217 million (Rs 1,816 crore) and include an offer-for-sale (OFS) of 54 million shares. FirstCry's latest financials show a revenue of Rs 4,814 crore for the nine months ending December 31, 2023, alongside a loss of Rs 278 crore. The company aims to officially launch its IPO subscription this week, with plans to close it before August 15. Following its refiled draft IPO papers in April, this move positions FirstCry as the second major internet firm to enter the market this year after Ola Electric. The company's initial valuation during private funding was $2.8 billion, reflecting a strategic approach to market entry amid evolving investor sentiment.