SoftBank offloads shares worth $310 million in FirstCry ahead of IPO

26 Dec 2023 , 03:22 PM

SoftBank, a Japanese investment company, has sold $310 million in shares of omnichannel retailer FirstCry, which is expected to file an IPO draft papers this week.

According to the article, the transaction values FirstCry at $3.5-3.75 billion. SoftBank invested $400 million in FirstCry at a $900 million enterprise valuation. According to another source, SoftBank still has shares worth $800 million to $900 million that it will sell later.

Meanwhile, SoftBank marked up the values of FirstCry and a few other firms in its portfolio in November, reflecting the investor’s confidence in the two companies ahead of the IPO.

According to insiders, FirstCry is trying to raise $500 million, with 60% of that going towards the offer for sale (OFS) component and the rest going into the primary element.

While FirstCry is unlikely to list until after the 2024 general election, Ola Electric’s management has already initiated roadshows with local and foreign investors, according to the source.

According to sources, Ranjan Pai’s MEMG Family Office, Harsh Mariwala’s Sharrp Ventures, and Hemendra Kothari’s DSP Family Office recently purchased shares in FirstCry valued Rs 435 crore.

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