New Delhi, Apr 30, 2024, IANS

New Delhi, April 30 (IANS) Mother and child care e-commerce platform FirstCry has refiled its draft red herring prospectus (DRHP) for an initial public offer (IPO) with the Securities and Exchange Board of India (SEBI), to raise Rs 1,816 crore via fresh issue of shares.

According to the recent DRHP, the offer-for-sale (OFS) component in the IPO comprises shareholders selling 5.4 crore equity shares.

The market regulator had earlier claimed that the startup failed to disclose certain significant indicators in its draft papers filed in December last year.

The startup will utilise the fresh issue for investment in its subsidiaries and setting up of new modern stores under the brand name “BabyHug” and warehouses.

It registered revenue of Rs 4,814 crore in the first nine months of FY24, with Rs 278.2 crore in loss, according to a report in Inc42.

In January, the startup reportedly offloaded 6.2 million shares prior to the IPO filing.

According to reports, Japanese investment giant SoftBank had sold shares worth $310 million in FirstCry in two rounds.

The omnichannel marketplace had reported Rs 5,632 crore revenue from operations in FY23, while its losses went up six times to Rs 486 crore from Rs 79 crore in FY22.