FirstCry is expected to file its red herring prospectus (RHP) this week, for an initial public offering (IPO) valuing the baby and mother care products retailer at $3-3.5 billion, The Economic Times reported on Monday.
FirstCry’s offer size remains unchanged from its draft IPO papers, at $217 million (Rs 1,816 crore) of primary fundraise.
Earlier this month, India’s market regulator approved FirstCry’s filing for an IPO for the second time, weeks after FirstCry withdrew its papers for an IPO of up to $500 million.
There will also be an offer-for-sale of 54 million shares. The startup was valued at $2.8 billion in its last private funding round.
Backed by SoftBank, Premji Invest, TPG, and India’s Mahindra and Mahindra, FirstCry sells baby products including clothes, diapers and toys, seeking to tap the market for new parents in India.
“FirstCry will launch its IPO for subscription officially from this week and wants to close it before August 15,” the report said, adding that it has received strong interest from institutional investors for its anchor book.
