FirstCry Parent Brainbees Shares Surge 40% on Debut
Aug 13, 2024 10:35
Shares of Brainbees Solutions, parent company of FirstCry, debuted on the stock market with a 40% premium, reaching Rs 625. The IPO received strong subscription, reflecting investor confidence in the e-commerce platform.
New Delhi, Aug 13 (PTI) Shares of e-commerce platform FirstCry's parent Brainbees Solutions Ltd on Tuesday listed with a premium of 40 per cent against the issue price of Rs 465.
The stock made its debut at Rs 625, a jump of 34.40 per cent from the issue price on the BSE. Later, it surged 52 per cent to Rs 707.05.
At the NSE, it listed at Rs 651, reflecting a sharp rally of 40 per cent.
The company's market valuation stood at Rs 34,741.21 crore.
The initial public offer of Brainbees Solutions received 12.22 times subscription on the closing day of bidding on Thursday.
The Rs 4,194 crore initial share sale had a price band of Rs 440-465 a share.
The public issue of Pune-based Brainbees Solutions had a fresh issue of equity shares valued at Rs 1,666 crore and an OFS (Offer For Sale) component of up to 5.44 crore shares worth Rs 2,528 crore by existing shareholders.
The company will use net proceeds from the fresh issue for setting up stores under the brand 'BabyHug', investment in subsidiaries, overseas expansion, and sales and marketing initiatives. Besides, a portion will be used for corporate general purposes.
Launched in 2010, FirstCry is India's largest multi-channel, multi-brand retailing platform for mothers', babies' and kids' products. It was set up to create a one-stop destination for parenting needs across commerce, content, community engagement, and education, based on brand affinity, loyalty and trust of customers.
Further, FirstCry established itself in the UAE and Saudi Arabia in 2019 and 2022, respectively.
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