SoftBank Sells USD 310 Million in FirstCry Shares Ahead of IPO

New Delhi, Dec 25 (PTI) Japanese conglomerate SoftBank has sold shares worth USD 310 million in omnichannel retailer FirstCry, which is likely to file a draft paper for IPO this week, sources said on Monday.

"SoftBank recently sold shares worth Rs 630 crore in FirstCry. It was picked up by a few high net worth individuals. With this sale, SoftBank has realised USD 310 million from two rounds of stake sale in FirstCry," a source told PTI.

The source said that the sale values FirstCry in the range of USD 3.5-3.75 billion.

SoftBank had invested USD 400 million in FirstCry at an enterprise valuation of USD 900 million.

Another source said that SoftBank is still left with shares valued in the range of USD 800-900 million which it will sell later.

"SoftBank is looking to make around USD 1.3 billion from the investment made in FirstCry," the source said.

Email query sent to SoftBank elicited no response in this regard.