- India’s leading online and physical baby product retailer, FirstCry, proceeds with a downsized $218M IPO.
- FirstCry will use the funds, plus strong fiscal 2023 growth.
- Though 2022 Indian IPO amounts top 2023 so far, FirstCry seems poised to thrive long-term as the go-to for baby necessities.
FirstCry Pushes Ahead with IPO Plans
FirstCry, India’s leading online and physical retailer of baby supplies, apparel, and toys, is pushing ahead with IPO plans after delaying last year amid unstable markets. Parent firm Brainbees Solutions now aims to raise $218 million at a roughly $4 billion valuation.
The IPO will enable existing investors, including SoftBank, NewQuest Capital, and TPG, to sell up to 54.4 million FirstCry shares. IPO proceeds will fund new store openings in India and Saudi Arabia, plus fund leases on current shops.
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Remarkable Growth
FirstCry sells over 1 million baby-related stock-keeping units from 6,800 brands, along with its labels, BabyHug and Babyoye. The company saw a 2.4X revenue leap in fiscal 2023.
2023 is shaping up as a record year for Indian IPOs with over 180 listings, though total proceeds lag 2022. FirstCry’s offering follows the quiet debut of beauty brand Mamaearth parent Honasa in November.
With solid growth and plans to deploy IPO funds to expand its retail footprint, FirstCry looks to thrive as India’s top destination for baby necessities and gear.
