![SoftBank-backed FirstCry, Unicommerce Get IPO Nod](https://img.etimg.com/thumb/msid-111418115,width-210,height-158,imgsize-555465,resizemode-75/softbank-backed-firstcry-unicommerce-get-ipo-nod.jpg)
Pune-based FirstCry, which also sells mother care products, had refiled its draft prospectus with the market regulator on April 30 following queries on its key performance indicators (KPI).
FirstCry, which counts Premji Invest among its investors, is looking to raise $218 million (about ₹1,815 crore) solely by selling new shares. Existing investors will also offload 54 million shares in the public offering through an offer for sale (OFS).
FirstCry may launch its IPO later in July. Including primary and secondary share sales, the IPO is expected to be worth $500 million (about ₹4,163 crore), ET reported earlier.
For Unicommerce, which filed draft papers with Sebi in January, the issue will solely comprise an OFS by existing investors to raise ₹480-490 crore.
SoftBank currently owns a 29.2% stake in the company, while AceVector holds 38.2% and B2 Capital has close to 10%.
SoftBank will be the largest selling shareholder in Unicommerce, offering 16.2 million shares, or a 15% stake in the IPO. AceVector will sell 11.4 million shares (10%) and B2 Capital will offer 2.2 million shares (2%).
AceVector, along with its founders Bahl and Bansal, has been the operator of Unicommerce while SoftBank is a financial investor.
Earlier in June, Gurgaon-based Unicommerce tagged SoftBank as well as Snapdeal cofounders Kunal Bahl and Rohit Bansal as its promoters in an addendum filed to the draft prospectus.
SoftBank has also signed an indemnity agreement with Bahl and Bansal to protect itself and its executives from any liabilities that may arise out of the responsibilities of being deemed a promoter of Unicommerce.
In the nine months ended December, FirstCry incurred a net loss of ₹278 crore on operating revenue of ₹4,814 crore. The company's gross sales stood at ₹5,650 crore during the period. It generates nearly 77% of total sales from online, and the rest from offline retail stores.
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