FirstCry to withdraw its documents for an IPO worth up to USD 500 million as early as next week, according to media reports.
This comes after India’s markets regulator raised concerns about important information it provided to investors. FirstCry, which is backed by SoftBank, TPG and India’s Mahindra and Mahindra, sells various baby products and aims to attract new parents in India.
The company’s parent, BrainBees, filed the documents with India’s Securities and Exchange Board of India (Sebi) last December. The IPO was expected to be one of the largest in the country this year. However, SEBI informed the company recently that it had not followed Indian regulations requiring the disclosure of all key business metrics shared with potential investors over the past three years.
FirstCry is now expected to withdraw its IPO documents, make adjustments and resubmit them in the coming months. This will result in a delay in the sale of shares by its investors, some of whom have been involved for a decade. For the year ending on 31 March, 2023, the company’s losses increased sixfold to USD 57.6 million, while its total income more than doubled to USD 684 million, according to its draft documents.
Categories: Other News
Leave a ReplyCancel reply