FirstCry shares list at 34% premium on BSE

Shares of FirstCry, a retailer of baby and mother care products, made a strong debut on India's stock exchanges as the stock listed at a 34% premium on BSE and 40% premium on the National Stock Exchange (NSE).

Shares of Brainbees Solution, the parent company behind FirstCry, were trading at a premium of  Rs 82 to Rs 84 in the grey market on Monday.

The grey market is an unofficial market where traders buy and sell shares or IPO applications of companies at a premium or a discount before the issues are officially launched on public markets.

The omnichannel retailer had set its IPO price band of Rs 440-Rs 465 per equity share for its nearly $3-billion initial public offering (IPO). The stock listed at Rs 625 apiece on Tuesday.

SoftBank, the largest shareholder in Brainbees, sold 2.03 crore equity shares while Mahindra & Mahindra sold 28.06 lakh equity shares in the company through the IPO.

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The IPO saw a tepid response during its first two days of subscription, attracting only up to 30% of subscriptions amid global market volatility. However, on the last day, it was oversubscribed 12.2 times amid bids from qualified institutional investors.

Before the IPO, it had raised Rs 1,885 crore from anchor investors at Rs 465 per equity share.

During the financial year ended March 31, 2024, the company clocked a revenue of Rs 6,480.9 crore with an adjusted EBITDA margin of 4.2%. It narrowed its losses to Rs 321 crore. 

Supam Maheshwari-led FirstCry’s IPO comes on the heels of the IPO of Bhavish Agarwal-led Ola Electric, which debuted flat but managed to hit the upper circuit on both the first and the second day of trading.