Kids-focused omnichannel retailer FirstCry and ecommerce SaaS startup Unicommerce, both backed by SoftBank, have secured final approval from the Securities and Exchange Board of India (SEBI) for their initial public offerings (IPOs).
FirstCry initially filed its draft red herring prospectus (DRHP) in December last year but had to refile in April following SEBI’s directives. SEBI raised concerns over key metrics disclosed by FirstCry, noting that the company had only provided financials up to the first quarter of FY2024.
The FirstCry IPO will include a fresh issue of equity shares aggregating up to Rs 1,816 crore and an offer for sale (OFS) of up to 54,391,592 equity shares. In its refiled DRHP, FirstCry reported revenue from operations of Rs 4,814 crore and net losses of Rs 278 crore until Q3 FY24 (Q1, Q2, and Q3 combined).
Unicommerce filed its DRHP in January this year, proposing to raise funds through an OFS of up to 29,840,486 equity shares. The company will not issue any fresh shares for the proposed IPO.
SEBI has approved IPO applications for three SoftBank-backed companies in recent weeks. Last month, SEBI greenlit the IPO of Ola Electric, which plans to raise Rs 5,500 crore ($660 million) through its public listing.
This year has seen a significant number of internet companies listing on the Indian stock exchange, with many more poised to go public. Companies like TBO Tech, Digit Insurance, Awfis, and Ixigo have already listed, while Mobikwik, Swiggy, and Avanse are awaiting regulatory approval.
In addition, logistics startup Blackbuck, online meat marketplace Zappfresh, and electric scooter manufacturer Ather have converted into public entities and are expected to launch IPOs soon.
The SEBI approval for the IPOs of FirstCry and Unicommerce marks a significant milestone for both companies. As they prepare to enter the public market, their successful listings are anticipated to pave the way for further growth and expansion in their respective sectors.
