(Bloomberg) — E-commerce startup FirstCry.com is planning to file for an initial public offering in Mumbai as soon as this month that could raise about $700 million, according to people familiar with the matter.
The online baby product marketplace is seeking a valuation of at least $6 billion, said the people, who asked not to be identified as the information is private. The issuance will include both new and existing shares and a listing could take place as soon as this year, the people said.
TPG-backed FirstCry, led by founder Supam Maheshwari, was profitable in the financial year ended March 31, 2021, latest company filings show. It turned around losses from previous years as the pandemic accelerated the shift to online shopping. It is one of the few startups in India seeking to tap the IPO market after being profitable at an operational level.
Deliberations are ongoing and details of the IPO, including size and timing, could still change, the people said. A spokesman for FirstCry declined to comment.
The company, formally known as BrainBees Solutions Pvt, runs an online store featuring products for children and expecting mothers. Its investors include TPG, SoftBank Group Corp. and PremjiInvest, the family office of Wipro Ltd. founder Azim Premji.
PremjiInvest has stepped in to buy a stake that was initially planned to be sold to India’s sovereign wealth fund National Investment & Infrastructure Fund Ltd., by an existing shareholder, Bloomberg News reported earlier this month. The deal valued FirstCry at close to $3 billion, the people said.
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