Ratan Tata will sell all his 77,900 shares in First Cry IPO

The company said it will use the funds raised from the IPO to expand stores in India and Saudi Arabia and clear its leases for existing Indian stores. Ratan Tata, chairman emeritus of Tata Sons, will sell 77,900 shares of kids wear start-up First Cry in its upcoming IPO in 2024. The 86-year-old business tycoon had bought 0.02% stake in Brain bees Solutions for Rs 66 lakh. In 2016, a children’s clothing business start-up was started under the brand name First Cry. First Cry’s draft red herring prospectus filed with market regulator Securities and Exchange Board of India (SEBI).

When will IPO open?

The octogenarian industrialist, who led the Tata Group for decades. Has turned into an angel investor for several start-ups such as eyewear retailer Lens kart. Digital payments brand Paytm, electric vehicle start-up Ola Electric Mobility and online stock trading platform Upstox. However, information about the size of First Cry IPO could not be find. This includes fresh issue of shares worth up to Rs 1,816 crore. SoftBank, Mahindra & Mahindra in offer for sale (OFS) part.

Other selling shareholders include PI Opportunities Fund, TPG, New Quest Asia, Apricot Investments, Valeant Mauritius Partners, TIMF Holdings, Think India Opportunities Master Fund and Schroders Capital Private Equity Asia. In the financial year 2022-2023, First Cry’s losses increased six times due to rising costs. The company said it will use the funds raised from the IPO to expand stores in India and Saudi Arabia and clear its leases for existing Indian stores.

These are the investors of the company

The initial investors of First Cry’s parent company Brain bees Solutions include companies like Mahindra & Mahindra, New Quest Asia, SoftBank and private equity firm TPG. According to the news of Live Mint. All these companies are going to sell a total of 5.44 crore shares in this IPO. All these shares will be issue through offer for sale. According to the documents submitted, Mahindra & Mahindra is going to sell 0.58 percent stake in the company. Whereas SoftBank, which holds a major stake of 25.5 percent in Brain bees.

The company submitted documents to SEBI

FirstCry, which makes products for small children, is going to launch its IPO soon. For this, FirstCry’s parent company Brainbees Solutions has submitted draft papers to the market regulator Securities and Exchange Board of India (SEBI). According to the DRHP filed by the company. The company is going to issue fresh shares worth Rs 1,816 crore in this IPO. Apart from this, old investors and shareholders are also going to sell their stake in IPO.

These are the investors of the FirstCry

The initial investors of FirstCry’s parent company Brainbees Solutions include companies like Mahindra & Mahindra, New Quest Asia, SoftBank and private equity firm TPG. According to the news of Live Mint. All these companies are going to sell a total of 5.44 crore shares in this IPO. All these shares will be issue through offer for sale. According to the documents submitted, Mahindra & Mahindra is going to sell 0.58 percent stake in the company.