Kids-focused omnichannel retailer FirstCry and ecommerce SaaS startup Unicommerce, both backed by SoftBank, have received final approval from the Security Exchange Board of India (SEBI) for their initial public offering (IPOs).
FirstCry had first filed its draft red herring prospectus (DRHP) in December last year. The company, however, had to refile the draft IPO papers in April this year following the regulator directives. SEBI had raised questions over key metrics FirstCry had disclosed to investors as it only provided financials up to the first quarter of the financial year 2024.
The FirstCry IPO comprises 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 the refiled DRHP, FirstCry disclosed that its revenue from operations stood at Rs 4,814 crore while its net losses were at Rs 278 crore until Q3 FY24 (Q1, Q2 and Q3 combined).
Meanwhile, Unicommerce filed its DRHP in January this year. The company proposed to raise funds through an OFS of up to 2,98,40,486 equity shares. The firm will not have fresh issues for the proposed IPO.
With this, SEBI has approved IPO applications of three SoftBank-backed companies in the past couple of weeks. Last month, the market watchdog gave a green signal to the IPO of Ola Electric, which is seeking to raise Rs 5,500 crore ($660 million) through the public listing.
This year quite a few internet companies have got listed on the Indian stock exchange. Many are on the verge of going public soon as well. For instance, TBO tech, Digit Insurance, Awfis and Ixigo have listed while Mobikwik, Swiggy and Avanse have been waiting for approval from the market regulator.
At the same time, logistics startup Blackbuck, online meat marketplace Zappfresh and electric scooter manufacturer Ather converted into a public entity and are likely to go for an IPO very soon.
