Brainbees Solutions, the parent firm of online e-commerce platform FirstCry, has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The IPO comprises a fresh issue of equity shares aggregating up to Rs 1,816 crore and an Offer For Sale (OFS) of up to 5.44 crore equity shares by shareholders. Proceeds from the fresh issue would be used to open new stores and warehouses in India as well as in the Kingdom of Saudi Arabia (KSA). Besides, the capital will be used for sales and marketing initiatives.
BrainBees Solutions, doing business as FirstCry.com, operates an online store for baby and kids products.
