FirstCry's parent Brainbees Solutions set to float IPO on Aug 6

Delhi: Online e-commerce platform FirstCry's parent, Brainbees Solutions, is set to launch its initial public offering (IPO) on August 6.

The three-day issue is scheduled to close on August 8 and the bidding for the anchor portion will open for a day on August 5, according to the red herring prospectus (RHP).

The proposed public issue of Pune-based Brainbees Solutions consists of a fresh issue of equity shares valued at Rs 1,666 crore and an OFS (offer for sale) component of up to 5.44 crore shares by existing shareholders.

The price band of the public issue will be announced on Thursday. Under the OFS, SVF Frog, a Cayman Islands-registered entity of Softbank, will sell 2.03 crore equity shares of Brainbees Solutions Ltd, and automaker Mahindra & Mahindra (M&M) will offload 28.06 lakh shares of the company.

Currently, Softbank holds a 25.55% stake in Brainbees Solutions, and M&M owns a 10.98% stake in the multi-brand retailing platform.

Apart from Softbank and M&M, other selling shares in the OFS are PI Opportunities Fund, TPG, NewQuest Asia Investments, Apricot Investments, and Schroders Capital.