E-commerce startup FirstCry is seeking to raise $218 million by issuing new shares in its initial public offering, the 13-year-old startup said in a draft prospectus submitted to the market regulator on Thursday, becoming the latest Indian startup to explore public markets.
FirstCry had earlier sought to raise up to $700 million in an IPO in Mumbai, but was deterred from the plan as market conditions deteriorated.
Brainbees Solutions, the parent company of online baby products marketplace FirstCry, said some investors include SoftBank. NewQuest and TPG plan to sell some shares. The startup is eyeing a valuation of about $4 billion, down from previous ambitions of $6 billion, according to a person familiar with the matter. FirstCry said it did not specify a price in its draft prospectus.
More to follow.