Brainbees Solutions Ltd, the parent company of the multi-channel retail platform FirstCry, marked a strong debut on the Indian stock market, with its shares listed at ₹651 apiece on the NSE—a 40% premium over the issue price of ₹465.00 per share. On the BSE, FirstCry shares opened at ₹625 apiece, reflecting a 34.41% premium. The positive listing met market expectations, buoyed by a grey market premium (GMP) of ₹80, approximately 17% higher than the upper price band of the IPO.
The Initial Public Offering (IPO) of Brainbees Solutions, held from August 6 to August 8, 2024, attracted significant investor interest, with the IPO being oversubscribed 12.22 times. The retail category was subscribed 2.31 times, the Qualified Institutional Buyers (QIBs) category 19.30 times, and the Non-Institutional Investors (NII) category 4.68 times. The IPO was priced between ₹440 and ₹465 per share, and the company successfully raised ₹4,193.73 crore at the upper end of the price band. The offering included a fresh issue of 3.58 crore equity shares worth ₹1,666.00 crore and an Offer for Sale (OFS) component of 5.44 crore shares, aggregating ₹2,527.73 crore.
Kotak Mahindra Capital, Morgan Stanley India Company, BofA Securities India, JM Financial, and Avendus Capital acted as the book-running lead managers for the IPO, with Link Intime India Private Ltd serving as the IPO registrar.
Shardul Amarchand Mangaldas & Co advised Brainbees Solutions on domestic legal aspects of the IPO. The transaction team was led by Prashant Gupta, Partner and National Practice Head – Capital Markets, alongside Partner Sayantan Dutta, Counsel Trishita Dasgupta, Senior Associate Kamiya Marwah, and Associates Divya Dhawan and Purva Mishra.
Sidley Austin LLP provided legal advice on international aspects.
Cyril Amarchand Mangaldas, Trilegal, and IndusLaw represented the selling shareholders in the transaction.
Cyril Amarchand Mangaldas advised SVF Frog (Cayman) Ltd, an entity of the SoftBank group, led by Senior Partner Yash Ashar and Partner Devaki Mankad, with support from Senior Associate Sanjana Ravjiani.
Trilegal represented a consortium of 11 institutional selling shareholders, including Premji Invest, Mahindra and Mahindra, TPG, NewQuest Asia, and ChrysCapital.
The Trilegal team was led by Partners Bhakta Patnaik and Albin Thomas, along with Counsel Malika Grewal and Associate Pratyusha Dasgupta.
Khaitan & Co advised the Indian bankers, with a deal team led by Abhimanyu Bhattacharya, including Oishik Bagchi, Aparna Bagree, Ritika Khare, Saisha Bacha, Divyam Wadhwa, and Arjun Kapur.
Linklaters Singapore advised the international bankers, with a team led by Partner and Head of India Practice Amit Singh, supported by Counsel Joseph Wolpin and Managing Associate Anandee Banerji.
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