FirstCry refiles IPO papers, reports December revenue at Rs 4,814 crore

Brainbees Solutions, the parent firm of retailer FirstCry, has refiled its draft initial public offering (IPO) papers with the Securities and Exchange Board of India (Sebi), days after the markets regulator told the firm to come up with additional clarity on some key performance metrics.

According to the updated draft red herring prospectus (DRHP), the Pune-based unicorn’s IPO size remains the same at Rs 1,816 crore, with an offer for sale (OFS) of more than 54 million equity shares from existing investors.

 It had filed its DRHP in December last year. But the markets regulator raised questions over key metrics it disclosed to investors. FirstCry’s Key Performance Indicators (KPIs) include its average order value, annual transacting customers and number of orders.

For the nine months ending December 2023, the Pune-based firm recorded an operating revenue of Rs 4,814 crore with a net loss of Rs 278 crore, its updated DRHP showed.

FirstCry raked in Rs 5,650 crore as gross sales during the period. Around 77 per cent of its total sales come from online channels, with the rest through offline retail stores.

The startup’s biggest expense continues to be its procurement cost, which stood at Rs 3,108 crore, accounting for around 60 per cent of its total expenses in the first three quarters of FY24.