FirstCry, the prominent kids-focused omnichannel retailer, and Unicommerce, an ecommerce SaaS startup, both backed by SoftBank, have received final approval from the Securities Exchange Board of India (SEBI) for their initial public offerings (IPOs).
FirstCry initially filed its draft red herring prospectus (DRHP) in December last year but had to refile in April this year following regulatory directives. The IPO plans include a fresh issue of equity shares amounting to Rs 1,816 crore and an offer for sale (OFS) of up to 54,391,592 equity shares. The company disclosed revenue of Rs 4,814 crore and net losses of Rs 278 crore until Q3 FY24 in its revised DRHP.
On the other hand, Unicommerce filed its DRHP in January this year and plans to raise funds through an offer for sale (OFS) of up to 2,98,40,486 equity shares, without any fresh issue of shares.
SEBI’s recent approvals for FirstCry and Unicommerce mark a significant step as both companies prepare to enter the public market. Earlier, SEBI also approved the IPO of Ola Electric, another SoftBank-backed entity aiming to raise Rs 5,500 crore ($660 million).
The IPO landscape in India has been active this year, with several internet companies already listed and others awaiting regulatory approval, including Mobikwik, Swiggy, and Avanse. Logistics startup Blackbuck, online meat marketplace Zappfresh, and electric scooter manufacturer Ather are also expected to pursue IPOs soon after their recent conversions into public entities.
This flurry of IPO activity underscores the robust investor interest in Indian startups and tech-enabled businesses, positioning them for significant growth opportunities in the public market.