The initial public offering of Brainbees Solutions Limited, the parent company of the 'FirstCry' brand, opened on August 6 and closed on August 8. The Firstcry IPO subscription status reveals a tepid response from Indian primary market investors, with the Brainbees Solutions IPO being subscribed only 0.30 times in the first two days of bidding.
However, they pointed out that the IPO is quite large, so investors should not rely solely on the subscription status of the Firstcry IPO when considering this major offering of 2024. They recommended that investors carefully review the company’s financials before making any investment decisions regarding the Firstcry IPO.
On the third day of bidding, the public issue had been subscribed 12.22 times, with the retail portion subscribed 2.31 times and the NII portion 4.68 times.
The issue received 60,64,29,472 applications against offered 4,96,39,004 shares on the last day of bidding.
The Brainbees Solutions (Firstcry) IPO is a book-built issue totaling ₹4,193.73 crores. It comprised a fresh issue of 3.58 crore shares worth ₹1,666.00 crore and an offer for sale of 5.44 crore shares valued at ₹2,527.73 crore.
The price band of the Firstcry IPO was set at ₹440 to ₹465 per share. The minimum lot size for an application is 32 shares, with a required minimum investment of ₹14,880 for retail investors.
The allotment for the Brainbees Solutions (Firstcry) IPO is anticipated to be completed on Friday, August 9, 2024. The IPO is set to be listed on the BSE and NSE, with a tentative listing date scheduled for Tuesday, August 13, 2024.
Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Pvt Ltd, BofA Securities India Limited, JM Financial Limited, and Avendus Capital Pvt Ltd are the book-running lead managers for the Brainbees Solutions (Firstcry) IPO, with Link Intime India Private Ltd serving as the registrar for the issue.
