FirstCry IPO makes strong market debut on BSE and NSE
Shares of Brainbees Solutions, the parent company of FirstCry, made a robust entry into the stock market on Tuesday. On the BSE, the shares were listed at Rs 625, reflecting a premium of Rs 160 or a 34.40% gain over the issue price of Rs 465. On the NSE, the shares debuted at Rs 651, delivering a return of Rs 186 or 40% per share against the allotment price.
Prior to the listing, the grey market premium (GMP) for FirstCry’s IPO was around Rs 87, indicating strong expectations for listing gains.
Key Details of FirstCry IPO
The IPO was offered in a price band of Rs 440-465 per share, with a lot size of 32 shares. It attracted significant interest, being subscribed 12.22 times by the close of the subscription period on August 8, 2024. The public issue saw bids 2.31 times from retail investors, 4.68 times from non-institutional investors (NIIs), and 19.30 times from qualified institutional buyers (QIBs).
The FirstCry IPO included a fresh issue of 35,827,957 shares, raising up to Rs 1,666 crore, and an offer for sale of 54,359,733 shares with a face value of Rs 2, amounting to nearly Rs 2,527.73 crore. The company secured Rs 1,885.83 crore from anchor investors during the bidding that concluded on August 5, 2024.
FirstCry plans to utilize the net proceeds from the IPO for various expansion and growth initiatives. This includes setting up new stores and warehouses, investing in subsidiaries for both domestic and international growth, and allocating funds for sales and marketing, technology, data science costs, strategic acquisitions, and general corporate purposes.
What to do next:
The invester who got IPO allotment is now at good return and they can hold it for bigger profit and those who could not get it in IPO allotment can buy now for at least one week
