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Published
May 16, 2022
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FirstCry to delay $1 billion IPO

Published
May 16, 2022

E-commerce business FirstCry has moved to delay its planned $1 billion initial public offering amid an uncertain climate and may recalibrate its planned issue size and desired valuation to list later in the year. 

FirstCry could still launch its IPO later this year - Alto Nivel


“There are too many headwinds out there now and based on multiple conversations with key stakeholders, they are delaying filing the draft red herring prospectus by at least a month or two,” an anonymous source close to the matter told the Economic Times about FirstCry’s plans. 
 
A number of businesses, including logistics company Delhivery, recently experienced complications with their IPOs. Delhivery had to postpone its IPO and reduce the size of it in response to the current climate and FirstCry will have been influenced by this, according to the Economic Times’ sources. 

Indian market regulator Securities and Exchange Board of India (Sebi) proposed last week the idea that it could allow confidential filing by enabling businesses to file a confidential ‘pre-filing’ at Sebi to keep sensitive information protected. The business would then be able to decide whether or not to go for the IPO after seeing Sebi’s observations, without having shared any business information publicly. 
 
“If this is finalised, there is a likelihood FirstCry may go for a confidential filing,” a source told the Economic Times. “It helps in understanding what the regulator has to say about the proposal without making any company data or information public.”
 
FirstCry turned profitable in the 2021 financial year with a bottom line of Rs 216 crore. This was a significant improvement from its performance the year before when it reported a loss of Rs 191 crore. 

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