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Brainbees Solutions Limited, the parent company for FirstCry, has received the Securities and Exchange Board of India (SEBI) approval for its proposed Initial Public Offering (IPO).

The company’s initial public offering comprises a fresh issue of equity shares up to Rs 1,816 crore and an offer for sale by selling shareholders of up to 54.39 million shares, the company said in a statement.

Under the offer for sale, up to 20.32 million shares will be offloaded by SVF Frog (Cayman) Ltd, up to 8.6 million shares by PI Opportunities Fund- 1, about 2.8 million shares by Mahindra & Mahindra Limited, and up to 3.9 million shares by TPG Growth V SF Markets Pte. Ltd.

Other selling shareholders in the offer include NewQuest Asia Investments III Limited offering up to 3.01 million shares, around 2.52 million shares by Apricot Investments Limited, up to 2.4 million shares by Valiant Mauritius Partners FDI Limited, about 0.84 million shares by TIMF Holdings (Mauritius), up to 0.84 shares by Think India Opportunities Master Fund LP (Cayman) and close to 0.62 million shares by Schroders Capital Private Equity Asia Mauritius II Limited (Corporate Selling Shareholders), the company said in a statement.

The company plans to utilise the proceeds from the IPO to fund plans of setting up new stores under the “BabyHug” brand, construct a warehouse, and lease payments for the existing identified modern stores owned and operated by the company in India.

The company will also invest in its subsidiary Digital Age to set up new stores under the FirstCry brand.

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Brainbees will also invest in its subsidiary FirstCry Trading to expand overseas including stores and warehouses in Saudi Arabia. It will also use the proceeds to invest in its subsidiary Globalbees Brands to acquire additional stakes in step-down subsidiaries and acquisitions and for general corporate purposes.

The book-running lead managers to the issue are Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, JM Financial Limited, and Avendus Capital Private Limited.

The company had first filed for IPO in December 2023. In May 2024, it refiled the IPO papers without changing the issue size, reported PTI.