SoftBank likely sells $310 mn worth shares in IPO-bound FirstCry

Japanese investment giant SoftBank has likely sold its stock worth $310 million in a second round sale in mother and child care e-commerce platform FirstCry, which is likely to file a draft paper for IPO this week.

According to sources, SoftBank sold shares amounting to around Rs 630 crore this time. In total, SoftBank has sold shares worth $310 million in FirstCry in two rounds. SoftBank had invested $400 million in FirstCry at a valuation of around $900 million.

According to an earlier MoneyControl report, citing sources, FirstCry is aiming to raise $500 million, with 60 per cent of it going towards the offer for sale (OFS) component and the remainder going into the primary segment.

While FirstCry is likely to list only after the 2024 general elections, Ola Electric’s management has started the exercise to raise nearly Rs 5,800 crore through the IPO. Prior to the IPO, SoftBank had even raised the valuations of both firms as well as a few others in its portfolio, signalling its optimism about both firms.

Earlier this month, shares worth $135 million (nearly Rs 1,125 crore) in food delivery platform Zomato exchanged hands via a block deal, with Japanese investment giant SoftBank being the likely seller.