FirstCry Refiles IPO Papers: Reveals Rs 4,814 Cr Revenue Till Dec

Discover the latest on FirstCry's IPO journey, from refiling draft papers to revealing updated financials. Explore insights into regulatory scrutiny, revenue metrics, and key performance indicators. Plus, learn about other top IPO contenders for 2024.

Swati Dayal
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FirstCry, the leading Indian baby products retailer, has refiled its draft IPO papers with the Securities and Exchange Board of India (SEBI), incorporating updated financial metrics. This move follows SEBI's request for additional details and clarity, signalling a significant development in the company's journey towards going public.

Initially filed in December 2023, FirstCry's draft red herring prospectus (DRHP) faced scrutiny from the market regulator, prompting SEBI to demand further elucidation. After over a month of engagement between SEBI and FirstCry, the regulator returned the filings, seeking a more comprehensive presentation of the company's operations and finances.

Last week, FirstCry withdrew its draft IPO papers, sparking speculation in the market about the reasons behind the decision.

Refiling Amidst Regulatory Scrutiny

The updated DRHP reveals that while the IPO size remains unchanged at USD 500 million, FirstCry generated a substantial revenue of Rs 4,814 crore in the nine months leading up to December 31, 2023. However, during the same period, the company incurred a loss amounting to Rs 278 crore.

SEBI's insistence on clarity extended to the inclusion of key performance indicators (KPIs). Initially, SEBI sought 25 KPIs, but FirstCry reportedly provided only 5-6 in its initial filings. These metrics include average order value, annual transacting customers, and number of orders. Additionally, SEBI requested an updated set of financials to ensure a comprehensive assessment of FirstCry's performance.

Financial Performance, Valuation and Investment Banking

While year-on-year (YoY) comparison data for the same period is unavailable, FirstCry reported operating revenues of Rs 5,633 crore in FY23, accompanied by a loss of Rs 486 crore. In FY22, the company's operating revenue stood at Rs 2,401 crore, with a loss of Rs 79 crore. Notably, over 75% of the company's sales originate from online channels, as disclosed in the DRHP.

In a recent secondary transaction, FirstCry secured a valuation of Rs 23,000 crore (approximately USD 2.8 billion). However, the company is anticipated to price its IPO at a valuation ranging between USD 3.5-3.75 billion. Leading investment banks such as Kotak Mahindra Capital Co., Morgan Stanley, Bank of America, JM Financials, and Avendus are managing the issue for FirstCry.

The impending IPO, expected to be launched in the first half of the current calendar year, is poised to become one of the largest new-age IPOs in the past 12-24 months. This follows in the footsteps of Honasa Consumer, the parent company of Mamaearth, which raised Rs 1,700 crore from the Street in November, underscoring investor enthusiasm for new-age ventures in the Indian market.

A Look at Other Top IPO Contenders For 2024


Swiggy, the renowned food delivery platform, backed by investor SoftBank, is gearing up to launch its IPO in the early months of 2024. The company aims to raise approximately USD 500 million through the issuance of shares. Notably, SoftBank intends to reduce its stake in Swiggy through this IPO, marking a significant development in the company's trajectory.

Ola Electric

In the realm of electric vehicles, Ola Electric is making waves with its plans to debut on the IPO stage in January or February of 2024. With a targeted fundraising goal of USD 400 million, Ola Electric intends to utilize the proceeds to establish its inaugural factory in Tamil Nadu. This move underscores the company's commitment to advancing sustainable mobility solutions.


Hospitality giant Oyo's IPO journey has already commenced with the pre-filing of draft paperwork. Industry reports suggest that the IPO is slated for a mid-2024 launch, aiming to raise approximately USD 400 million. As Oyo prepares to embark on its public offering, all eyes are on the company's strategic moves in the dynamic hospitality landscape.

Portea Medical

Having received approval from SEBI in early 2023, healthcare startup Portea Medical is on track to launch its IPO in the first quarter of 2024. With plans to raise USD 1000 crore through the issuance of shares, Portea Medical aims to bolster its expansion efforts and enhance its presence in the healthcare sector. As the company prepares to go public, market observers eagerly await its debut on the stock exchange.


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