Firstcry, Unicommerce, two others get nod for IPOs

The other two are Interarch Building Products, and Gala Precision Engineering. FirstCry has received an observation letter from the Sebi on June 25. It had filed the DRHP in April.

FirstCry store pic used for representative purposes File photo

MUMBAI: Brainbees Solutions, parent company of e-commerce platform FirstCry which hawks babies’ and kids products, Snapdeal-owned Unicommerce eSolutions and two other companies have received the regulatory approvals for IPOs.

The other two are Interarch Building Products, and Gala Precision Engineering. FirstCry has received observation letter from the Sebi on June 25. It had filed the DRHP in April.

Brainbees’ IPO is a mix of fresh issuance of shares worth `1,816 crore, and an offer-for-sale of 5,43,91,592 equity shares by existing shareholders, the company said in a statement without revealing the OFS size.

SVF Frog (Cayman), Apricot Investments, Mahindra & Mahindra, Valiant Mauritius Partners, PI Opportunities fund, TIMF Holdings (Mauritius), TPG Growth Markets, Think India Opportunities master fund (Cayman), NewQuest Asia Investments, and Schroders Capital Private Equity Asia Mauritius are the selling shareholders in the Brainbees issue.

Of this, SVF Frog and M&M are major shareholders with 25.53% and 10.97% stakes, respectively. Unicommerce eSolutions, Interarch Building Products, and Gala Precision Engineering have said they received Sebi’s observation letters on June 28. Snapdeal-owned SaaS firm Unicommerce eSolutions, which had filed DRHP in January, is an OFS and doesn’t have fresh issue and has not revealed the issue size as price is not set yet. Existing shareholders are selling 2.98 million shares.

The OFS comprises of 1,14,59,840 share sale by AceVector (formerly known as Snapdeal), 22,10,406 by B2 Capital Partners, and 1,61,70,240 by SB Investment Holdings.

Interarch Building Products had filed draft papers in March and the issue will be mix of Rs 200 crore of fresh issue and an OFS of 44.5 lakh shares by the promoter group and investor-selling shareholders. Arvind Nanda, Gautam Suri, Ishaan Suri, Shobhna Suri, and OIH Mauritius are the selling shareholders. Maharashtra-based Gala Precision Engineering, which had filed draft papers in February, issue is mix of fresh issue (25,58,416 shares), and an offer-for-sale (6,16,000 shares) by the existing shareholders.