The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
E-commerce startup FirstCry.com is planning to file for an initial public offering in Mumbai as soon as this month that could raise about $700 million, according to people familiar with the matter.
The online baby product marketplace is seeking a valuation of at least $6 billion, said the people, who asked not to be identified as the information is private.
The issuance will include both new and existing shares and a listing could take place as soon as this year, the people said.
TPG-backed FirstCry, led by founder Supam Maheshwari, was profitable in the financial year ended on March 31, 2021, latest company filings show.
It turned around losses from previous years as the pandemic accelerated the shift to online shopping.
It is one of the few startups in India seeking to tap the IPO market after being profitable at an operational level.
Deliberations are ongoing and details of the IPO, including size and timing, could still change, the people said.
A spokesman for FirstCry declined to comment.