Brainbees Solutions made a strong Dalal Street debut on Tuesday as the parent company of Firstcry was listed at Rs 651 on NSE, a premium of 40 per cent over the issue price of Rs 465 apiece. Similarly, the stock was listed with a premium of 34.41 per cent at Rs 625 on BSE, over the given issue price.
The listing has been better than expectations. Ahead of its listing, Brainbees Solutions was commanding a grey market premium of Rs 85-90 per share, suggesting a listing pop of around 19-20 per cent for the investors. However, the GMP had tumbled to Rs 20 on the last day of the bidding on the back of muted bidding for the issue.
The IPO of Brainbees Solutions ran between August 6 and August 8. The Firstcry's parent had offered its shares in the price band of Rs 440-465 per share with a lot size of 32 shares. The company raised a total of Rs 4,193.73 crore from its IPO, which included a fresh share sale of up to Rs 1,666 crore and an offer-for-sale (OFS) up to 5,43,59,733 shares.
The issue was overall subscribed a total of 12.22 times, thanks to the push from qualified institutional bidders (QIBs), whose quota was booked 19.30 times. The quota for non-institutional investors was subscribed 4.68 times. The portions reserved for retail investors and employees saw bidding for 12.22 times and 6.57 times during the three-day bidding process.
Brainbees Solutions, Founded in 2010, offers products for mothers, babies, and kids via its online platform 'FirstCry'. It aims to create a one-stop store for parents' retail, content, community engagement, and education needs. The company offers products from Indian third-party brands, global brands, and its own brands.
Kotak Mahindra Capital, JM Financial, Morgan Stanley India, Bofa Securities India, and Avendus Capital were the book running lead managers of the Brainbees Solutions IPO, while Link Intime India served as the registrar for the issue.