SoftBank sells shares worth $310 mn in IPO-bound FirstCry
The source said that the sale values FirstCry in the range of $3.5-3.75 billion
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NEW DELHI: Japanese conglomerate SoftBank has sold shares worth $310 million in omnichannel retailer FirstCry, which is likely to file a draft paper for IPO this week, sources said on Monday.
“SoftBank recently sold shares worth Rs 630 crore in FirstCry. It was picked up by a few high net worth individuals. With this sale, SoftBank has realised $310 million from two rounds of stake sale in FirstCry,” a source said.
The source said that the sale values FirstCry in the range of $3.5-3.75 billion. SoftBank had invested $400 million in FirstCry at an enterprise valuation of $900 million. Another source said that SoftBank is still left with shares valued in the range of $800-900 million which it will sell later.
“SoftBank is looking to make around $1.3 billion from the investment made in FirstCry,” the source said. Email query sent to SoftBank elicited no response in this regard.
