FirstCry's parent firm Brainbees Solutions gets Sebi's nod to float IPO

Brainbees Solutions Ltd, the parent firm of online e-commerce platform FirstCry, has received Sebi's approval to raise funds through an initial public offering (IPO), an update with the markets regulator showed on Monday.

Apart from this, three more companies -- SaaS platform Unicommerce eSolutions, Maharashtra-based Gala Precision Engineering and Interarch Building Products -- obtained the regulator's nod to float the initial share sale.

These companies -- who filed their preliminary IPO papers with Sebi between January and May 2024 -- obtained the regulator's observations during June 25-28, according to the update.

In Sebi's parlance, obtaining its observations means its approval to float the public issue.

According to the fresh draft red herring prospectus (DRHP), Pune-based Brainbees Solutions' proposed IPO is a combination of a fresh issue of equity shares, aggregating up to Rs 1,816 crore and an offer for sale (OFS) of up to 5.44 crore equity shares by existing ...