FirstCry CEO Supam Maheshwari Offloads Shares Worth Rs.300 Crore Ahead Of IPO
FirstCry, chief executive officer, Supam Maheshwari, has offloaded a significant portion of the company”s shares ahead of its initial public offering (IPO). According to the Draft Red Herring Prospectus (DRHP), CEO Supam Maheshwari sold around 6.2 million shares at a price of Rs. 487.44 each, earning a cumulative amount of Rs. 300 crore.
According to a report by Moneycontrol, Supam Maheshwari is currently holding a 5.95 percent stake (28,893,347 shares) in the company, which has a speculated valuation of $3.5–3.75 billion at the time of the IPO, the date for which has not been finalized yet.
Being an IIM Ahmedabad Alumini, Supam Maheshwari embarked on his entrepreneurial journey by founding a company called Brainvisa. However, the genesis of the FirstCry can be traced back to Supam Maheshwari”s personal experience as he became the father of a baby boy, to whom Maheshwari bought things from other countries during business trips as it were not available in India.
With this, he realized the need for a platform that brings the best baby products from across the globe to India, and that idea paved the way for the formation of Firstcry. Firstcry is one of the leading children apparel and care product platforms with a speculated valuation of $3.75 billion ahead of the IPO, which is set to raise Rs. 1816 crore through a fresh issue, and prominent stake holders such as Ratan Tata, Mahindra and Mahindra (M&M), SoftBank, and Premji, along with Maheswari, are poised to sell around 5.4 crore shares through the offer for sale (OFS) segment.
