Ratan Tata to Offload Entire Stake in FirstCry’s IPO, Joining Softbank and M&M in Offer For Sale

Veteran industrialist and former Tata Group Chairman, Ratan Tata, is set to divest his complete holding of 77,900 shares in Brainbees Solutions Ltd, the parent company of omnichannel baby and mother-care platform FirstCry, during the upcoming Initial Public Offering (IPO). Tata, who became an investor in FirstCry in 2016 with an initial infusion of Rs 66 lakh, is offering his entire 0.02 per cent stake in the IPO.

The draft red herring prospectus (DRHP) filed on Thursday outlines Tata’s intent to sell all his shares in FirstCry as part of the IPO. The Pune-based company’s IPO plan includes a fresh issue of equity shares totaling up to Rs 1,816 crore, along with an Offer For Sale (OFS) involving up to 5.44 crore equity shares by existing shareholders.

Joining Ratan Tata in the OFS, SVF Frog, a Cayman Islands-registered entity affiliated with Softbank, will divest 2.03 crore equity shares of Brainbees Solutions Ltd. Additionally, automaker Mahindra & Mahindra (M&M) is set to offload 28.06 lakh shares of the company. The roster of selling shares in the OFS encompasses not only Softbank and M&M but also includes entities such as PI Opportunities Fund, TPG, NewQuest Asia Investments, Apricot Investments, Valiant Mauritius, TIMF Holdings, Think India Opportunities Fund, and Schroders Capital.