IPO-bound FirstCry's CEO Supam Maheshwari offloads shares worth Rs 300 crore: Report

Supam Maheshwari, cofounder and CEO of mother and child care e-commerce platform FirstCry has reportedly offloaded 6.2 million shares prior to filing for the company's initial public offer (IPO).

According to a MoneyControl report, Maheshwari's offloaded shareholding would be over Rs 300 crore.

FirstCry CEO has also listed himself as a selling shareholder in the public issue, according to the company's Draft Red-Herring Prospectus (DRHP).

He had 7.46 per cent stake in the company but after filing the draft IPO papers, his holding came down to 5.95 per cent stake.

According to the DRHP, Maheshwari has offloaded 9.34 million shares during six months before the date of filing of the IPO papers.

"At the price of Rs 487.44 apiece, this share transfer would be worth over Rs 455 crore," said the report. FirstCry was yet to respond to the report.

Japanese investment giant SoftBank has sold shares worth $310 million in FirstCry in two rounds, according to earlier reports.

Late last month, FirstCry filed its DRHP with the market regulator SEBI, seeking to raise Rs 1,816 crore via fresh issue of shares.

FirstCry's parent company BrainBees Solutions filed the DRHP which includes offer-for-sale (OFS) comprising 5.4 crore equity shares.

FirstCry will use the IPO funds to set up modern retail stores and warehouses across the country.

Meanwhile, the company reported Rs 5,632 crore revenue from operations in FY23, while its losses surged over six times to Rs 486 crore from Rs 79 crore in FY22.