Cyril Amarchand Mangaldas (CAM) played a pivotal role in guiding SVF Frog (Cayman) Ltd, a SoftBank group entity, through its participation as a selling shareholder in the initial public offering (IPO) of Brainbees Solutions Limited. This IPO, marked by a robust response from the market, saw a fresh issuance of equity shares worth ₹16,660 million, along with an offer for sale by existing shareholders, including SVF Frog, amounting to ₹25,277.28 million. Altogether, the IPO amassed a total of ₹41,937.28 million.
Investor enthusiasm was evident as the IPO was oversubscribed 12.2 times, with qualified institutional buyers leading the charge at 19.3 times. On the day of listing, Brainbees Solutions’ shares debuted with a 40% premium on the National Stock Exchange of India Limited, underlining the strong market confidence.
Brainbees Solutions, known for its ‘FirstCry’ platform, holds the title of India’s largest multi-channel retailer for mothers’, babies’, and kids’ products, based on gross merchandise value for FY 2024. The company operates through a combination of online platforms, company-owned stores, franchise outlets, and general trade retail across India.
The IPO was steered by a consortium of book-running lead managers, including Kotak Mahindra Capital Company Limited, BofA Securities India Limited, JM Financial Limited, Avendus Capital Private Limited, and Morgan Stanley India Company Private Limited.
The transaction was expertly handled by CAM’s Capital Markets team, with leadership from Senior Partner Yash Ashar and Partner Devaki Mankad, supported by Senior Associate Sanjana Ravjiani. International legal counsel for the issuer was provided by Sidley Austin LLP, while Linklaters advised the book-running lead managers.
