Hero FinCorp, the financial services arm of Hero MotoCorp, has filed draft papers with the Securities and Exchange Board of India (Sebi) to raise ₹3,668 crore through an initial public offering (IPO).
The float will be a combination of a fresh issue of equity shares worth ₹2,100 crore and an offer for sale (OFS) of ₹1,568 crore by investor shareholders.
Proceeds from the fresh issue will be used to increase the company’s capital to meet funding needs for lending activities.
Hero FinCorp is a non-banking finance company (NBFC) offering various financial products catered primarily to the retail, micro, small and medium enterprise (MSME) customer segments in India.
As of March 2024, the firm had assets under management (AUM) of ₹51,821 crore.
Meanwhile, Brainbees Solutions Ltd, the parent of multi-brand retailing platform FirstCry, fixed a price band of ₹440-465 for its ₹4,194-crore IPO.
The IPO will open for public subscription on August 6 and close on August 8.
The issue consists of a fresh issue of shares worth ₹1,666 crore and an offer for sale of up to 5.44 crore shares worth ₹2,528 crore by existing shareholders.
Under OFS, SVF Frog, a Cayman Islands-registered entity of Softbank, will sell 2.03 crore equity shares, while Mahindra & Mahindra (M&M) will divest 28.06 lakh shares of the company.
Currently, Softbank holds a 25.55 per cent stake in Brainbees Solutions and M&M owns a 10.98 per cent stake. The company will use net proceeds from the fresh issue for setting up new modern stores under the brand ‘BabyHug’.
The FirstCry platform was launched in India in 2010 with a goal to create a one-stop destination for parenting needs across commerce, content, community engagement and education.
Ola investors
Ola Electric Mobility on Thursday said it has mobilised ₹2,763 crore from anchor investors, a day before its initial share-sale opening for public subscription. The anchor round saw participation from FPIs, domestic mutual funds and insurance companies.
