Cyril Amarchand Mangaldas (CAM) acted as counsel to SVF Frog (Cayman) Ltd (an entity of the SoftBank group) (“SVF Frog“), in its capacity as one of the selling shareholders in the initial public offer of equity shares of face value of Rs. 2 each (“Equity Shares“) of Brainbees Solutions Limited (“Company“) (“IPO“).
The IPO comprised of a fresh issue of Equity Shares amounting to Rs. 16,660.00 million and an offer for sale of Equity Shares by existing shareholders amounting to Rs. 25,277.28 million, resulting in an aggregate IPO size of Rs. 41,937.28 million.
The IPO was subscribed 12.2 times overall, with qualified institutional buyers demonstrating strong interest by subscribing 19.3 times. Further, the Equity Shares of the Company listed at a 40% premium on the National Stock Exchange of India Limited.
The Company, which launched the ‘FirstCry’ platform, is India’s largest multi-channel retailing platform for mothers’, babies’ and kids’ products, in term of gross merchandise value for FY 2024, and sells such products through its online platform, company-owned modern stores, franchisee-owned modern stores and general trade retail distribution in India.
Kotak Mahindra Capital Company Limited, BofA Securities India Limited, JM Financial Limited, Avendus Capital Private Limited and Morgan Stanley India Company Private Limited acted as book running lead managers to the IPO.
The Capital Markets team of Cyril Amarchand Mangaldas advised on the matter. The transaction was led by Yash Ashar, Senior Partner and Devaki Mankad, Partner; with support from Sanjana Ravjiani, Senior Associate.
Other advisors to the transaction included Sidley Austin LLP, acted as international legal counsel to the issuer; and Linklaters, acted as international legal counsel for book running lead managers.
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About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas(cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds,start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. The Firm is one of the largest full-service law firm in India and offices in key business centers at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
The Firm received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive years in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.
