By Aditi Shah and Scott Murdoch
NEW DELHI/SYDNEY (Reuters) – BrainBees Solutions, the parent of Indian retailer FirstCry, is seeking to raise up to $501 million in an initial public offering, valuing the company as much as $2.9 billion, according to a term sheet seen by Reuters.
The firm is offering fresh shares worth $199 million, while existing investors, including SoftBank, TPG and India’s Mahindra and Mahindra, will sell a combined stake worth $302 million, the term sheet showed.
BrainBees has set a price band between 440 rupees and 465 rupees per share.
FirstCry, which sells baby products including clothes, diapers and toys, is seeking to tap the market for new parents in the world’s most populous country.
(Reporting by Aditi Shah in New Delhi and Scott Murdoch in Sydney; Editing by Sonia Cheema)
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