SoftBank sells shares worth $310 mn in omnichannel retailer FirstCry
SoftBank had invested $400 million in FirstCry at an enterprise valuation of $900 million. (Photo: Bloomberg)
Japanese conglomerate SoftBank has sold shares worth $310 million in omnichannel retailer FirstCry, which is likely to file a draft paper for IPO this week, sources said on Monday.
“SoftBank recently sold shares worth Rs 630 crore in FirstCry. It was picked up by a few high net worth individuals. With this sale, SoftBank has realised $310 million from two rounds of stake sale in FirstCry,” a source told PTI.
The source said that the sale values FirstCry in the range of $3.5-3.75 billion.
SoftBank had invested $400 million in FirstCry at an enterprise valuation of $900 million.
Another source said that SoftBank is still left with shares valued in the range of $800-900 million which it will sell later.
“SoftBank is looking to make around $1.3 billion from the investment made in FirstCry,” the source said.
Email query sent to SoftBank elicited no response in this regard.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Dec 25 2023 | 6:11 PM IST