Unicommerce IPO received bids for 168 times

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The initial public offering of FirstCry’s parent, Brainbees Solutions Ltd, sailed through on the last day of issue closing on Thursday by receiving bids for 12.22 times. Till yesterday, the issue remained undersubscribed. On the other hand, the issue of Softbank-backed Unicommerce, which has been witnessing an overwhelming response from the minute the issue was opened, received a whopping subscription of 168.39 times.

Brainbees Solutions IPO came out with a price band of ₹440-465. While the QIB portion was subscribed 19.30 times, the NII portion received bids for 4.68 times and retail investors 2.31 times. The employee portion saw 6.57x subscription.

The ₹4,193-crore public issue of Pune-based Brainbees Solutions consists of a fresh issue worth ₹1,666 crore and an OFS (offer for sale) of up to 5.44 crore shares worth ₹2,528 crore by existing shareholders. Among the others, SVF Frog, a Cayman Islands-registered entity of Softbank, sold 2.03 crore shares, and automaker Mahindra & Mahindra 28.06 lakh shares.

As part of the IPO, the online e-commerce platform had raised ₹1,886 crore from anchor investors. The company will use the net proceeds to set up new modern stores under the brand ‘BabyHug’, invest in subsidiaries, expand overseas, and implement sales and marketing initiatives. A portion will also be used for general corporate purposes.

Grand response

Unicommerce, which came out with a price band of ₹102-108, was entirely an OFS. QIB portion was subscribed 138.75 times and NIIs, the most aggressive, received bids for 258.48 times.

The quota for retail investors was subscribed 131.15 times. Under the OFS, SB Investment Holdings (UK) Ltd, an affiliate of Japan’s SoftBank, sold 1.61 crore shares, and promoter AceVector Ltd (formerly known as Snapdeal Limited) 94.38 lakh shares. The company had garnered over ₹124 crore from anchor investors.