Supam Maheshwari, cofounder and CEO of mother and child care e-commerce platform FirstCry has reportedly offloaded 6.2 million shares prior to filing for the company's initial public offer (IPO).According to a MoneyControl report, Maheshwari's offloaded shareholding would be over Rs 300 crore. FirstCry CEO has also listed himself as a selling shareholder in the public issue, according to the company's Draft Red-Herring Prospectus (DRHP).He had 7.46 per cent stake in the company but after filing the draft IPO papers, his holding came down to 5.95 per cent stake. According to the DRHP, Maheshwari has offloaded 9.34 million shares during six months before the date of filing of the IPO papers.
FirstCry is expected to price its IPO at a valuation of $3.5-3.75 billion. At the upper end of the range, it would be a 31 percent premium for those who bought the shares at Rs 487.44 each in December.t FirstCry, is one of India's leading child apparel and childcare products brand. Maheshwari holds a post-graduate degree from IIM Ahmedabad, and had started his entrepreneurial journey with a company called Brainvisa. Maheshwari had the idea of creating a platform like FirstCry from his own personal experience, when he realised that the product options for toddlers in India are limited. When the entrepreneur had his first child, he would buy things for his son during business trips in other countries.. While Maheshwari has offloaded shares worth ₹300 crore, other investors like Mahindra and Mahindra (M&M), SoftBank, and Premji Invest will also sell around 5.4 crore shares for the offer for sale (OFS) segment.