Manipal Group's Ranjan Pai To Invest INR 250 Crore In Baby Care Brand Firstcry: Report According to the report, the sale is likely to cross INR 500 crore
By Teena Jose
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Ranjan Pai, Chairman of Manipal Group, is in advanced talks to invest INR 250 crore in mom and babycare brand FirstCryas part of a secondary share sale at a valuation of $3 billion, according to an ET report, adding that the sale is likely to cross INR 500 crore.
In addition to Anjan Pai's investment, other institutional investors are reportedly in the process of acquiring a secondary stake in FirstCry. Also, in a secondary share sale, existing shareholders sell their stakes to new investors in part or full.
The Pune-based company is getting ready to go public in the coming year. The company had previously postponed its IPO due to market volatility and the challenges faced by IPOs in recent times. However, the brand has now set its sights on a potential IPO, with this infusion of capital likely to bolster its financial position.
FirstCry is in discussions with a set of sovereign funds to facilitate some of its shareholders to sell a stake in the company at a valuation of nearly $3 billion, ET had reported in April.
Earlier this month, news reports were that Ranjan Pai had also discussed investing in Byju's-owned Aakash. Byju's founder and chief executive officer Byju Raveendran, who owns a 30% stake in Aakash, is reportedly expected to partially offload his holding to Pai for $80-90 million. Also, Pai had recently sold a significant part of his stake in Manipal Health Enterprises to Singapore's sovereign wealth fund Temasek.
