BENGALURU, Aug 13 (Reuters) – FirstCry, an Indian retailer specializing in baby products, saw its shares jump 52% on their trading debut in Mumbai on Tuesday. Investors are enthusiastic about the growing child care market in India, the world’s most populous country.
The stock began trading at 651 rupees on the National Stock Exchange of India, up from the offer price of 465 rupees. FirstCry’s public float, valued at $501 million, attracted bids totaling $3.36 billion last week. This marks FirstCry as India’s first standalone baby products retailer to go public and the largest in its sector, according to Redseer, a consultancy.
Arun Kejriwal, founder of Kejriwal Research & Investment Services, attributed the strong debut to FirstCry’s unique branding and its position as the market leader. The company is supported by major investors, including Japan’s SoftBank, TPG, and India’s Mahindra & Mahindra.
FirstCry has shown consistent revenue growth over the years, with a notable reduction in its net loss for fiscal year 2024. Akshay D’souza, an independent retail consultant, noted that the IPO funds will support continued high growth.
The share sale capitalized on India’s booming stock market, which has set record highs more than 50 times this year. FirstCry’s listing follows recent IPOs from companies like Ola Electric, Allied Blenders, and Emcure Pharmaceuticals.
