SoftBank sells shares worth $310 mn in omnichannel retailer FirstCry

"SoftBank recently sold shares worth Rs 630 crore in FirstCry. It was picked up by a few high net worth individuals," a source said. Notably, FirstCry is likely to file a draft paper for IPO this week

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.