Sebi approves IPO plans of FirstCry, SoftBank-backed Unicommerce eSolutions

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Sebi approves IPO plans of FirstCry, SoftBank-backed Unicommerce eSolutions - Business Standard

Quick Summary:

Unicommerce’s IPO consists only of an offer for sale with the entire proceeds going to the selling shareholders.

However, for a smoother approval process, its board on May 29 decided to identify Starfish (a SoftBank entity) as one of the promoters along with Bahl and Bansal.

The proceeds from the fresh issue, to the extent of Rs 37 crore, will be used for setting up a new manufacturing facility while Rs 30 crore will be used for repayment/prepayment of certain borrowings.