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FirstCry, a key player in the baby and maternity retail market, has marked a significant milestone in its 14-year history by going public. The company's entry into the stock market was met with impressive enthusiasm, with shares opening at a 40 percent premium, signaling strong investor confidence and a solid foundation.
On a memorable Tuesday, FirstCry’s shares, priced initially at ₹465, surged to ₹651 on the NSE and ₹625 on the BSE. This remarkable debut reflects the company's robust growth and the trust it has cultivated among consumers and stakeholders over the years.
Supam Maheshwari, the Founder and CEO of FirstCry, expressed his pride and gratitude for the team’s efforts on this historic occasion. Reflecting on the journey, Maheshwari stated, "Our mission from the start has been to provide the best products and services to millions of mothers. This public listing is a testament to our team's dedication and hard work."
FirstCry’s journey has been distinguished by significant milestones, including vertical integration into manufacturing and successful expansion into international markets. Even amid the challenges of the COVID-19 pandemic, FirstCry has shown resilience and strategic foresight, solidifying its market position and preparing for future growth.
At the listing ceremony, Anand Mahindra, Chairman of Mahindra & Mahindra, praised FirstCry’s achievements, highlighting the strategic foresight that contributed to its success. "I congratulate Supam and his team for creating immense value for Mahindra and the country," said Mahindra.
Mahindra’s investment in FirstCry was part of an experimental strategy by Mahindra Partners, showcasing the Group’s belief in the potential of emerging businesses. As Mahindra noted, "I'm here because of the story behind the stake, which was an experiment."
The funds raised from the IPO are intended to support FirstCry’s expansion plans, including growing its store presence under the BabyHug and FirstCry brands and entering international markets. Supam Maheshwari emphasized the company’s ambitious goals, including tapping into a total addressable market of $120 billion.
For Chiratae Ventures, one of FirstCry’s early supporters, the journey has been mutually rewarding. The venture capital firm has backed the company at every stage of its growth, from early investment to its public listing.
"Supam's vision has been central to FirstCry's success. His foresight and determination have transformed FirstCry into a household name," said Sudhir Sethi, Founder and Chairman of Chiratae Ventures.
As FirstCry embarks on its new journey as a publicly listed company, the future looks bright. Chiratae Ventures, having been part of this journey from the beginning, remains a supportive partner, confident in FirstCry’s continued success. "We will continue to cheer them on as they excel in this new chapter," added Sethi.
FirstCry’s evolution from a startup to a publicly listed company is a story of vision, resilience, and strategic growth—a story that inspires and sets a benchmark for what can be achieved with dedication and unwavering support from committed partners. As FirstCry enters this new phase, it does so with a strong foundation and a promising future ahead.
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