FirstCry delays its IPO by a couple of months
By MYBRANDBOOK
As per news source, FirstCry has delayed its plan to introduce a $1 billion initial public offering (IPO) by a few months due to the recent market volatility and the issues that have faced IPOs since the start of the financial year.
According to the news source, a person familiar with the matter has stated that FirstCry is considering to defer the publication of its draft red herring prospectus (DRHP) by a couple of months because of market volatility.
“There are too many headwinds out there now, and based on multiple conversations with key stakeholders, they (FirstCry) are delaying filing the draft red herring prospectus (DRHP) by at least a month or two," the source was quoted as saying.
In 2022, the global and Indian markets have been extremely volatile due to a variety of factors, including the US Fed's decision to restrict money supply and increase interest rates, the Russia-Ukraine war, and more. Additionally, the Indian stock market, riding all-time highs following the bull run that started in 2020, has seen multiple startup IPOs struggle in the last year, including Zomato and Paytm.
In the last week alone, logistics startup Delhivery saw its public listing oversubscribed by 1.63 times, but with a tepid response from retail investors and high network individuals (HNIs).
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