Sebi has approved the Initial Public Offerings (IPOs) of FirstCry and Unicommerce.

The Securities and Exchange Board of India (Sebi) has approved initial public offering (IPO) plans for two SoftBank portfolio companies—FirstCry, an omnichannel retailer of baby products, and Unicommerce, an ecommerce enterprise software developer.

FirstCry, based in Pune and also selling mother care products, resubmitted its draft prospectus on April 30 after addressing queries on its key performance indicators. The company aims to raise approximately $218 million (around Rs 1,815 crore) through the issuance of new shares, with existing investors offering an additional 54 million shares through a secondary sale. The IPO, expected to launch later in July, could reach a total valuation of about $500 million (approximately Rs 4,163 crore), inclusive of primary and secondary shares.

Unicommerce's IPO will consist solely of a secondary sale by existing shareholders, targeting Rs 480-490 crore. SoftBank, currently holding a 29.2% stake, plans to sell a 15% stake, AceVector Ltd will sell 10%, and B2 Capital 2%. SoftBank, Snapdeal co-founders Kunal Bahl and Rohit Bansal have been identified as promoters, with SoftBank signing an indemnity agreement with Bahl and Bansal.

In the nine months ending December, FirstCry reported a net loss of Rs 278 crore on operating revenue of Rs 4,814 crore, with gross sales of Rs 5,650 crore. The company generates 77% of its sales online and operates 1,018 stores across 508 cities. The IPO is expected to value FirstCry around $4 billion, and funds raised will support store and warehouse expansion and entry into Saudi Arabia.