Goldman Sachs picks up stake in FirstCry parent company
What's the story
Global investment bank Goldman Sachs has acquired a significant stake in Brainbees Solutions Ltd, FirstCry's parent company. The acquisition was made through a bulk deal on the National Stock Exchange (NSE) on September 24. Goldman Sachs Investments Mauritius I Ltd bought 68 lakh shares at ₹175 per share, amounting to an estimated ₹119 crore transaction.
Investment details
Goldman Sachs was an anchor investor in Brainbees Solutions's IPO
Goldman Sachs was also an anchor investor in Brainbees Solutions's initial public offering (IPO).
The company had allotted shares worth ₹1,885.80 crore to domestic and foreign institutional investors during its anchor round.
Other investors who participated in this allocation included the Government of Singapore, Abu Dhabi Investment Authority, Nomura, and Fidelity, among others.
Stake sale
TPG exits FirstCry with ₹202 crore bulk deal
In a related development, private equity firm TPG has exited omnichannel kidswear company FirstCry through a ₹202 crore bulk deal.
Through its investment arm NewQuest Asia Investments III Ltd, TPG sold its entire 2.21% stake in FirstCry, comprising 1.2 crore shares at ₹175.15 per share as per NSE data.
The transaction was executed at a discount of around 2.4% to FirstCry's previous closing price.
Stock analysis
FirstCry shares opened at ₹181.55 on BSE
FirstCry opened at an intraday high of ₹181.55 apiece on the BSE today, hitting an intraday low of ₹177 per share.
The stock traded around 17 lakh shares across exchanges so far today, compared to some 3 crore shares traded yesterday.
Sudeep Shah, VP-Technical & Derivatives Research at SBI Securities, said FirstCry continues to trade in a downtrend with immediate resistance at the ₹200-205 zone and support at the ₹160-165 zone.