SoftBank sells shares worth $310 million in FirstCry

Japanese conglomerate SoftBank has sold shares worth $310 million in omnichannel retailer FirstCry, which is likely to file a draft paper for IPO this week, sources said on Monday. "SoftBank recently sold shares worth ₹630 crore in FirstCry. It was picked up by a few high net worth individuals. With this sale, SoftBank has realised $310 million from two rounds of stake sale in FirstCry," a source told PTI.

The source said that the sale values FirstCry in the range of $3.5-3.75 billion. SoftBank had invested $400 million in FirstCry at an enterprise valuation of $900 million.

Another source said that SoftBank is still left with shares valued in the range of $800-900 million which it will sell later. "SoftBank is looking to make around $1.3 billion from the investment made in FirstCry," the source said.