IPO-bound Firstcry in talks with sovereign funds at a valuation of $3 billion

IPO-bound omnichannel retailer FirstCry- for newborn, baby & kids products has started talks with sovereign funds to allow some of its shareholders to sell a stake in the company at a valuation of around $3 billion, according to a news report published by The Economic Times.

Report further added that they also stated that SoftBank which is the largest shareholder of FirstCry is likely to sell a part of its 29% holding if the deal takes place.

In addition, the report said that the kids' products retailer may also bring in additional domestic capital which can shore up local ownership in the company.

FirstCry is currently valued at $2.7 billion after the latest investment of $315 million led by Premji Investment earlier this year.

Pune-based retailer, which is now planning its IPO in coming months, earlier delayed its IPO plans amid volatile markets.