India, April 26 -- Kids-focussed omnichannel retailer FirstCry reportedly plans to withdraw its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI) and file new IPO papers later next week.

Citing sources, Moneycontrol reported that the startup will now refile the DRHP with updated financial numbers and key performance indicators from the quarter ended December 2023.

Earlier, a Reuters report said FirstCry parent Brainbees Solutions Ltd is set to withdraw its DRHP for $500 Mn IPO after the market regulator raised questions over the key metrics disclosed by FirstCry in the draft documents.

As per Moneycontrol, FirstCry had only disclosed 5-6 KPIs as against 25 sought by the markets regulator....