Private equity firm TPG has exited its stake in omnichannel kidswear company FirstCry through a bulk deal worth ₹202 crore. The sale involved 1.2 crore shares, representing a 2.21% stake, sold at ₹175.15 each. The transaction occurred recently, with Goldman Sachs Investments Mauritius acquiring 68 lakh shares for ₹119 crore, according to NSE data reported by inc42.com.
TPG, which first invested in FirstCry in 2021, has been gradually reducing its shareholding since the company's IPO in 2024. The bulk deal was executed via TPG's entity NewQuest Asia Investments III Ltd. The shares were sold at a 2.4% discount to the stock’s last closing price. While Goldman Sachs purchased a majority of the shares, the buyers of the remaining shares were not disclosed. This exit comes amid ongoing selling pressure on FirstCry’s stock.
FirstCry’s stock has risen 6.13% in the past week but remains down 37.4% year-to-date. The company continues to operate at a loss and is investing heavily to counter competition and address supply chain challenges. Despite this, FirstCry has improved its unit economics, reducing net losses by 35% to ₹44 crore in Q1 FY27 from ₹66.5 crore in the previous year, according to inc42.com.
The bulk sale by TPG marks a significant liquidity event for the PE firm after holding the stake for over five years. FirstCry’s stock performance and financial results will be closely watched in the upcoming quarterly earnings, with the company aiming to further improve profitability amid competitive pressures.