Indian retailer FirstCry is set to withdraw its papers for an up to $500 million IPO as early as next week, after India's markets regulator, SEBI, raised questions over key metrics it disclosed to investors. FirstCry, backed by SoftBank, TPG and India's Mahindra and Mahindra sells baby products, including clothes, diapers and toys, seeking to tap the market for new parents in the world's most populous country. 

FirstCry parent BrainBees filed papers with India's Securities and Exchange Board of India last December for an IPO that would have been one of the country's biggest this year. While it filed to raise about $215 million via fresh shares, it plans to raise $300 million more via sale of existing shares. However in recent weeks, SEBI told the company it had not complied with Indian regulations that mandate an IPO-bound company must share all key business metrics that in its papers that it has shared with prospective investors in the last three years. SEBI introduced this rule in 2022, hightening scrutiny of companies looking to list, after wide-spread criticism on the seemingly lax oversight over large loss-making companies which have commanded lofty valuations.

FirstCry's Key Performance Indicators, or KPIs include its average order value, annual transacting customers and number of orders.

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