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Supam Maheshwari, the founder and CEO of IPO-bound unicorn FirstCry, saw a massive 49% reduction in his monthly remuneration, now receiving Rs 8.6 crore in the first three-quarters of FY24, down from Rs 16.7 crore in the same period the previous year, according to the company’s revised draft red herring prospectus filed with the Securities and Exchange Board of India (SEBI).
CEO's share transactions ahead of IPO
In the days leading up to FirstCry's filing for an IPO in December, Maheshwari sold approximately 6.2 million shares. At the highest transaction price of Rs 487.44 per share, this offloading amounted to over Rs 300 crore.
Maheshwari’s stake in the company reduced from 7.46% to 5.95% as a result of these transactions, positioning him as a selling shareholder in the upcoming public offering.
Comparative remuneration within the company
The revised IPO document also details the remuneration of other key managerial personnel (KMP) at FirstCry.
Sanket Hattimattur, co-founder and chief of staff, received Rs 8.3 crore in the first three-quarters of FY24, a decrease from Rs 18.5 crore during FY23.
Gautam Sharma, the group chief financial officer, was the third highest compensated, with earnings of Rs 1.6 crore in the same period, down from Rs 4.8 crore the previous year.
Financial growth
FirstCry, gearing up for its IPO, reported Rs 4,814 crore in revenue with a net loss of Rs 278 crore during the first three quarters of FY24. These figures come from the company's latest financial disclosures to SEBI, which also included additional requests for a more comprehensive set of financial and operational KPIs.
The company is expected to price its IPO at a valuation of $3.5-3.75 billion.
According to the revised DRHP, FirstCry’s employee benefits expenses in the first nine months of FY24 was Rs 370 crore, compared to Rs 408 crore in FY23 and Rs 247 crore in FY22.
Its share-based payment expenses were Rs 134 crore in the first nine months of FY24, Rs 361 crore in FY23, and Rs 92 crore in FY22.