A FirstCry store in India / Photo credit: FirstCry

India-based FirstCry, a baby care ecommerce firm, is looking to retract its IPO application following queries from the Securities and Exchange Board of India (SEBI) on the company’s key metrics, Reuters reported.

FirstCry aimed to raise around US$500 million, which consists of US$215 million from new shares and an extra US$300 million through the sale of existing ones.

SEBI said that FirstCry hasn’t abided by one of its listing rules. It states that a company going public has to disclose all crucial business metrics that could influence potential investors.