Indian e-commerce platform Meesho files confidentially for IPO
Some existing investors will also pare their stake, the source added, without specifying details.
In a document filed with the Registrar of Companies, which Reuters has seen, Meesho said it has received shareholder approval for IPO and its plans to raise fresh capital.
The company aims to list around September-October this year, according to online news portal Moneycontrol, which reported it first.
Meesho, which competes with Amazon and Walmart's Flipkart in India's e-commerce market, has backers that include Prosus (PRX.AS), opens new tab, Elevation Capital, WestBridge Capital, SoftBank and Peak XV Partners.
A confidential filing allows companies to seek the regulator's comments without disclosing IPO documents to the public to protect sensitive information, such as financials and business strategies.
Indian stock broking platform Groww and logistics and delivery services firm Shadowfax both filed confidential IPO papers recently.
Meesho did not immediately respond to Reuters' request for comment.
The company's revenue rose 33% year-on-year to 76.15 billion rupees in fiscal 2024, and losses narrowed sharply to 3.05 billion rupees from 16.75 billion rupees, its latest annual report showed.
India's IPO market is back on track after global trade tensions dented investor sentiment in the first half of the year. As of June 30, Indian IPOs have raised a total of $5.86 billion, accounting for 12% of total proceeds globally, according to LSEG data.
Additionally, as many as 143 IPOs are being planned worth a potential $26 billion, according to IPO tracker PRIME Database.
($1 = 85.4610 Indian rupees)
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