Meesho gets nod from shareholders to raise ₹4,250 crore through IPO
Meesho IPO: E-commerce startup Meesho has got the green light from its shareholders to raise ₹ 4,250 crore through an initial public offering, according to the regulatory filings of the company.
As per a report by PTI that has cited the regulatory filings, the resolution for IPO was passed in the Extraordinary General Meeting on June 25.
The shareholders approved raising up to ₹ 4,250 crore through issuance of fresh equities, the filing dated June 27 showed.
'The proposed offering will include a fresh issue of equity shares aggregating up to ₹ 4,250 crore and an offer for sale of equity shares by certain existing shareholders of the company,' the filing said, according to the report.
However, the final size of the IPO could only be finalised after the company files its DRHP with SEBI.
This step confirms Meesho's plans to float an IPO soon. The next step is to file its draft papers with markets regulator SEBI, whose approval is required in order to raise the funds through the public offering route.
As per a report by The Economic Times, Meesho plans to file its Draft Red Herring Prospectus (DRHP) with the SEBI through the confidential route.
The shareholders also approved a change in designation of Meesho Co-Founder and CEO Vidit Aatrey as chairman and managing director of the company, as per the report.
Meesho IPO approval from shareholders comes after the company completed its domicile shift to India from the US.
As per another PTI report on June 23 quoting sources, the SoftBank-backed company shifted its domicile to India as part of its plan for public listing in the country.
Meesho has merged its Delaware-based entity Meesho Inc. with its Indian arm, which has been approved by the National Company Law Tribunal, Bengaluru bench, a regulatory filing showed.
The company filing showed that the transaction pertaining to Meesho Limited is related to a 'merger involving a foreign company'.
As per a certificate of incorporation issued by the Ministry of Corporate Affairs on May 13, Meesho changed the name of Fashnear Technologies Private Limited to Meesho Private Limited.
The order for the merger of Meesho Inc. with Indian entity Fashnear was passed by the tribunal on May 27, PTI reported.
Flipkart, which also plans to launch an IPO soon, is also in the process of shifting its domicile from Singapore to India
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