Low-cost e-comm platform Meesho files for Rs 8,500 crore IPO
On the other hand, cloud kitchen startup Curefoods, which just got converted into a public entity, filed for a Rs 800 crore. Its OFS details are awaited, while the logistics service provider Shadowfax Technologies has also confidentially filed the IPO papers for a Rs 2,500 crore issue along with an OFS, valuing the company around Rs 8,500 crore.
Meesho, cofounded by Vidit Aatrey (chief executive) and Sanjeev Barnwal (chief technology officer) is looking to get listed around late September or early October, according a to source.
Total money mopped up through the IPO will be around Rs 8,500 crore ($1 billion), of which Rs 4,250 crore each will be primary issues and secondary issues.
In the run up to its IPO, Meesho too had converted into a public entity like Curefoods last month.
The Bengaluru-based Meesho has chosen the confidential route as it looks to protect sensitive information from rivals Flipkart and Amazon among others. Earlier Shadowfax, Curefoods and the leading discount brokerage Groww and many others had done so and allows the issuer to reassess its IPO timelines if market conditions turn.
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