Meesho files confidential draft papers for ₹4,250 cr IPO
The Bengaluru-based companyreceived shareholders' approval last week for its IPO and a change in the designation of Meesho co-founder and chief executive Vidit Aatrey as chairman and managing director.
Meesho declined to comment on Mint's queries.
The company, which has raised capital from Fidelity Investments, SoftBank Group, Prosus, and Peak XV Partners, joins a host of new-age firms opting for a public-market listing this year despite volatile market conditions.
India's Nifty 50 dropped to a 12-month low of 21,743.65 points in March, but has since rebounded. On Thrusday afternoon, the benchmark index was nearly unchanged at 25,501.00 points.
Last week, fintech companyPine Labs filed draft prospectus for an IPO with the Securities and Exchange Board of India. Furniture makerWakefit and cloud kitchens playerCurefoods filed pre-IPO papers earlier this week.
Confidential pre-IPO filings allow companies to keep sensitive information private for a longer duration and submit updated documents closer to the actual share sale.Shadowfax Technologies,Steamhouse India,Groww, andPhysicsWallah, too, have opted for the confidential route for their IPO.
Top secret: IPO-bound startups may opt for confidential filings to keep options open, sensitive information under wraps
Meesho has reportedlyrejigged its board of directors ahead of its IPO, with representatives of SoftBank and Prosus giving up their board seats, as per a recent report by Moneycontrol.
Meesho has also merged its Delaware-based entity, Meesho Inc., with its Indian arm, and secured approval for this from the National Company Law Tribunal, a regulatory filing showed.
The company's filing mentioned a transaction pertaining to Meesho Ltd as being related to a 'merger involving a foreign company'.
As per a certificate of incorporation issued by India's ministry of corporate affairs on 13 May, Meesho has officially changed its original name, Fashnear Technologies Pvt. Ltd, to Meesho Pvt. Ltd.
Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho caters to online shoppers in tier-2, tier-3 cities and beyond. It has raised more than $1.3 billion in private funding and was last valued at nearly $4 billion.
Meesho's revenue jumped 33% to ₹ 7,615 crore in 2023-24, while its loss narrowed to ₹ 53 crore, according to the company'sannual report. The e-commerce firm had posted a loss of ₹ 1,569 crore, excluding costs towards Esops, or employee stock ownership plans, in FY23.
Meesho has not yet filed its financials for FY25.
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