Meesho Gets Shareholders’ Nod for ₹4,250-Crore IPO
In a significant development, Bengaluru-based e-commerce platform Meesho has received shareholders’ approval to launch its initial public offering (IPO), aiming to raise ₹4,250 crore in fresh capital. According to a report by NDTV Profit, Meesho’s shareholders have given the green light for the company to launch its IPO, which will also offer existing investors a chance to sell their stake through an offer for sale.
Meesho’s IPO is expected to be one of the largest in the Indian e-commerce space, and the company is targeting a fresh issue of ₹4,250 crore. The offer for sale, which will allow existing investors to sell their stake, is expected to be around ₹1,250 crore. The total IPO size, including the fresh issue and offer for sale, is estimated to be around ₹5,500 crore.
Meesho’s shareholders include prominent investors such as SoftBank, Prosus, and Elevation Capital. SoftBank, a Japanese technology conglomerate, is one of Meesho’s largest shareholders, having invested around $100 million in the company in 2020. Prosus, a Netherlands-based investment firm, has also been a significant investor in Meesho, having invested around $300 million in the company in 2020. Elevation Capital, a venture capital firm, has also invested in Meesho.
Meesho’s IPO plans have been in the works for some time now. The company had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in July 2022, seeking approval for its IPO. Since then, the company has been working on finalizing the IPO details, including the issue size, pricing, and listing date.
Meesho is one of the fastest-growing e-commerce platforms in India, with a strong focus on social commerce and women-led entrepreneurship. The company has been growing rapidly, with its revenue increasing by over 100% year-on-year in 2021. Meesho has also been expanding its operations, with a presence in over 2,000 cities and towns across India.
The IPO is expected to be a significant milestone for Meesho, providing the company with the necessary capital to further expand its operations and strengthen its position in the Indian e-commerce market. The IPO proceeds will also be used to repay debts and fund future growth initiatives.
Meesho’s IPO is expected to be a highly anticipated event in the Indian capital markets, with investors and analysts closely watching the company’s growth trajectory and IPO plans. The company’s IPO is expected to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
In conclusion, Meesho’s shareholders’ approval for its ₹4,250-crore IPO is a significant development in the Indian e-commerce space. The company’s IPO plans are expected to be one of the largest in the Indian e-commerce space, and the company is targeting a fresh issue of ₹4,250 crore. Meesho’s IPO is expected to be a significant milestone for the company, providing it with the necessary capital to further expand its operations and strengthen its position in the Indian e-commerce market.
