Meesho moves ahead with Rs 4,250cr IPO, shareholders approve listing plan and confidential filing route
Meesho representative image
Bengaluru-based ecommerce marketplace Meesho has received shareholder approval to launch its initial public offering (IPO), aiming to raise Rs 4,250 crore (about $500 million) through a fresh issue of equity shares, according to filings with the Registrar of Companies.
The approval was granted at an extraordinary general meeting of the company. The IPO will also include an offer for sale by some existing shareholders, as per ET.
Meesho opts confidential IPO route
Having recently shifted its domicile from the US to India, the e- commerce company plans to file the draft red herring prospectus with the securities and exchange board of India (SEBI) through the confidential route.
Shareholders have also approved the appointment of founder Vidit Aatrey as chairman, managing director, and CEO.
Institutional investors Elevation Capital, Peak XV Partners, and Prosus each hold 13–15% in Meesho, while Japanese investor SoftBank owns close to 10%. Other investors include WestBridge Capital and Fidelity.
Meesho's last funding round raised $550 million, primarily through secondary transactions, valuing the company at around $3.9 billion, slightly below its peak valuation of $5 billion. That round included participation from Tiger Global, Think Investments, Mars Growth Capital, Peak XV, and WestBridge Capital.
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Regulatory filings also revealed that Meesho has expanded its 2024 employee stock option plan (Esop) by adding 1.1 million options, bringing the total to 7.5 million.
A recent presentation by investor Prosus noted that Meesho handled over 1.8 billion orders in FY25, a 37% year-on-year growth from 1.3 billion in FY24.
India's first horizontal e-commerce listing
With the IPO, it is poised to become the first horizontal ecommerce company to list in India. Its competitor Flipkart is also shifting its domicile from Singapore to India in preparation for a planned IPO next year.
Other internet-first and new-age companies preparing for public listings include Groww, Pine Labs, PhysicsWallah, Urban Company, Shiprocket, Boat, Wakefit, and Capillary Technologies. Omnichannel eyewear retailer Lenskart and logistics platform Shadowfax are also expected to file soon.
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