Bengaluru-based e-commerce company Meesho has received the green light from its shareholders to launch an Initial Public Offering (IPO).
The company will now file a draft IPO prospectus with SEBI through the confidential route. Meesho plans to raise around ₹4,250 crore (approximately $500 million) through this IPO.
Board Approves Leadership Changes and IPO Details
As per a report by The Economic Times, the company’s board has also approved appointing founder Vidit Aatrey as the Chairman, Managing Director, and CEO.
The IPO will include a fresh issue of equity shares worth up to ₹4,250 crore and an offer for sale (OFS) by some existing shareholders.
Major Shareholders in Meesho
Some of the biggest institutional investors in Meesho are Elevation Capital, Peak XV Partners, and Prosus, each holding a 13–15% stake.
Japanese investor SoftBank owns about 10% of the company. Other investors include Westbridge Capital and Fidelity.
Previous Funding and Valuation
Meesho’s most recent funding round raised $550 million, bringing its valuation to around $3.9 billion. Existing investors like Peak XV Partners
and Westbridge Capital participated, along with new ones such as Tiger Global, Think Investments, and Mars Growth Capital. Meesho has also expanded its Employee Stock Option Plan (ESOP) in 2024 by adding 1.1 million new options.
Flipkart Also Preparing for IPO
Meesho’s rival, Flipkart (owned by Walmart), is also preparing for its IPO. Ahead of the listing, Flipkart is planning to shift its legal base from Singapore to India.
Several other new-age Indian companies like Groww, Pine Labs, Physics Wallah, Urban Company, Shiprocket, Boat, Wakefit, and Capillary Technologies have also filed IPO papers with SEBI this year.
