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E-commerce company Meesho plans to use Rs 480 crore from the public offer proceeds towards payment of salaries of AI and technology teams, according to draft IPO papers. The disclosure has sparked social media chatter over whether such utilisation from IPO funds (on personnel salary spends) should be worrying or signals long-term bets on tech talent. SoftBank-backed e-commerce firm is aiming to raise Rs 5,421 crore through its Initial Public Offering (IPO), which opens for subscription on December 3. The e-commerce firm will make its debut on the stock market on December 12. The Bengaluru-based company's maiden public offering will comprise a fresh issue of shares worth Rs 4,250 crore, along with an Offer For Sale (OFS) of 10.55 crore shares valued at Rs 1,171 crore at the upper band, taking the total issue size to Rs 5,421 crore. Giving details of the proposed utilisation of IPO proceeds, the company disclosed that Rs 480 crore is earmarked for "payment of salaries of our existing
As many as seven companies, including Softbank-backed e-commerce firm Meesho and Temasek-backed e-commerce enablement platform Shiprocket, have secured Sebi's approval to raise funds through initial public offerings (IPO), an update with the markets regulator showed on Monday. Others that received regulatory approval are Rajputana Stainless, Skyways Air Services, German Green Steel and Power, Allied Engineering Works, and Manika Plastech. All seven companies, which filed their preliminary IPO papers with Sebi between May and July, obtained its observations during October 14 to 31, the update showed. In regulatory terms, Sebi's observation is equivalent to clearance for launching a public issue. The approval comes at a time when the Indian market is experiencing a boom in primary market activity. Meesho's proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 4,250 crore and an offer for sale (OFS) of 17.57 crore equity shares by certain existing shareholders.