Meesho files confidential IPO papers with Sebi, targets ₹4,250 cr listing

Last month, the NCLT approved Meesho's move to shift its HQ from Delaware to India, a step seen as key to its long-awaited listing and corporate restructuring

E-commerce company Meesho has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO), Reuters reported on Thursday.

 

The SoftBank-backed firm plans to raise $497.30 million (₹4,250 cr) through the listing, the report added. Some existing investors are also expected to pare their stakes as part of the offer.

 

According to Moneycontrol, Meesho is targeting a market debut in September or October this year.

 

Shareholder approval, US-India shift precede listing

 

The move comes days after Meesho announced that it had received shareholder approval to raise capital through a public issue.

 

 

In June, the National Company Law Tribunal (NCLT) also cleared the company's proposal to relocate its registered headquarters from Delaware, United States, to India. The shift allows Meesho to legally separate from its US entity and consolidate operations under its Indian arm, completing a long-anticipated corporate restructuring.

 

“This filing is part of our ongoing transition to re-domicile in India. With the majority of our operations, including customers, sellers, creators and Valmo partners already based here, this step aligns our corporate structure with our day-to-day business footprint,” Meesho had said at the time.

 

The relocation is expected to cost the company approximately $288 million in taxes.

 

Backed by marquee global investors

 

Meesho is backed by several prominent investment firms, including Prosus, Elevation Capital, WestBridge Capital, SoftBank, and Peak XV Partners, according to Reuters.

 

Losses narrow, revenues climb in FY24

 

Earlier this year, Meesho reported a significant narrowing of losses to ₹53 crore for the financial year 2024, while its revenue rose 33 per cent to ₹7,615 crore.

 

Its gross merchandise value (GMV) for FY25 reached $6.2 billion, making Meesho the third-largest e-commerce platform in India by GMV.