Social commerce unicorn Meesho is inching towards its initial public offering (IPO) dreams, as its shareholders approve the company’s Rs 4,250 crore issue, according to a report.
According to a report by the Economic Times, Meesho received the approval following an extraordinary general meeting, where its shareholders also approved the plan to designate founder Vidit Aatrey as the chairman, managing director, and CEO of the company.
Meesho joins the likes of Pine Labs and Wakefit, who have already filed their draft IPO papers with the market regulator SEBI. The social commerce company had recently completed its domicile shift from the US to India.
“The proposed offering will include a fresh issue of equity shares aggregating up to Rs 4,250 crore and an offer for sale of equity shares by certain existing shareholders of the company,” a RoC filing said.
Elevation Capital, Peak XV, and Prosus are among the largest institutional shareholders in Meesho, owning between 13 and 15% stake each. Japanese investor SoftBank owns close to a 10% stake in the e-tailer that focuses on value retailing at lower price points.
Other investors in the company include WestBridge Capital and Fidelity.
Founded in 2015, Meesho has raised over $1.3 billion over the years. It last raised $550 million in a funding round in January this year, which was largely a secondary transaction.
The planned public listing of Meesho will set a new benchmark for India’s ecommerce sector and could also pave the way for other companies in the space to explore an IPO.
Edited by Suman Singh
