Prosus-backed hypervalue ecommerce platform Meesho has approved a proposal to issue 411.4 crore bonus shares to its existing shareholders ahead of its public debut filing.
The Vidit Aatrey-led company approved a share issue in the ratio of 47.2509 new equity shares for every existing share held.
The total amount to be capitalised for the issue is Rs 411 crore ($49.3 million), based on audited financials for the year ended March 31, 2024, the company said in a shareholder resolution.
Bonus shares will be issued at a face value of Rs 1 each and will rank pari passu (equally) with existing fully paid-up equity shares, stated filings sourced from MCA.
The issue is expected to increase the company’s paid-up share capital from 8.7 crore equity shares to 420 crore, it added.
This comes after the Bengaluru-based gears for its public debut and looks to file its DRHP (draft red herring prospectus) with the markets regulator.
According to reports, Meesho is looking to go public later in the year to raise around $1 billion through an initial public offering (IPO) at a valuation of $10 billion. The company has already picked Morgan Stanley, Kotak Mahindra Capital and Citi as advisers for its IPO.
Earlier this year in April, the company changed the name of its legal entity from ‘Fashnear Technologies Private’ to ‘Meesho Private Limited’
To date, the company has raised $1.4 billion from a host of investors including Softbank, Prosus, Peak XV, and Westbridge Capital, among others. In its latest round closed earlier this year, it raised $550 million at a valuation of about $3.9 billion.
Edited by Kanishk Singh
