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Initial public offerings

Meesho Files Confidential Draft Prospectus for Up to ₹4,250 Crore IPO

Strategic Insights

— 1 min read

Meesho, a Bengaluru-based e-commerce firm, has filed a confidential draft prospectus with the markets regulator for a possible initial public offering (IPO) to raise up to ₹4,250 crore in primary capital. This move comes as the company received shareholders' approval last week for its IPO and a change in the designation of its co-founder and CEO, Vidit Aatrey, as chairman and managing director. Meesho joins a growing list of new-age firms opting for a public-market listing this year, despite volatile market conditions.

Key Takeaways:

  • Meesho has filed a confidential draft prospectus with the markets regulator for an IPO to raise up to ₹4,250 crore in primary capital.
  • The company received shareholders' approval last week for its IPO and a change in the designation of its co-founder and CEO, Vidit Aatrey, as chairman and managing director.
  • Meesho has raised capital from prominent investors such as Fidelity Investments, SoftBank Group, Prosus, and Peak XV Partners.
  • The company's revenue rose 33% to ₹7,615 crore in 2023-24, while its loss narrowed to ₹53 crore, according to its annual report.
  • Meesho joins a host of new-age firms opting for a public-market listing this year, including fintech company Pine Labs, furniture maker Wakefit, and cloud kitchens player Curefoods.

Statistics:

  • Meesho's revenue for 2023-24 rose by 33% to ₹7,615 crore.
  • The company's loss for 2023-24 narrowed to ₹53 crore.
  • Meesho has raised capital from prominent investors such as Fidelity Investments, SoftBank Group, Prosus, and Peak XV Partners.
  • The Nifty 50 index dropped to a 12-month low of 21,743.65 points in March but has since rebounded.
  • The benchmark Nifty 50 index was nearly unchanged at 25,501.00 points on the day Meesho filed its prospectus.

Sources:

  • Mint
  • Meesho's Annual Report 2023-24
  • HT Digital Content Services

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