Highlights
Meesho IPO Plans: Transitioning to Public Listing
Meesho, a homegrown e-commerce platform, is preparing to become a public entity as it moves towards its $1 billion initial public offering (IPO). The board has approved a special resolution to change its name from Meesho Private Limited to Meesho Limited, as per regulatory filings obtained from the Registrar of Companies (RoC).
Name Change and Regulatory Compliance
This announcement follows a recent name change from Fashnear Technologies Private Limited to Meesho Private Limited just a month prior. The board has yet to approve or start any formal IPO process; however, the name transition is aimed at ensuring the company’s readiness for a public listing from regulatory and compliance viewpoints.
The SoftBank-backed company recently proposed the distribution of bonus shares valued at Rs 411 crore to its current shareholders, according to another regulatory filing. Meesho aims for a valuation of $10 billion for its IPO and has enlisted financial giants Morgan Stanley, Kotak Mahindra Capital, JP Morgan, and Citi as its bankers.
Impressive Year-on-Year Revenue Growth
Throughout the fiscal year ending March 2024, Meesho reported a substantial 33% year-on-year revenue growth, reaching Rs 7,615 crore. Additionally, the company has significantly reduced its adjusted losses by 97%, now standing at Rs 53 crore in FY24.
Domicile Shift to India
Meesho has initiated the process of shifting its domicile from the US to India, having filed an application with the National Company Law Tribunal (NCLT). This strategic move aims to align with other companies such as Pine Labs, which has recently received final NCLT approval to relocate its domicile from Singapore to India.
