Meesho Files for Rs 8,500 Crore IPO, Reflecting Strong Growth and Investor Confidence
E-commerce giant Meesho has filed for an Initial Public Offering (IPO), aiming to raise Rs 8,500 crore ($1 billion). The company, previously known as Fashnear Technologies, has seen a 33% year-on-year increase in revenue to Rs 7,615 crore for the fiscal year ended March 2024. Elevation Capital, the largest external shareholder, holds a 14.49% stake.
Meesho has appointed Citi, Kotak Mahindra Capital, Morgan Stanley, and Axis Capital as bankers for its IPO. The company has confidentially filed a draft red herring prospectus (DRHP) with SEBI, making it the seventh Indian startup to choose this route in 2025. Meesho aims to raise Rs 4,250 crore (approximately $500 million) through a primary issue of equity shares, with the total IPO size expected to reach approximately Rs 8,500 crore. This includes a primary issue and an offer for sale (OFS) component. Meesho has received shareholder approval for this capital raise.
In preparation for the IPO, Meesho has shifted its headquarters to India through a reverse flip transaction costing $288 million. The company has also changed its corporate name from Fashnear Technologies Private Limited to Meesho Private Limited. Notably, there are no specific banks mentioned as advisors for Meesho’s IPO campaign in the available search results.
Meesho's IPO, expected to be one of the largest in India this year, reflects the company's significant growth and investor confidence. With a strong revenue increase and prominent shareholders like Elevation Capital, Meesho is poised for further expansion in the Indian e-commerce market.
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