Ecommerce major Meesho, which is set to file its IPO papers in a few weeks via the confidential route, will likely complete its redomiciling process from the US to India in a few days.
An ET report, citing sources, said that Meesho’s flip back process will close in a few days and it will be ready to file its IPO papers as early as next week, but that could get stretched to sometime later this month.
As per a separate Bloomberg report, the startup would look to raise $700 Mn to $800 Mn from its public offering. The number is slightly lower than the $1 Bn IPO that was speculated previously.
Inc42 has reached out to Meesho for comments on the development. The story will be updated based on the response.
The startup has also roped in Citigroup, Kotak Mahindra Capital and Morgan Stanley as investment bankers for its public offering.
Meesho’s Road To IPO
Two days back, Meesho’s board passed a resolution to convert into a public entity in the run up to its IPO “…Increased flexibility in pursuing capital market access and aligning its corporate structure with regulatory expectations applicable to a company proposing to undertake an IPO…” the startup had said in its filing with the Registrar of Companies (RoC).
Besides, Meesho’s board approved a proposal to issue 411.4 Cr bonus shares of INR 1 each to equity shareholders in the ratio 47:1.
Last year in December, Meesho-backer Prosus ascribed a timeline of 18 months to public listing for the startup.
On the financial front, in the financial year 2023-24 (FY24), Meesho managed to trim its loss by 82% to INR 304.9 Cr from INR 1,675 Cr in FY23. Operating revenue zoomed 33% to INR 7,614.9 Cr during the year under review from INR 5,734.5 Cr in FY23.
The startup is yet to file its financial statements for FY25.
A few weeks back, fintech major Razorpay completed its reverse flip process to merge its Delaware-based entity with its Indian subsidiary. The startup paid INR 1,245 Cr to the Indian government in taxes to shift its domicile to India.
Amid the IPO boom in new-age startups, many entities started queuing to shift their domicile to India. These include names like Flipkart, Zepto, Pine Labs, Mensa Brands, Udaan and Eruditus.
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