Meesho IPO: SoftBank-Backed E-Commerce Platform Confidentially Files Draft Papers
The Flipkart rival may also undertake a private placement of certain equity shares to selected investors.
Prosus-backed e-commerce platform Meesho is said to have confidentially filed draft papers for its initial public offering, people aware of the matter said.
The company had earlier gotten shareholders' approval to raise up to Rs 4,250 crore through a primary share issuance in the capital market.
"With respect to the offer, the company will be required to file a pre-filed draft red herring prospectus," Meesho had said in a regulatory filing.
Meesho's confidential filing was first reported by a financial news website.
The Bengaluru-based company, whose backers include SoftBank, Prosus, Elevation Capital and Peak XV, will also be offering existing investors a chance to sell stake through an offer for sale, according to the regulatory filings made with the Ministry of Corporate Affairs.
The Flipkart rival may also undertake a private placement of certain equity shares to selected investors.
Meesho's confidential DRHP filing makes it an entrant in a growing group of companies that have gone through the pre-filed confidential route. The DRHP is released only when the company decides to go live with its IPO. A confidential filing allows a company to protect what it believes to be sensitive data from its competitors.
Last month, discount broker Groww and logistics firm Shiprocket also filed confidential DRHPs. Edtech unicorn PhysicsWallah also filed its DRHP confidentially, following the likes of EQT-backed Indira IVF, Swiggy Ltd., Credila Financial Services Ltd. and Vishal Mega Mart Ltd. NDTV Profit earlier reported that Tata Capital's confidential filing was likely approved by the market regulator.
Meesho recently completed the process of shifting its domicile to India as part of its plan for a public listing in the country. Its IPO comes at a time when industry rival Flipkart is also in the process of shifting its domicile from Singapore to India ahead of its planned IPO.
Meesho shareholders had also given their nod to designate Vidit Aatrey, co-founder, as the chairman, managing director and chief executive of the firm.
NDTV Profit has reached out to Meesho for comments on the story.
