Meesho IPO To Open On Dec 3; Sets Price Band — Check Details
Meesho India on Friday announced the price band for its upcoming initial public offering. The IPO will open for subscription on Dec. 3 and close on Dec. 5.
Price band for the IPO has been set at Rs 105- Rs 111 per share, according to the company statement.
The offering will comprise a fresh issue of shares worth Rs 4,250 crore, and an offer for sale of 175.7 million shares by existing investors, according to Bengaluru-based Meesho's draft prospectus.
Vidit Aatry and Sanjeev Kumar are the promoter selling shareholders offloading stakes in the OFS segment. Peak XV Partners, Elevation Capital V Ltd., Venture Highway Series 1, Golden Summit Ltd., Y Combinator Continuity Holding I, LLC, Sarin Family India LLC and Gemini Investmets are corporate selling shareholders that are selling stake. In addition Man Hay Tam will also be selling stake in the OFS.
Kotak Mahindra Capital Company Ltd., JPMorgan India Pvt., Morgan Stanley India Co., Axis Capital Ltd. and Citigroup Global Markets India Pvt. are the book-running lead managers for the issue and KFin Technologies Ltd. will be the registrar of the issue.
The company will use Rs 1,390 crore from the proceeds to invest for cloud infrastructure, in Meesho Technologies Pvt. Ltd its subsidiary, while Rs 480 crore will be used form payment of salaries of existing and replacement hires for the Machine Learning and AI and technology teams. The company will also use Rs 1,020 crore for expenditure towards marketing and brand initiatives in its subsidiary Meesho Technologies.
The equity shares are proposed to be listed on the National Stock Exchange of India and BSE Ltd.
Meesho, an online marketplace that is popular in smaller Indian cities, joins a growing list of companies tapping into India's booming IPO market.
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