- Meesho Renames Itself Ahead of $1 Billion IPO, signaling its intent to go public with a $10 billion valuation; board approval granted at EGM.
- Meesho shifts headquarters from the U.S. to India, following in the footsteps of Pine Labs, and appoints top global banks to manage its IPO.
In preparation for its anticipated $1 billion (₹8,500 crore) initial public offering (IPO) later this year, e-commerce startup Meesho has renamed itself from Meesho Private Limited to Meesho Limited in order to become a publicly traded business.
At its extraordinary general meeting earlier this month, the company's board gave its approval to the name change. This kind of action is common among IPO-bound businesses, such as Swiggy in the past and Lenskart more recently.
A recent official filing states that Meesho's board has decided to rename the firm from "Meesho Private Limited" to "Meesho Limited."
The business also announced that it would give its current owners bonus shares valued at ₹411 crore.
The e-commerce giant intends to go public shortly and aims to reach a $10 billion valuation. It has chosen Morgan Stanley, Kotak Mahindra Capital, JP Morgan, and Citi to manage the IPO to streamline the procedure.
The business showed robust growth in FY24, with revenue rising 33% year over year to ₹7,615 crore. Additionally, it drastically reduced its adjusted losses to ₹53 crore, a 97% decrease.
For its first IPO, Meesho has already selected Morgan Stanley, Kotak Mahindra Capital, and Citi as advisers.
IIT-Delhi alums Vidit Aatrey and Sanjeev Barnwal launched the business in 2015, and Tiger Global, SoftBank, Elevation Capital, and other investors have contributed more than $1.3 billion to it.
Meesho has applied to the National Company Law Tribunal (NCLT) and is moving its headquarters from the United States to India.
Edited by Harshajit Sarmah
