The reports state that the company’s draft red herring prospectus (DRHP) has been filed under Sebi’s pre-filing route
Meesho, an ecommerce marketplace, has filed a draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (Sebi) for its initial public offering (IPO), as per the media reports.
The reports noted that the company’s DRHP has been filed under Sebi’s pre-filing route, which gives companies the facility to keep their prospectus confidential. The company’s shareholders had approved its IPO plan. It is aiming to raise Rs 4,250 crore in fresh capital, as per the reports.
As part of its plan for public listing, Softbank-backed ecommerce firm Meesho has completed its reverse flip and moved its domicile to India, as per the reports, which cited the documents filed with the Registrar of Companies. The reports noted that the company’s board approved the merger and share allotment to investors of the United States entity. This development means that it is now a fully Indian company. The reports further stated that the company is likely to file the draft prospectus for its upcoming initial public offering in the next two to three weeks.
On 27 May, the company received approval from the National Company Law Tribunal (NCLT) to go ahead with the reverse flip. The reports added that the company is likely to pay around USD 280 to 300 million tax in the US for its flipback.
In an earlier development, the company has received board and shareholder approval to change its legal name from Fashnear Technologies to Meesho, according to a regulatory filing with the Registrar of Companies.
