Meesho transitions into public company as it readies for IPO

Homegrown e-commerce platform Meesho is all set to convert to a public entity ahead of its $1 billion initial public offering (IPO).

The board at Meesho passed a special resolution to change its name from “Meesho Private Limited” to “Meesho Limited”, according to its regulatory filing accessed from the Registrar of Companies (RoC).

This development comes a month after the company renamed its legal entity from “Fashnear Technologies Private Limited” to “Meesho Private Limited.”

As per the filing, the board has not yet approved or initiated any IPO process, but the transition was made to maintain readiness for a public listing from a regulatory and compliance perspective.

The SoftBank-backed company has also recently proposed the issuance of bonus shares worth Rs 411 crore to its existing shareholders, according to a separate regulatory filing.

The e-commerce giant has shortlisted Morgan Stanley, Kotak Mahindra Capital, JP Morgan and Citi as its bankers and is likely to launch its initial public offering (IPO) by the end of this year.

The company continued to see strong growth and recorded a 33% YoY revenue growth to Rs 7,615 crore in the fiscal year ending March 2024. It also reduced its adjusted losses by 97% to Rs 53 crore in FY24.

Meesho is in the process of shifting its domicile from the US to India, having filed an application with the National Company Law Tribunal (NCLT). With this move, it aims to join Pine Labs, which also converted to a public entity and recently received final approval from the NCLT to shift its domicile from Singapore to India.