Meesho, backed by SoftBank, is preparing to become a public company ahead of its $1 billion initial public offering (IPO).
Meesho’s board has agreed to change the company’s name from “Meesho Private Limited” to “Meesho Limited,” according to a recent official filing.
This change happened just one month after the company renamed itself from “Fashnear Technologies Private Limited” to “Meesho Private Limited.”
The board hasn’t approved or started the IPO process yet. However, the company changed its name to be prepared in case it decides to go public later, ensuring it meets all the necessary rules and requirements.
In another announcement, the company stated that it plans to distribute bonus shares worth Rs 411 crore to its existing shareholders.
The e-commerce giant is planning to go public soon and hopes to be valued at $10 billion. To facilitate the process, it has selected four banks to handle the IPO: Morgan Stanley, Kotak Mahindra Capital, JP Morgan, and Citi.
In FY24, the company reported strong growth, with revenue increasing 33% year-over-year to ₹7,615 crore. It also significantly cut its adjusted losses by 97%, bringing them down to ₹53 crore.
Meesho is in the process of relocating its domicile from the US to India and has applied to the National Company Law Tribunal (NCLT). With this move, it aims to follow in the footsteps of Pine Labs, which recently received final NCLT approval to shift its domicile from Singapore to India after becoming a public entity.
