Meesho Files DRHP Via Confidential Route For Up To $1 Bn IPO

Meesho Files DRHP Via Confidential Route For $1 Bn IPO

SUMMARY

Meesho’s public issue will comprise a fresh issue of shares of about INR 4,250 Cr

Including the OFS component, the IPO size would be about $1 Bn

The ecommerce major recently shifted its domicile back to India after receiving approval from the NCLT

Ecommerce giant Meesho has filed its DRHP with markets regulator SEBI via the confidential pre-filing route, joining the long queue of Indian new-age tech companies looking to go public.

Meesho’s public issue will comprise a fresh issue of shares of about INR 4,250 Cr, sources told Inc42. It will also have a big offer for sale component, taking the total IPO size to up to $1 Bn (about INR 8,550 Cr).

Meesho declined to comment on the development.

This comes a week after Meesho got its board’s nod to raise up to INR 4,250 Cr (around $500 Mn) via a fresh issue in its public listing.

Founded in 2015 by IIT alumni Vidit Aatrey and Sanjeev Barnwal, Meesho is one of the leading players in the Indian ecommerce market, and competes with the likes of Amazon and Flipkart. It counts the likes of DST Partners, Tiger Global Management, Peak XV Partners, Elevation Capital, Facebook and Prosus among its investors.

The company recently shifted its domicile back to India after receiving approval from the National Company Law Tribunal (NCLT).

On the financial front, Meesho managed to trim its loss by 82% to INR 304.9 Cr in the financial year ended March 31, 2024 from INR 1,675 Cr in FY23. Operating revenue jumped 33% to INR 7,614.9 Cr from INR 5,734.5 Cr in FY23.

Meesho’s IPO Journey

The ecommerce company has been working on its IPO plans for over 2 years now.

In 2022, cofounder and CEO Aatrey said that Meesho was targeting to hit the bourses in the next 12-24 months. However, it didn’t proceed with the IPO in that time period.

The IPO conversation started again in December 2024 after Prosus publicly set an 18-month timeline for the company’s IPO.

As part of its listing plans, Meesho shifted its domicile to India from the US. It also turned into a public entity last month, changing its name to ‘Meesho Limited’ from ‘Meesho Private Limited’. Around the same time, the company’s board also gave the nod to issue 411.4 Cr bonus shares.

In the run up to filing its DRHP, Meesho closed a $250 Mn to $270 Mn funding round in January, which saw new investors like Tiger Global, Think Investments, and Mars Growth Capital joining its cap table. The round majorly comprised secondary transactions.

India’s New-Age Tech IPO Wave

Meesho’s filing comes at a time when Indian new-age tech companies are lining up in droves to file their draft papers. Besides Meesho, four such companies filed their DRHPs over the past week.

In December 2024, Inc42 predicted that more than 20 new-age tech startups will make their debut on the D-street in 2025. However, geopolitical tensions and the tariff war ignited by US president Donalad Trump hit the IPO momentum in the first half of 2025.

As a result, only two new-age tech companies – ArisInfra and Ather energy – made their public market debut in H1 2025.

However, the second half of the year is expected to see a sharp increase in the number of IPOs.

New-age tech companies like Wakefit, Pine Labs, Curefoods, Capillary Technologies, Shadowfax, Shiprocket and Urban Company have filed their draft papers with SEBI, and are now awaiting approval to launch their public issues.

Inputs from Bismah Malik