Meesho turns public company ahead of $1 billion IPO
Bengaluru: Ecommerce marketplace Meesho formally transitioned into a public limited company, according to recent filings with the Ministry of Corporate Affairs. The move came as the Bengaluru-based firm advanced its plan to shift legal domicile from the US to India and restructure operations under a single onshore entity.
Meesho is preparing for a potential $1 billion IPO. The company, incorporated as Fashnear Technologies, received board approval to rename itself Meesho Limited. It also passed a resolution to issue bonus shares worth Rs 411 crore at a 47:1 ratio, increasing paid-up share capital from Rs 8.7 crore to over Rs 420 crore. The bonus issue is a standard pre-IPO step aimed at aligning the capital structure for public listing requirements.
Meesho reportedly appointed Kotak Mahindra Capital, Morgan Stanley, JP Morgan, and Citi as lead bankers for the IPO, which is expected to value the company at around $7-10 billion depending on market conditions. The listing is likely to take place in late 2025, subject to regulatory clearances.
Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho built its business by targeting price-sensitive consumers in India's Tier II and Tier III cities.
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It operates as a zero-commission marketplace for sellers and has differentiated itself from larger players like Amazon and Flipkart through its low-cost structure and mass-market reach. Meesho also launched its inhouse logistics arm, Valmo, last year to bring down delivery costs and increase control over fulfilment.
The move to become a public entity follows a broader trend of startups converting into Indian domiciled public companies to comply with Sebi regulations and simplify investor structures ahead of domestic listings. A draft red herring prospectus (DRHP) filing is expected in the coming quarters.
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