Meesho converts to public entity in run-up to IPO
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Ecommerce marketplace Meesho 's board has approved its conversion into a public entity ahead of a planned initial public offering (IPO), according to its filings with the Registrar of Companies (RoC).Conversion from a 'private limited' to a 'public limited' company is a key step a company undertakes on its path to an IPO. Last week, omnichannel eyewear retailer Lenskart also converted into a public limited company ahead of its planned IPO.Bengaluru-based Meesho is also in the process of flipping back its domicile from the US to India and has applied to the National Company Law Tribunal (NCLT) for the same. Last month, the company's board had approved changing the name of its Indian entity, Fashnear Technologies Pvt Ltd, to Meesho Pvt Ltd.Once the redomiciling exercise is completed, the renamed entity, Meesho Ltd, will become the ecommerce marketplace's parent company.'The company is currently exploring various strategic alternatives for its long-term growth and value enhancement, which may include, at an appropriate time, an initial public offering of its equity shares and listing on a recognised stock exchange in India,' Meesho said in its RoC filing.'While the board of directors has not yet approved or initiated any IPO process, the company intends to maintain readiness from a regulatory and compliance perspective to enable such an offering when deemed appropriate,' it added.Meesho, which is backed by the likes of SoftBank Prosus and Tiger Global , has already appointed Kotak Mahindra Capital, Citi, JP Morgan and Morgan Stanley as merchant bankers for its public issue.Last week, the company's board also cleared a plan to allot 411 crore bonus shares to existing shareholders.In March, Meesho released its annual report, saying it recorded 34% year-on-year growth in orders during the April-December 2024 period, at 1.3 billion. This equalled the number of orders it clocked over the whole of fiscal year 2024.As of December 31, the company had 187 million unique annual transacting users — a 26% increase from the same period in the previous year.A March report by brokerage CLSA noted that Meesho is currently at a gross merchandise value (GMV) run rate of $6.2 billion, and is estimated to grow at a compound annual growth rate (CAGR) of 26% for the next six years. The research note estimated Meesho's market share at 37% in terms of the number of orders for calendar year 2024. However, in terms of GMV, its market share was around 8.5%, CLSA said.
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