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SoftBank-backed meesho is all set to convert to a public entity ahead of its $1 billion initial public offering (IPO).
According to a regulatory filing with the Registrar of Companies (RoC), Meesho’s board has approved a special resolution to change the company’s name from “Meesho Private Limited” to “Meesho Limited.”
This move comes just a month after the company changed its legal entity name from “Fashnear Technologies Private Limited” to “Meesho Private Limited.”
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As per the filing, the board has not yet approved or started any IPO process. However, the name change was made to stay prepared for a potential public listing from a regulatory and compliance standpoint.
In a separate filing, the company also proposed issuing bonus shares worth Rs 411 crore to its existing shareholders.
The e-commerce giant is reportedly aiming for a $10 billion valuation in its upcoming IPO and has shortlisted Morgan Stanley, Kotak Mahindra Capital, JP Morgan, and Citi as its bankers.
In FY24, the company posted strong growth, with revenue rising 33% year-on-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 shifting its domicile from the US to India and has filed an application with 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.
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