Meesho IPO: SoftBank-backed firm files draft paper with SEBI via confidential route

New Delhi: Softbank-backed e-commerce firm Meesho has confidentially filed a draft paper with markets regulator Securities and Exchange Board of India (Sebi) seeking permission to launch an initial public offer (IPO), reports said on Thursday.

PTI quoted sources saying that the resolution to launch an IPO was given the green signal in the Extraordinary General Meeting on June 25. The e-commerce firm plans to raise at least Rs 4,250 crore in the initial public offering.

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"Meesho has filed DRHP with Sebi through a confidential route," the agency quoted sources as saying.

However, the total size of the proposed IPO of the Bengaluru-based company comprising secondary share sale could not be ascertained. The agency said it sent a query in regards to the IPO news Meesho, however, the company did not reply back.

Meesho has filed a confidential draft prospectus with the markets regulator, which allows the e-commerce firm to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages.

Market experts stated that the confidential pre-IPO filing process helps the companies to route offers companies greater flexibility and reduces the pressure to go public quickly. The traditional IPO filing route mandates firms to launch their IPOs within 12 months of receiving the nod from Sebi. However, the pre-filing route extends this window to 18 months from the receipt of final comments.

Meesho describes itself as technology platform engaged in the business of e-commerce in India. It acts as a platform to connect consumers, sellers, logistics partners, and content creators.