Meesho Files Confidential IPO Papers, Eyes ₹8,500 Cr Raise

Homegrown e-commerce platform Meesho has finally moved ahead with the IPO process after filing confidential draft papers with the Securities and Exchange Board of India (Sebi), as per CNBC-TV 18 reports.

Unlike the traditional IPO route where the draft red herring prospectus (DRHP) is immediately made public, a confidential filing keeps company details under wraps until a later stage. The markets regulator introduced this confidential filing mechanism in November 2022.

The SoftBank-backed company is expected to raise ₹8,500 crore in its IPO through a mix of primary capital and secondary shares sales. Of this, Meesho aims to raise to ₹4,250 crore in primary capital. However, this does not include the funds raised via the offer-for-sale (OFS) component.

Meesho is targeting a stock market debut in September–October 2025. The company has roped in JP Morgan, Morgan Stanley, Citi, Kotak Mahindra Capital, and Axis Capital as its IPO advisers.

If it goes public as planned, Meesho would beat long-standing rival Flipkart to the exchanges. While Flipkart has been exploring an IPO, the timeline remains uncertain and hinges on a final decision from parent company Walmart.

Meesho has completed its domicile shift to India from Delaware in the US. The company has merged its Delaware-based entity with its Indian arm, which was approved by the Bengaluru bench of the National Company Law Tribunal. It had also changed its name recently from Fashnear Technologies Pvt. Ltd. to Meesho Pvt. Ltd.

According to reports, Meesho has made significant progress on profitability, slashing its losses by 82% to ₹304.9 crore in FY25 from ₹1,675 crore in FY23. Its revenue from operations rose 33% to ₹7,614.9 crore from ₹5,734.5 crore a year ago.

Meesho had claimed in its annual report that it is the first horizontal Indian e-commerce firm to have achieved profitability in FY24, generating a positive free cash flow of ₹197 crore for the year.

The company had also approved to issue ₹411.4 crore worth of bonus shares in May. The company will issue bonus shares of ₹1 each to equity shareholders at a ratio of 47:1, taking its paid-up share capital to ₹420.1 crore from ₹8.7 crore.