Meesho to Rename Parent Firm Fashnear Technologies as Meesho Pvt Ltd Ahead of IPO

The board of e-commerce giant Meesho has approved renaming its Indian subsidiary from Fashnear Technologies Pvt Ltd to Meesho Pvt Ltd, according to regulatory filings accessed via Toflr. The company has also sought approval from the Ministry of Corporate Affairs (MCA) to formalise the change.

In a filing with the MCA, Meesho stated that the name change aims to align its corporate and brand identities, eliminating inconsistencies in public perception. The company’s shareholders approved the renaming on 23 April, according to the filing.

“This will enhance brand recall, stakeholder trust, and overall business positioning,” Meesho said.

This development follows speculation last month that Meesho is preparing for a $1 billion initial public offering (IPO). Media reports indicate the company has appointed Morgan Stanley, Kotak Mahindra Capital, and Citi as IPO advisers, with discussions ongoing to include JP Morgan in the syndicate.

Additionally, Meesho has filed an application with the National Company Law Tribunal (NCLT) as part of its redomiciling process. Once completed, the renamed Meesho Pvt Ltd will serve as the parent company for its marketplace operations.

Meesho Co-founders Exercise ESOP Shares

Meesho co-founders Vidit Aatrey and Sanjeev Barnwal recently exercised equity shares under the company’s 2024 Employee Stock Option Plan (ESOP) as part of preparations for its IPO, according to Entrackr. Regulatory filings show that on 31 March, Meesho’s board approved the allotment of 20,65,211 equity shares at a face value of ₹1 each to Aatrey, and 6,59,323 equity shares to Barnwal.

The co-founders exercised stock options granted under Fashnear Technologies Pvt Ltd’s ESOP 2024, converting them into equity shares upon completion of the vesting period. Entrackr estimates the value of these exercised shares at approximately ₹1,023 crore (around $120 million).

Meesho IPO Plan

Meesho has reportedly selected Morgan Stanley, Kotak Mahindra Capital, and Citi as advisers for its IPO, according to a Moneycontrol report. The company is in discussions to raise $1 billion through the IPO, with the potential for JP Morgan to join the syndicate if talks materialise.

While Meesho, expected to go public later this year, aims to raise $1 billion, bankers have suggested a valuation of $10 billion. The company plans to file draft IPO documents in the coming weeks.

This follows Meesho’s recent funding round, securing capital from investors including Think Investments, Mars Growth Capital, and Tiger Global two months ago.