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IPO-Bound Meesho Rejigs Board Post Reverse Flip
- Meesho, an ecommerce major gearing up for its upcoming IPO, has revamped its board with only two out of four top institutional investors retaining seats.
- The Meesho Pvt Ltd board, chaired by cofounder Vidit Aatrey, consists of eight members, including CTO Sanjeev Barnwal.
- Peak XV Partners and Elevation Capital are the two institutional investors on the board, with representatives Mohit Bhatnagar and Mukul Arora.
- SoftBank and Prosus Ventures have given up their board seats in the new structure after Meesho's reverse flip and merger into its India entity.
- Independent directors on Meesho's board include Rohit Bhagat, Surojit Chatterjee, Hari Shanker Bhartia, and Kimsuka Narasimhan, bringing expertise in finance and corporate governance.
- Narasimhan has replaced Kalpana Morparia for the fourth independent director seat on the board.
- Meesho is preparing to file its DRHP for a $700 Mn to $800 Mn public issue, having Citigroup, Kotak Mahindra Capital, and Morgan Stanley as its investment bankers.
- As part of its IPO preparations, Meesho's board restructuring aligns with SEBI regulations, ensuring appropriate composition of independent directors for public investor trust.
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