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Meesho Completes Reverse Flip To India: Report
- Meesho has completed its process of reversing back to India after receiving approval from NCLT.
- The startup's board passed a resolution to merge its US-based entity Meesho Inc with its India entity.
- 406.99 Cr shares have been transferred to the shareholders of Meesho Inc in a ratio of 60 equity shares to 1 common stock.
- Additionally, shares have been transferred to Meesho founder Vidit Aatrey.
- Meesho's headquarters shift aligns with its business operations predominantly based in India.
- The company is liable to pay around $300 Mn in taxes for shifting its headquarters from the US.
- Meesho is set to file its draft red herring prospectus (DRHP) for an IPO after the domicile shift.
- The startup aims to raise between $700 Mn to $800 Mn from the IPO.
- Citigroup, Kotak Mahindra Capital, and Morgan Stanley will be the investment bankers for Meesho's IPO.
- Meesho has converted into a public company and changed its legal name to 'Meesho Limited'.
- In January, Meesho raised $250 Mn to $270 Mn funding with investors like Tiger Global and Think Investments.
- The IPO filing is expected to happen in a few weeks via the confidential route.
- Meesho is set to file its IPO papers soon. The startup has roped in investment bankers like Citigroup, Kotak Mahindra Capital, and Morgan Stanley.
- Meesho has completed the necessary process to convert into a public company before the IPO.
- The startup raised significant funding in January with new investors joining the cap table.
- Meesho's reverse flip to India has been completed according to ET reports.
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