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Meesho Likely To Complete Reverse Flipping Process In Few Days: Report
- Meesho, an ecommerce major, is set to file its IPO papers soon via the confidential route and is expected to complete its redomiciling process from the US to India in a few days.
- According to reports, Meesho's flip back process is nearing completion, with plans to file IPO papers as early as next week or later this month, aiming to raise $700 Mn to $800 Mn.
- The startup has engaged Citigroup, Kotak Mahindra Capital, and Morgan Stanley as investment bankers for its public offering.
- Meesho's board recently approved the conversion into a public entity to align with regulatory expectations and issued bonus shares to equity shareholders.
- Last year, Meesho-backer Prosus envisioned a public listing within 18 months for the startup.
- In FY24, Meesho reduced its losses by 82% to INR 304.9 Cr and saw a 33% increase in operating revenue to INR 7,614.9 Cr.
- Razorpay recently completed a similar reverse flip process to merge its US-based entity with the Indian subsidiary.
- Several startups, including Flipkart, Zepto, Pine Labs, Mensa Brands, Udaan, and Eruditus, have been considering shifting their domicile to India amid the IPO wave.
- This news marks Meesho's progress towards its IPO amidst the growing trend of startups redomiciling to India.
- Meesho's efforts to complete the reverse flipping process and file for IPO showcase its strategic financial planning and market readiness.
- The financial performance improvements shown by Meesho in FY24 demonstrate positive growth trajectory ahead of its anticipated IPO.
- The engagement of top investment bankers signals strong market interest in Meesho's upcoming public offering.
- The completion of Meesho's redomiciling process signifies its commitment to aligning with Indian regulatory standards prior to going public.
- Meesho's strategies reflect a proactive approach in navigating the complexities of cross-border business operations and capital market access.
- The startup's move to set up for IPO filing indicates a pivotal moment in its journey towards expanding its market presence and raising necessary capital.
- Overall, Meesho's preparations for its IPO and financial performance improvements position it favorably in the competitive landscape of new-age startups.
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