Meesho exists: E-commerce startup Misho has crossed another stop towards its IPO. The company has told through an exchange filing that the proposal of new shares in its IPO has got the approval of shareholders. The proposal for IPO was passed on 25 June at the company’s extraordinary general meeting. According to the filing of June 27, shareholders have approved the release of new equity shares up to Rs 4,250 crore in IPO.
Misho’s IPO will also have new shares as well as offer for sale from some existing shareholders. Misho also has money from Japan’s famous softbank. The company is preparing to bring IPOs to Diwali this year.
Who included in big institutional shareholders
Misho’s large institutional shareholders include elevation capital, peak XV partners and process. Each of these holds 13–15% stake. Softbank has about 10% stake. Apart from this, Westbridge Capital and Fidelity are also shareholders in the company. Misho last raised a $ 55 million funding. After this, its valuation was estimated at around $ 3.9 billion. The last funding round was attended by Tiger Global, Think Investments and Mars Growth Capital as well as existing Investors Peak XV Partners and Westbridge Capital.
The exchange filing also states that the shareholders have also approved the converting Misho’s co-founder and CEO Vidit Atre as chairman and managing director.
Headquarter shifted from America to India
Meesho has completed the process of shifting its headquarters to India from Delaware of America last week. Now this Capital Market will file the draft of IPO Red Herring Prospects (DRHP) near Regulator SEBI. To listen to the Indian stock market, Misho was required to be shifted to India. Misho started the process of shifting headquarters in India in 2024. In the early days, in 2017, Y Combinator, one of Misho’s early investors, made it mandatory for its portfolio companies to be based out of India. This is so that it can be easy for them to make funding and scale safe. Due to this, Misho became the headquarters with the headquarters outside the country.
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