Softbank-backed e-commerce agency Meesho has filed a draft paper with the markets regulator SEBI by a confidential route, sources conscious of the event mentioned.
The decision to launch an IPO was handed within the Extraordinary General Meeting on June 25. The firm shared its plans to lift at the least ₹4,250 crore within the preliminary public providing.
“Meesho has filed DRHP with SEBI through confidential route,” sources mentioned on Thursday. However, the full dimension of the IPO comprising secondary share sale couldn’t be ascertained.
A question despatched to Meesho on this regard didn’t elicit any reply.
The firm has opted for the confidential pre-filing route, which permits it to withhold public disclosure of IPO particulars beneath the draft crimson herring prospectus (DRHP) till later phases.
Market consultants observe that the confidential pre-filing route affords firms better flexibility and reduces the stress to go public rapidly. Unlike the standard route, which requires firms to launch their IPOs inside 12 months of receiving Sebi’s approval, the pre-filing route extends this window to 18 months from the receipt of ultimate feedback.
