Salient points
- The Council of E -Commerce Marketplace of Meeso has approved its conversion from a private individual to a limited liability company, a crucial step in advance of its expected initial public offer.
- Meesho is about to return to the redomiciling from the United States in India, having applied to the National Company Law Tribunal for the transition.
- The company recorded an order growth of 34 % on an annual basis during the April-December 2024 period, obtaining 1.3 billion orders and has appointed the main banks for its preparation of public problems.
The Council of E -Commerce Marketplace of Meeso has approved its conversion in a public entity in view of an expected initial public offer (IPO), according to its documents with the Registrar of Companies (Roc).The conversion from a “private” limited to a “limited public” company is a key step that a company undertakes on its path towards an ipo. Last week, also the dealer of Omnicannel glasses, Lenskart, converted into a limited liability company in view of his expected hypothesis.
Meesho based in Bengaluru is also about to overturn his domicile from the United States to India and has applied for the same at the National Company Law Tribunal (NClt). Last month, the company’s Board of Directors approved by changing the name of its Indian entity, Fashnear Technologies PVT LTD, A Meesho Pvt Ltd.
Once the red exercise is completed, the renamed entity, Meesho Ltd, will become the mother society of the market and -commerce.“The company is currently exploring various strategic alternatives for its long -term growth and the improvement of value, which can include, at an appropriate time, an initial public offer of its share actions and quote in a recognized stock exchange in India,” said Meesho in its Roc depot.
“While the Board of Directors has not yet approved or started any process process, the company intends to maintain readiness from a regulatory and conformity perspective to allow this offer when deemed appropriate,” he added.
Meesho, supported by artists of the caliber of SoftBank, Prosus and Tiger Global, has already appointed Kotak Mahindra Capital, Citi, Jp Morgan and Morgan Stanley as merchant bankers for his public question.Last week, the company’s advice also authorized a plan to assign 411 bonus shares for existing shareholders.
In March, Meesho published his annual report, saying that he recorded an order growth of 34 % on an annual basis during the period of April 2024, to 1.3 billion. This equaled the number of orders that recorded the entire tax year 2024.
As of 31 December, the company had 187 million unique annual transactions users, an increase of 26 % compared to the same period of the previous year.
An Brokerage CLSA March report has observed that Meeso is currently at an execution rate of gross (GMV) goods) of 6.2 billion dollars and it is estimated that it will grow at a compound annual growth rate (CAGR) of 26 % for the next six years. The research note estimated the market share of Meeso to 37 % in terms of number of orders for civil year 2024. However, in terms of GMV, its market share was about 8.5 percent, said Cse.
