Low-cost e-comm platform Meesho files for Rs 8,500 crore IPO
While Pine Labs, which is a leading merchant commerce platform focused on providing fintech solutions to businesses, is likely to have a fresh issue of Rs 2,600 crore, and an offer for sale of 14.78 crore shares, the low-cost direct-to-consumer (D2C) brand focused on sleep and home solutions firm Wakefit has structured its IPO with a fresh issue of Rs 468.2 crore and an OFS of 5.84 crore shares.
On the other hand, cloud kitchen startup Curefoods, which just got converted into a public entity, filed for a Rs 800 crore. Its OFS details are awaited, while the logistics service provider Shadowfax Technologies has also confidentially filed the IPO papers for a Rs 2,500 crore issue along with an OFS, valuing the company around Rs 8,500 crore.
Meesho, cofounded by Vidit Aatrey (chief executive) and Sanjeev Barnwal (chief technology officer) is looking to get listed around late September or early October, according a to source.
Total money mopped up through the IPO will be around Rs 8,500 crore ($1 billion), of which Rs 4,250 crore each will be primary issues and secondary issues.
In the run up to its IPO, Meesho too had converted into a public entity like Curefoods last month.
The Bengaluru-based Meesho has chosen the confidential route as it looks to protect sensitive information from rivals Flipkart and Amazon among others. Earlier Shadowfax, Curefoods and the leading discount brokerage Groww and many others had done so and allows the issuer to reassess its IPO timelines if market conditions turn.
