By Admin 
E-commerce startup Meesho has received approval from its shareholders to raise 4,250 crore through IPO. The proposal passed in the Extraordinary General Meeting (EGM) on June 25 and its information came to light in the regulatory filing of June 27. Meesho is now starting the process of raising funds from the stock market, in which fresh equity shares will be issued and some existing investors will also be able to sell their shares.
Next step, file DRHP to SEBI
However, the final size of the IPO has not been decided yet. For this, Meesho will have to file its draft red herring Prospectus (DRHP) with the Indian market regulator SEBI. According to reports, the company is planning to file it through confidential filing route. Only after the approval of SEBI, the company will be able to raise money from the public through the IPO.
CEO Vidit Atre became chairman and managing director
The shareholders have also approved the appointment of the company’s co-founder and CEO Vidit Atre as the chairman and managing director of the company. This step has been taken towards making the company’s leadership stronger, especially when it is preparing to bring an IPO.
‘Return’ to India from America
Before the IPO, Meesho took another major step and has shifted its domicile from America to India. According to PTI report, Meesho Inc. registered in Delaware Ko his Indian unit Fashnear Technologies Pvt. Ltd. Has been merged
This merger has also received approval from National Company Law Tribunal (NCLT), Bengaluru bench. The Ministry of Corporate Affairs, Government of India has changed the name of Fashnear Technologies to Meesho Private Limited through a certificate issued on 13 May.
Flipkart is also on the same path
Like Meesho, Flipkart is also shifting domicle from Singapore to India before its IPO. This trend shows that Indian tech companies are now giving priority to listing in the domestic market, which will also give Indian investors a chance to become part of these growth stories.
Meesho’s IPO can create a big stir in the country’s startup IPO space in the coming time. The company’s return to India and preparing to become public is a sign that now Indian startups are ready to give Indian investors a straight part.
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