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Meesho is expected to file its draft IPO documents in the coming weeks and could debut on the stock exchanges around Diwali, likely between September and October, as per a Moneycontrol report.
If Meesho successfully lists in 2024, it would outpace its long-standing competitor, Flipkart, which has been preparing for its own public listing but is awaiting a final decision from its parent company, Walmart.
E-commerce platform Meesho, the SoftBank-backed homegrown company, is planning to launch its initial public offering (IPO) later this year to raise around $1 billion, according to a Moneycontrol report citing people aware of the developments.
“…talks are progressing and Meesho has already picked Morgan Stanley, Kotak Mahindra Capital and Citi as advisers for its IPO,” one of the sources told Moneycontrol.
Aiming for A Market Debut Before Flipkart
If Meesho successfully lists in 2024, it would outpace its long-standing competitor, Flipkart, which has been preparing for its own public listing but is awaiting a final decision from its parent company, Walmart.
Meanwhile, Meesho is aiming to raise $1 billion and bankers have pitched a valuation of $10 billion, a second source told Moneycontrol. “It is likely that even JP Morgan will be added to the IPO syndicate if talks materialise,” the source added.
When Will Meesho IPO Be Launched?
Meesho is expected to file its draft IPO documents in the coming weeks and could debut on the stock exchanges around Diwali, likely between September and October, another source told Moneycontrol.
The company, however, must first complete its headquarters flip from Delaware, US, to India — a process in its final stages. As part of this transition, Meesho is expected to incur a tax liability of approximately $300 million, as previously reported.
Valuation and Growth Trajectory
Meesho’s potential IPO valuation of $10 billion would mark a significant jump from its $3.9 billion valuation in 2024, representing a 2.5X increase. The company would join other Indian startups such as PhysicsWallah (PW), Ather, and Lenskart in pursuing public market valuations significantly higher than their last private funding rounds.
While some new-age companies like Ola Electric, MobiKwik, and FirstCry listed at valuations lower than expected, Meesho appears poised to command a premium, given its strong growth and improving profitability.
Despite entering the Indian e-commerce market relatively late in 2015, Meesho has expanded rapidly, particularly by tapping into Tier 3 and smaller markets, which cater to value-conscious consumers. This strategy has helped it gain significant market share, even against deep-pocketed rivals like Flipkart and Amazon.
Meesho’s revenue surged from ₹3,240 crore in FY22 to ₹5,735 crore in FY23 and further to ₹7,615 crore in FY24. At the same time, its net losses have dramatically reduced — from ₹3,248 crore in FY22 to just ₹305 crore in FY24, highlighting its improved financial health.
With its IPO, Meesho aims to continue this growth trajectory, offering investors a stake in India’s booming e-commerce sector.
