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Ecommerce major Meesho has set a price band of INR 105 to INR 111 for its initial public offering (IPO), which is set to open on December 3 (Wednesday).
At the upper end of the price band, the IPO will value the company at INR 50,096 Cr (about $5.6 Bn).
The anchor bidding for Meesho’s IPO will take place on Tuesday (December 2), while the issue will close on December 5. The shares are expected to list on the exchanges on December 10.
The IPO will comprise a fresh issue of up to INR 4,250 Cr and an OFS of up to 10.55 Cr shares. At the upper end of the price band, the total IPO size would be INR 5,421 Cr (about $606.2 Mn).
Cofounders Vidit Aatrey and Sanjeev Kumar are looking to sell up to 1.6 Cr shares each via the OFS, alongside investors such as Elevation Capital, Peak XV Partners, Venture Highway, Y Combinator Continuity, among others.
The company plans to use proceeds from the fresh issue for investment in cloud infrastructure for subsidiary Meesho Technologies, payment of salaries for existing employees and replacement hires for machine learning and AI and technology teams of Meesho Technologies, marketing and brand initiatives of the subsidiary, and acquisitions, other strategic initiatives and general corporate purposes.
(The story will be updated soon)
The post Meesho Sets IPO Price Band At INR 105-111, Seeks $5.6 Bn Valuation appeared first on Inc42 Media.
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