IPO-Bound Meesho Cleared to Flip Back to India by NCLT

According to regulatory records, Meesho, an e-commerce firm, made progress in its IPO process after the National Company Law Tribunal (NCLT) permitted the business to move its headquarters from Delaware, the United States, back to India.

Meesho will now combine with the Indian company and finish the redomiciling procedure in India since the NCLT has given the company permission to demerge from the US-based organisation.

If Meesho wishes to list on these bourses, it must completely return to India. In order to make it simpler for its portfolio firms to obtain funding and grow, Meesho's original investor, Y Combinator, mandated that they be based outside of India in 2017.

Meesho’s IPO by Diwali This Year

Meesho started the process of returning to India in 2024. At the same time, it has been getting ready for its initial public offering (IPO) which is set to happen around Diwali this year.

According to the filing, the brand has determined that there is no obstacle to the scheme's approval because the petitioner (Meesho) companies have sufficiently addressed the objections and observations to the scheme that were received from the Registrar of Companies/Regional Director (RoC/RD) and the Income Tax Department.

As per a media report, Meesho plans to submit its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) within a few weeks after the flip back is finished.

According to a Meesho representative, the filing is a component of the company's continuous move to re-domicile in India. This step matches the company's corporate structure with its daily operational footprint, he added, since most of the company's operations, including those of its consumers, sellers, creators, and Valmo partners, are already situated here.

Meesho Becomes a Public Entity

Meesho's board has authorised the company's transformation into a public company in preparation for an IPO.

In an extraordinary general meeting on June 5, the board of Meesho passed a special resolution to change the company's name from "Meesho Private Limited" to "Meesho Limited", according to the startup's MCA filing.

 According to the petition, the conversion will provide Meesho more freedom to pursue access to the capital market and bring its corporate structure into compliance with the legal requirements for a business looking to go public.

According to the filing, the firm intends to remain prepared from a regulatory and compliance standpoint to facilitate such an offering when judged appropriate, even if the board has not yet authorised or started the IPO process.

In order to harmonise corporate and brand identity, the company rebranded its parent corporation more than a month ago.