New Delhi: Softbank-backed e-commerce firm Meesho has filed a draft paper with markets regulator Sebi through confidential route, sources aware of the development said.
The resolution to launch an IPO was passed in the Extraordinary General Meeting on June 25. The company shared its plans to raise at least Rs 4,250 crore in the initial public offering.
"Meesho has filed DRHP with Sebi through confidential route," sources said on Thursday.
However, the total size of the IPO comprising secondary share sale could not be ascertained.A query sent to Meesho in this regard did not elicit any reply.The company has opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages.
Market experts note that the confidential pre-filing route offers companies greater flexibility and reduces the pressure to go public quickly.
Unlike the traditional route, which requires companies to launch their IPOs within 12 months of receiving Sebi's approval, the pre-filing route extends this window to 18 months from the receipt of final comments.
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