SoftBank stays in as Meesho $606M IPO becomes India's first major e-commerce listing | TechCrunch

"Meesho, an Indian e-commerce rival to Amazon and Walmart-owned Flipkart, is set to launch a roughly $606 million IPO marked by token sell-downs from early backers and no sales from big names such as SoftBank and Prosus, signalling investor conviction in India's booming online retail market at a time when tech shareholders globally have been cashing out at listings. The ten-year-old startup plans to price its shares at ₹105-111 each,"

"Some of Meesho's early shareholders are selling in the IPO, with Elevation Capital offloading just over 4% of its stake, Sequoia Capital spin-off Peak XV Partners selling around 3%, and Y Combinator trimming about 14%, per the prospectus (PDF). Larger backers - including SoftBank, Prosus, and Fidelity - are not selling any shares. Meesho's offer-for-sale portion has been cut by about 40% from the draft prospectus filed in October to 105.5 million shares, worth ₹11.7 billion (roughly $131 million) at the top of the price band."

"The co-founders, Vidit Aatrey and Sanjeev Kumar, are, however, selling more than they had planned in the draft prospectus, with their combined offer rising to 32 million shares from about 23.5 million earlier, helping make up for reduced participation from other shareholders. Founded in 2015, Meesho began as a social commerce platform that targeted first-time online shoppers through WhatsApp before evolving into a full-fledged marketplace."

Meesho plans a roughly $606 million IPO with shares priced at ₹105-111, raising about ₹42.50 billion in fresh capital and limited secondary sales. The post-issue valuation is roughly ₹501 billion (about $5.6 billion), up from a private-market valuation near $5 billion in 2021. Some early investors are trimming stakes while larger backers including SoftBank, Prosus, and Fidelity are not selling. The offer-for-sale portion was reduced by about 40% to 105.5 million shares, while co-founders Vidit Aatrey and Sanjeev Kumar increased their combined sell-down. Meesho began in 2015 as a WhatsApp-focused social commerce platform and evolved into a mainstream marketplace.

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