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New Delhi: Softbank-backed e-commerce platform Meesho has submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) under the confidential pre-filing route, according to people familiar with the development.
The resolution to initiate the public offering was passed at the company’s Extraordinary General Meeting held on June 25. As part of the filing, Meesho has outlined plans to raise at least Rs 4,250 crore through the initial public offering, as per PTI report.
"Meesho has filed DRHP with Sebi through confidential route," the people said on Thursday.
Details regarding the total IPO size, including any secondary share sale component, remain undisclosed at this stage.
A query sent to Meesho on the development did not receive a response.
The company has chosen the confidential pre-filing mechanism, which allows it to delay public disclosure of IPO-related information contained in the DRHP until a later stage in the listing process.
According to market observers, the confidential route provides companies with more flexibility and reduces pressure to go public within a fixed timeframe. Unlike the traditional filing route that requires companies to list within 12 months of Sebi's approval, the confidential route extends the window to 18 months from the receipt of final comments.