Elevation Capital set to be top seller in Meesho IPO

E-COMMERCE UNICORN MEESHO'S upcoming initial public offering (IPO) will see several of its investors and both of its co-founders partially exit their holdings, according to its updated draft red herring prospectus (UDRHP) filed late on Saturday.

- AYANTI BERA

The company plans to raise ₹4,250 crore through a fresh issue of shares and in addition to the primary capital raise, a group of existing shareholders, including Elevation Capital, Peak XV Partners, Venture Highway and Y Combinator, is collectively offering to sell up to 175.7 million shares via the offer for sale (OFS) route.

Besides them, co-founder & CEO Vidit Aatrey and co-founder & CTO Sanjeev Kumar will also sell part of their holdings. Aatrey, who has an 11.1% stake in the company, and Kumar, who holds 7.4%, are looking to sell up to 11.8 million shares each in the IPO, which could reduce their stakes marginally.