SoftBank -backed Meesho has submitted revised draft documents for its initial public offering (IPO) . The company plans to raise Rs 4,250 crore through a combination of fresh equity issuance and a secondary sale of shares by select investors, according to documents submitted to SEBI . The funds will be used to cover costs to build the brand.

The proposed IPO includes a fresh issue of equity worth up to Rs 4,250 crore of face value Rs 1 each and an offer for sale of up to 17,56,96,602 equity shares.

Meesho IPO objective

The company proposes to utilise the net proceeds towards funding investment for cloud infrastructure in Meesho Technologies, its subsidiary.

Part of IPO proceeds are also expected to be used for payment of salaries of existing and replacement hires for the Machine

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