Value-focused e-commerce major Meesho, which competes with Walmart's Flipkart and Amazon, is targeting a post-money valuation of around $5.93 billion or Rs 52,500 crore for its proposed initial public offer ( IPO), one of the most eagerly awaited tech listings of the year.

"Post roadshows and discussions with investors, the Bengaluru-based firm has now firmed up the valuation and is gearing up to list soon," said one of the persons above.

A second person said, "Meesho is planning to launch its IPO in early December. It had filed draft papers with Sebi in July via the confidential route, followed by the UDRHP -1 (updated draft red herring prospectus) on 18th October. The UDRHP-2 will be filed shortly, maybe as early as next week."

A third person confirmed the firm's targeted IPO valuation and the deal launch timelines.

All the three persons quoted above spoke to Moneycontrol on the condition of anonymity.

An email query sent to Meesho remained unanswered at the time of publishing this article. This article will be updated as soon as we hear from the firm.

As per the UDRHP-1, Meesho is looking to raise Rs 4,250 crore via the fresh issue route with the offer for sale up to 175,696,602 equity shares.

Elevation Capital, Peak XV, Highway Series 1, Y Combinator Continuity Holdings, promoters Vidit Aatrey and Sanjeev Kumar are some of the key selling shareholders as per the UDRHP-1.Softbank and Prosus are some of the other key investors which back Meesho.

The objects of the offer are as follows:

a) Investment for cloud infrastructure, in Meesho Technologies Private Limited (MTPL), our Subsidiary

b) Payment of salaries of our existing and replacement hires for the Machine Learning and AI and technology teams for AI and technology development undertaken by MTPL

c) Investment in MTPL for expenditure towards marketing and brand initiatives

d) Funding inorganic growth through acquisitions and other strategic initiatives and general corporate purposes

"Meesho is a multi-sided technology platform driving e-commerce in India by connecting four key stakeholders: consumers, sellers, logistics partners, and content creators. Our value-focused ecommerce marketplace serves consumers from diverse income backgrounds across India by offering ‘Everyday Low Prices.’ This is made possible by providing a low-cost channel for sellers, which in turn allows them to offer a wide assortment of products at affordable prices to consumers," the UDRHP-1 says.

The UDRHP-1 added that Kotak Investment Banking, JPMorgan, Axis Capital, Citi and Morgan Stanley are the book running lead managers.

On March 24, Moneycontrol first reported that Meesho had picked Morgan Stanley, Kotak and Citi as IPO advisors.