Meesho IPO makes stellar debut, shares list 46% higher at ₹162.50
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Meesho, the e-commerce platform, was listed on the NSE at ₹162.50, up by 46.4% from its listing price of ₹111. The listing price is also up by 13.8% from its indicative price of ₹147.
The e-commerce's GMP stood at ₹36 today, which indicated that it could have been listed at ₹147 apiece, which itself is 32.43% above its issue price of ₹111.
The Meesho IPO, which opened for bidding between December 3-5, was subscribed nearly 79 times as it received bids worth ₹2.42 lakh crore, with more than 2,196 crore shares bid against just 27.79 crore shares on offer.
The issue, priced at ₹105–111 per share, saw overwhelming institutional participation, with the QIB segment subscribed 120.18x, contributing bids worth ₹2,00,596 crore. The NII segment subscribed 39.85x, adding ₹32,409 crore, while retail investors subscribed 19.89x, bidding over 97 crore shares valued at ₹10,783 crore.
Ahead of the launch, Meesho had raised ₹2,439 crore through its anchor book, which was oversubscribed more than 32 times. Top global funds including Tiger Global, BlackRock, GIC, ADIA and Fidelity, along with domestic giant SBI Mutual Fund, collectively poured in bids totalling nearly ₹80,000 crore. Out of the total allocation to the anchor investors, ₹1,040 crore worth of shares (or 45.91%) were allocated to 14 domestic mutual funds through a total of 52 total schemes, as per the exchange data.
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The Meesho IPO comprises a fresh issue of equity shares worth ₹4,250 crore and an offer for sale (OFS) of 10.55 crore shares worth ₹1,171 crore. Among the selling shareholders in the OFS are Elevation Capital, Peak XV Partners, Golden Summit, Y Combinator, and the promoters.
Meesho plans to use the proceeds from its fresh equity issuance to enhance its cloud infrastructure through its subsidiary Meesho Technologies Private Limited, support salaries for its AI, machine learning and technology teams, and step up investments in marketing, brand building and strategic acquisitions. A portion of the funds will also be allocated to general corporate purposes.