Meesho’s ₹2,439 crore anchor book oversubscribed 32x; ₹5,421 crore IPO opens today

Ahead of opening of its ₹5,421 crore initial public offering (IPO) today, e-commerce platform Meesho has drawn strong investor interest for its anchor book. The unicorn has raised ₹2,439 crore through its anchor allotment, which was oversubscribed more than 32 times, by allocating 21.98 crore equity shares at the upper end of the price band at ₹105-₹111 per equity share.

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, industry sources told Fortune India.

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.

The three-day IPO of the Bengaluru-based e-tailer will close on December 5, while allotment of shares is expected to be finalised on December 8. Meesho shares are scheduled to list on the BSE and NSE on December 10, 2025.

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.

The lot size for the IPO is 135 equity shares and in multiples thereafter.

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.

Meanwhile, Meesho has created buzz in the grey market premium (GMP). The latest GMP stands at ₹45, according to data available on multiple websites that track grey market trends. Based on the upper end of the price band of ₹111, the e-commerce firm’s estimated listing price is pegged at around ₹156, a 40.54% premium over the issue price.

Backed by marquee investors including SoftBank, Prosus, and Elevation Capital, Meesho filed its updated draft red herring prospectus (UDRHP) with the market regulator Sebi on October 18. The company had submitted their IPO paper through a confidential route in July this year, which was approved by the regulator on October 14.

In FY25, Meesho became India’s largest e-commerce platform in terms of annual transacting users (ATUs) and annual placed orders, connecting more than 500,000 sellers with around 199 million ATUs and processing 1.8 billion orders. User engagement continued to strengthen—ATUs rose 28% year-on-year to about 213 million for the 12 months ending June 2025. Order frequency also improved from 7.5x in FY23 to 9.4x by mid-2025, signalling deeper buyer loyalty.

According to the DRHP, total orders grew from 1 billion in FY23 to 1.8 billion in FY25, with 562 million orders recorded in the June 2025 quarter alone—a 50% increase year-on-year. Growth was broad-based: orders from the top eight cities jumped 46%, outpacing the platform’s overall 37% expansion.

Meesho’s net merchandise value (NMV) climbed 29% year-on-year to ₹29,988 crore in FY25, and accelerated further in Q1 FY26 to ₹8,679 crore—up 36% from the same period last year.

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