Meesho shares zoom 77% over IPO price in six sessions; adds ₹38,450 crore in investor wealth
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Shares of e-commerce platform Meesho continued their strong post-listing rally on Wednesday, with the stock price rising nearly 10% in early trade. Since its listing on December 10, the stock has climbed as much as 77% over its initial public offering (IPO) price of ₹111 in just six trading sessions, making investors richer by over ₹38,000 crore.
Meesho’s share price touched a fresh high of ₹197.80 on the BSE today, rising as much as 9.7% amid strong volumes. The company’s market capitalisation surged to ₹88,548 crore as more than 60 lakh shares changed hands, translating into nearly ₹38,450 crore in additional investor wealth over its IPO valuation. At the IPO price of ₹111, the market valuation of the e-commerce firm was pegged at ₹50,096 crore.
Founder Vidit Aatrey becomes billionaire
Since its blockbuster debut on December 10, when the stock surged more than 53% on listing day, Meesho has largely stayed on an upward trajectory despite volatility in the broader market. The rally has significantly boosted shareholder wealth, most notably that of co-founder and CEO Vidit Aatrey, who has officially entered the billionaire club.
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At current market prices, Aatrey’s 11.1% stake, comprising around 47.25 crore shares, was valued at ₹9,346 crore ($1.03 billion). Co-founder and CTO Sanjeev Barnwal has also seen a sharp surge in wealth, with his holding of 31.6 crore shares valued at about ₹6,250 crore.
Sanjeev Barnwal and Vidit Aatrey, IIT-Delhi alumni, founded Meesho in 2015 to help small and medium companies build online presence. What started as a journey of going door to door to convince micro-entrepreneurs has grown from a social commerce idea to one of India’s largest e-commerce marketplaces, with a $6.2 billion gross merchandise value (GMV) run rate and an 8.9% market share.
Analyst remains bullish
Post listing, Choice Institutional Equities has initiated coverage on Meesho with a ‘Buy’ rating and a target price of ₹200. The brokerage values the company at 4x FY28E EV/revenue, saying that the stock trades at 2.4x FY28E EV/revenue, well below the peer average of 5.4x, suggesting significant upside potential as fundamentals continue to strengthen.
Meesho remains in the high-growth phase of its platform lifecycle and is expected to deliver a 31% revenue CAGR over FY25–28E, supported by deepening value-commerce penetration and improving logistics efficiencies as Valmo scales. EBITDA is projected to turn positive by FY27E, driven by operating leverage and better unit economics, the agency said in its report.
The ₹5,421-crore 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. Ahead of the launch, Meesho had raised ₹2,439 crore through its anchor book, which was oversubscribed more than 32 times.