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News Topical, Digital Desk : Meesho Ltd.'s initial public offering (IPO), which opened on December 3rd, is receiving an overwhelming response from investors. By noon on the final day of the bidding process, the issue was subscribed 16.47 times. The highest demand came from non-institutional investors (NIIs), with the issue being subscribed 23.77 times. This was followed by retail investors, who subscribed 13.73 times, and qualified institutional buyers (QIBs), who recorded 13.68 times subscription.
The price band for the Meesho IPO has been fixed at ₹105 to ₹111 per share. Meesho shares are seeing a premium of up to 45% in the gray market. However, since this is an unofficial market, GMP is not considered a reliable indicator of listing performance.
This public offering consists of a fresh issue of ₹4,250 crore and an offer for sale (OFS) of ₹1,171.2 crore. At the upper end of the price band, the company's estimated market capitalization will be approximately ₹50,000 crore. Additionally, the promoter's stake will decrease from 19.08% to 16.76%.
Funds raised from anchor investors: Prior to the IPO, the company had raised ₹2,439.5 crore from anchor investors. During this period, 21.98 crore shares were allotted at a price of ₹111 per share. 43% of the anchor book was purchased by domestic mutual funds including SBI, Aditya Birla Sun Life, Axis and HSBC. Global investors including the Government of Singapore, Tiger Global, BlackRock, Fidelity and Morgan Stanley also participated. Founded in 2015, Meesho operates a multi-sided technology platform that connects consumers, sellers, logistics partners and content creators. Its primary marketplace model monetizes sellers through services such as order fulfillment, advertising and insights. Kotak Capital, JPMorgan, Morgan Stanley, Axis Capital and Citigroup are the book-running lead managers for the IPO. The share allotment for the Meesho IPO will take place on Monday, December 8, while the listing is scheduled for December 10.
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