Meesho's IPO, which aims to raise ₹5,421 crore at a share price of ₹105–111, will start on December 3. New shares and an offer for sale will be part of the offering. The proceeds will be used to finance marketing, infrastructure, and acquisitions with the goal of significantly expanding India's e-commerce industry.
Meesho, an online retailer, plans to raise ₹5,421 crore through its IPO, which will start accepting subscriptions on December 3.
Meesho is valued at ₹50,096 crore (USD 5.6 billion) at the higher price band, with the IPO price band set between ₹105 and ₹111 per share. Meesho declared last week that allocations for anchor investors will take place on December 2 and the public offering will end on December 5.
The current Meesho IPO GMP (gray market premium) is ₹42. The expected listing price of Meesho shares was ₹153 per share, which is 37.84% more than the IPO price of ₹111, taking into account the upper end of the IPO pricing band and the present premium in the grey market.
A new share issuance priced at ₹4,250 crore and an Offer For Sale (OFS) of 10.55 lakh shares estimated at ₹1,171 crore at the top price limit will make up the Bengaluru-based company's first public offering, which will total ₹5,421 crore.
Meesho plans to use the money received for general business needs, marketing and branding initiatives, cloud infrastructure investments, acquisitions, and other strategic steps.
Meesho IPO has set aside a minimum of 75% of the shares in the public offering for qualified institutional buyers (QIBs), a maximum of 15% for non-institutional investors (NIIs), and a maximum of 10% for retail investors.
The basis for the Meesho IPO's share allocation is expected to be finalized on Monday, December 8, and the business will start issuing refunds on Tuesday, December 9. On the day after the reimbursement, the shares will be credited to the allottees' demat accounts. On Wednesday, December 10, Meesho shares are probably going to list on the BSE and NSE.
Before subscribing to the issue, investors should be aware of these ten important details from the Red Herring Prospectus (RHP).
Meesho IPO: Promoters' earnings from the offering
Vidit Aatrey, the co-founder, chairman, and CEO of Meesho, has been a major beneficiary. He owns 47.25 crore shares, or 11.15% of the company. His shares, which were purchased at an average price of about ₹0.06 per share, are currently valued at ₹5245 crore at the top of the price range—more than 1800 times their previous worth of roughly ₹2.84 crore.
Sanjeev Kumar, his CTO, co-founder, and full-time director, will also benefit greatly. At an incredibly low average price of ₹0.02 per share, Kumar acquired 31.57 crore shares, representing a 7.41% ownership. His equity is now valued at ₹3504 crore, a staggering rise of about ₹63 lakh, according to the latest estimate.
Other investors in the Meesho IPO
This increase is equally beneficial to early institutional investors. With 57.95 crore shares, or a 13.6% stake, Elevation Capital (formerly SAIF Partners) entered Meesho at an average cost of ₹3.04 per share. Its holding, which was earlier valued at ₹177 crore, has now increased to ₹6433 crore, a growth of more than 3500 times.
Significant financial increases are also anticipated for Peak XV Partners, which owns 48.12 crore shares, or an 11.3% interest, at an average purchase price of ₹4.29 per share. Once valued at ₹207 crore, their share has grown to an astounding ₹5342 crore, representing a nearly 2500% multifold increase.
Other early investors are also benefiting from these advances. At an average price of ₹1.02 per share, YC Continuity Fund, which owns 5.2 crore shares, or 1.22% of Meesho, entered the market. The current value of its holdings is ₹576 crore, a notable growth of over 10,000 times from ₹5.3 crore.
While Gemini Investments' value will rise to ₹493 crore from just ₹8.3 crore before the price band modification, Venture Highway's investment will rise to ₹175 crore from ₹73.5 crore.
Peers of the Meesho IPO
Eternal Ltd (P/E of 529.14), Swiggy Ltd, Brainbees Solutions Ltd (Groww), FSN E-Commerce Ventures Ltd (Nykaa) (P/E of 1,168.43), Vishal Mega Mart Ltd (P/E of 99.53), Trent Ltd (P/E of 100.87), and Avenue Supermarts Ltd (P/E of 98.43) are the company's listed peers, according to the RHP.
Meesho IPO: Commercial
By integrating four crucial groups—consumers, sellers, logistics partners, and content creators—the company serves as a multifaceted technology platform that improves e-commerce in India. According to the number of placed orders and annual transacting users among e-commerce enterprises in the 12 months ending September 30, 2025, their online marketplace, known as Meesho, has grown to become the biggest in India.
Net Merchandise Value of Meesho's IPO
Meesho connected 199 million yearly active users with over 500,000 active sellers in FY25, resulting in 1.8 billion orders. After rising by 21% in FY24, the company's Net Merchandise Value (NMV) climbed by 29% year over year to ₹29,988 crore in FY25.
NMV in e-commerce refers to the entire checkout value, including taxes, of orders that have been delivered successfully. It plays a critical role in generating revenue, profit margins, and cash flow throughout the ecosystem by displaying the degree of consumer engagement and repeat usage, making it a core measure of platform vitality.
Meesho IPO: Business plan
Compared to traditional retail models or other e-commerce strategies that rely on physical stores, warehousing, owned inventory, or dedicated logistics, the company's asset-light business model improves the capital efficiency of their platform by avoiding the production or sale of private label products, ownership of product inventory, or logistics infrastructure.
Meesho IPO: Sector
By the end of Fiscal 2030, India's e-commerce market is expected to have grown from its present gross merchandise value (GMV) of about ₹6 trillion (about US$70 billion) to between ₹15 and 18 trillion (US$174–214 billion), accounting for 12–13% of the country's retail market. As of Fiscal 2025, e-commerce penetration in non-electronics categories is still far lower than that of electronics, at about 37%, indicating substantial room for growth.
In non-electronic categories, the penetration rates are roughly 2% for grocery, 19% for fashion, 19% for beauty and personal care, and 5% for other categories like jewelry, medicines, home and furnishings, and general items. It is anticipated that non-electronics categories would propel the expansion of e-commerce by utilizing this potential.
Financials of the Meesho IPO
Meesho's losses for the six months ended in September 2025 have decreased to ₹700.7 crore from ₹2,512.9 crore during the same period the previous year. Revenue increased by 29.40% during this time, from ₹4,311.3 crore to ₹5,577.5 crore. Due mostly to a one-time exceptional item that comprised reverse flip tax and perquisite tax required for the company's transition to a public structure, the company reported a net loss of ₹3,942 crore for FY25.
Meesho: Principal Dangers
The following are some of the main risks:
On Meesho, a sizable portion of orders are paid for with cash on delivery (CoD). In the fiscal years 2025, 2024, and 2023, as well as in the six-month periods ending September 30, 2025 and September 30, 2024, the proportion of Shipped Orders placed via CoD was 72.00%, 78.51%, 76.95%, 85.39%, and 88.71%, respectively. In addition to increasing operational inefficiencies and cash management concerns, the reliance on CoD lowers delivery success rates.
During the last 12 months ended September 30, 2025, sellers from Gujarat, Uttar Pradesh, and Delhi accounted for 15.70%, 15.87%, and 13.78% of our total Annual Transacting Seller base.
Equity shares allocated to anchor investors are locked in.
A 90-day lock-in period will apply to half of the equity shares given to anchor investors in the anchor investor segment, and a 30-day lock-in period will apply to the other half of the equity shares given to anchor investors in the same segment.
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