Shares of Meesho traded higher on Friday, January 9, rising about 4% to ₹171.58, as the stock continued to consolidate near its post-IPO levels. During the session, the stock moved in a range of ₹164–₹173.14, while its 52-week range stands at ₹153.89–₹254.40.
After a strong rally following its December 10 listing, Meesho has corrected sharply from its post-listing highs and is now trading close to its issue price. Despite the pullback, the stock remains well above its 52-week low, indicating sustained investor interest.
JM Financial has initiated coverage on Meesho with a ‘Reduce’ rating, citing stretched valuations and limited near-term upside. The brokerage has set a target price of ₹170 for March 2027, implying an upside of around 3%. The valuation is based on a DCF model and translates into an EV-to-adjusted Ebitda multiple of nearly 108x for FY28.
JM Financial said Meesho is likely to remain a key player in India’s e-commerce space but warned that high valuations and potential supply pressure following post-IPO lock-in expiries limit the risk-reward at current levels.
