Meesho’s highly anticipated IPO is set to make its debut on the stock exchanges today, just days after the company completed allotment formalities. Refunds for unsuccessful applicants were processed on December 9, clearing the decks for a closely watched listing session.
The market mood ahead of the listing remains upbeat, with strong grey market activity pointing to a healthy debut. As investors track early cues from pre-market indicators, all eyes are on whether Meesho can surpass expectations on Day 1.
GMP Suggests Listing Near ₹154
As per the latest data from market trackers, Meesho was quoting a grey market premium (GMP) of ₹43 at 07:11 AM on listing day. With the IPO’s upper price band set at ₹111, the implied listing price works out to ₹154 per share, translating into a potential gain of 38.74 percent.
Another data point earlier in the morning pegged the GMP at around ₹35, indicating a listing target of ₹146, or roughly 31.5 percent upside. Both ranges suggest strong latent demand ahead of the debut.
Strong Interest From All Investor Categories
Meesho’s IPO drew heavy participation, culminating in 79.03x overall subscription:
QIBs: 120.18 times
NIIs: 38.16 times
Retail: 19.08 times
In absolute terms, non-institutional investors applied for 291 crore shares against 7.32 crore available for them, while retail bidders placed orders for 97.14 crore shares against 4.88 crore reserved.
Market observers note that the frenzy reflects Meesho’s strong brand pull among price-sensitive consumers and investors looking for exposure to the mass-market e-commerce segment.
Brokerages See Long-Term Story Despite Losses
Brokerages remain divided on short-term performance but are confident about the long-term narrative.
Angel One reiterated a ‘Subscribe for Long Term’ rating, stating that at the price band of ₹105–₹111, Meesho commands a post-issue valuation of about ₹50,096 crore. With the company still loss-making, traditional valuation metrics like P/E are not meaningful; instead, the firm cited Meesho’s FY25 price-to-sales multiple of 5.3x, supported by a $6.2 billion GMV run-rate and improving contribution margins.
Ravi Singh, Chief Research Officer at Master Capital Services, highlighted Meesho’s disciplined cash-flow management and impressive penetration in India’s value-focused markets. According to him, profitability will be gradual and investors should treat Meesho as a long-term execution story rather than a quick-turnaround bet.
Prashanth Tapse of Mehta Equities also noted Meesho’s strong foothold in fashion, home & kitchen, and beauty categories, adding that the IPO valuation appears reasonable relative to other tech listings.
Technology-Led Growth Strategy
SBI Securities highlighted Meesho’s technology-first positioning, citing the company’s use of GenAI tools to streamline code development, accelerate deployment cycles, and improve platform efficiency. The simplicity of its India-focused app architecture has played a major role in reducing operating costs and driving user adoption in smaller towns.
Where IPO Funds Will Be Deployed
The company has outlined a broad utilisation plan for the ₹5,421 crore raised:
₹4,250 crore: Fresh issue
₹1,171 crore: Offer for Sale
Funds will be allocated towards:
Expanding cloud infrastructure
Strengthening marketing and brand visibility
Potential acquisitions and strategic growth opportunities
General corporate purposes
Allocation Structure and Investor Quotas
The IPO carried a price band of ₹105–₹111 per equity share (face value Re 1), with the following statutory reservations:
75% for QIBs
15% for NIIs
10% for retail investors
The issue opened on December 3 and closed on December 5, with allotment finalised earlier this week.
Listing Day Outlook
With investor confidence running high and grey-market signals firmly in the green, Meesho’s market debut is expected to be one of the most closely tracked listings of the year. The question now is whether the stock can meet — or exceed — the implied ₹146–₹154 listing range emerging from the GMP.
More updates will follow as the stock begins trading.
