E-commerce firm Meesho made a stellar stock market debut, with shares jumping up to 60% over the issue price. The listing values the company at approximately $8.78 billion, marking a significant milestone for the platform.
Opening at Rs 162.50 on the National Stock Exchange, the stock reflected a 46.4% premium. It climbed further intraday, driven by robust demand from investors.
The Rs 5,421-crore IPO was oversubscribed, indicating market enthusiasm. Meesho's focus on affordable products appealed to value-conscious consumers.
Analysts remain upbeat on long-term prospects, citing growth potential despite initial volatility. The stock closed firm, up 5% in afternoon trade.
Meesho's strategy targets underserved markets, differentiating it from competitors. The debut highlights India's booming e-commerce landscape.
Share allotment was finalized prior, with listings on both NSE and BSE. The price band was Rs 105-111 per share.
Experts advise holding for gains, emphasizing fundamentals. The performance outpaced expectations, boosting sector sentiment.
Investors celebrated the premium, with grey market indicators proving accurate. Meesho's valuation underscores its rapid expansion.
The company plans to utilize funds for technology and expansion. This IPO adds to a wave of tech listings in India.
