Meesho IPO GMP Hints At Strong Listing, Retail Portion Fully Booked Amid Subscription Spree

E-commerce platform Meesho Limited’s initial public offering (IPO) opened for subscription on December 3 and will close on December 5. Within the first hour of bidding, the retail investors’ portion was fully subscribed.

Meanwhile, the grey market premium (GMP) in the unlisted market indicated the potential for strong double-digit listing gains.

Meesho IPO Subscription Status: Day 1

As of 11:00 AM, Meesho IPO had been subscribed 30 per cent, or 0.30 times the total shares on offer. The non-institutional investors (NII) segment, with 76.54 million shares on offer, saw 33 per cent, or 0.33 times subscription. The retail investor category, which has 51.03 million shares reserved, was subscribed 108 per cent, or 1.08 times, within the opening hour.

Meanwhile, the qualified institutional buyers (QIB) category, which has 150.36 million shares reserved for them, had received only a miniscule bids so far.

Meesho IPO Details

Issue Size: Meesho IPO is a book-built issue of Rs 5,421.20 crore. The offer includes a fresh component of 382.88 million shares worth Rs 4,250 crore, and an offer-for-sale (OFS) component of 105.51 million shares aggregating to Rs 1,171.20 crore.

Price Band: The e-commerce firm is offering its shares within a price band of Rs 105-111 per share.

Lot Size, Minimum Investment: Shares are being offered in lot sizes of 135 shares, and therefore, the minimum investment required by retail investors is Rs 14,985.

Allotment, Listing Date: The share allotment is set to be finalised on December 8, and shares are set to be listed on BSE and NSE, tentatively on December 10.

BRLMs, Registrar: Kotak Mahindra Capital, JP Morgan India, Morgan Stanley India Company, Axis Capital, and Citigroup Global Markets are the book running lead managers, and KFin Technologies is the registrar to the issue.

IPO Objectives: Meesho plans to use the net proceeds primarily to strengthen its technology and marketing capabilities through its subsidiary Meesho Technologies. This includes Rs 1,390 crore for cloud infrastructure, Rs 480 crore towards salaries for machine learning, artificial intelligence (AI) and tech teams, and Rs 1,020 crore for marketing and brand-building initiatives. A portion of the funds will also be set aside for acquisitions, strategic investments and general corporate purposes.

Meesho IPO GMP

Meesho IPO shares' GMP in the unlisted market last quoted at Rs 49 per share over the issue price, as of December 3.

Given the current GMP and the upper band of the issue price, Meesho is expected to list at Rs 160 per share. This represents a potential listing gain of 44.14 per cent.

Meesho: What Company Does

Meesho describes itself as a multi-sided technology platform that brings together consumers, sellers, logistics partners and content creators. The company runs its marketplace under the Meesho brand, which, based on Redseer data cited in the red herring prospectus (RHP), is now India’s largest e-commerce platform by Placed Orders and Annual Transacting Users in the 12 months ended September 30, 2025.

Meesho positions itself as a “value-first, mass-market platform” and focuses on offering “everyday low prices” and a wide range of unbranded, regional and national products.

As per the Redseer report cited in Meesho’s RHP, the platform handled 1.83 billion placed orders in FY25 and recorded 198.77 million annual transacting users. Its marketplace generated a net merchandise value (NMV) of Rs 299.88 billion during the year. On a year-on-year basis, placed orders grew 36.70 per cent, annual transacting users rose 27.71 per cent, and NMV expanded 29.03 per cent.

The RHP also noted that Meesho’s ecosystem includes 1,02,349 delivery agents, 18,098 active logistics providers, and 50,319 active content creators.