Highlights: Meesho IPO GMP signals caution

Meesho set the price band between Rs 105 and Rs 111 per equity share. The listing of Meesho shares on the exchanges is likely to be on December 10

The fresh capital raised will go into technology and AI upgrades, expanding logistics, growing the marketplace, developing the creator ecosystem and boosting brand visibility. A portion is also allocated to improving fulfilment capabilities, a persistent cost centre for the company.

Meesho has secured Rs 2,439.54 crore from anchor investors ahead of its IPO. The anchor book opened for a single day on December 2, 2025.

Meesho IPO wrapped up its final bidding day with an strong response from investors. The issue was subscribed 81.76 times.

The Qualified Institutional Buyers (QIB) portion hit a staggering 123.34 times subscription.

Meesho runs a large online marketplace that brings togeher four major groups in India’s e-commerce ecosystem – shoppers, small businesses, delivery partners, and digital creators. Its platform, known simply as Meesho, helps consumers buy budget-friendly products while giving sellers an affordable place to launch and scale their online business.

– Through registrar

Visit the Kfin Technologies IPO status page and pick ‘Meesho’ from the list.

Choose your preferred option – PAN, Application Number, DP ID/Client ID, or Bank Account Number.

Fill in the required details and click Search to check whether shares have been allotted to you.

About the company

Launched in 2015, Meesho operates a broad online marketplace that connects key players in India’s e-commerce scene: customers, small sellers, delivery networks, and digital creators. The Meesho platform focuses on low-cost shopping for buyers while giving entrepreneurs an inexpensive way to set up and grow their online stores.

“The company’s focus on affordability and frequency creates a structural moat that is difficult for traditional e-commerce players to replicate. At 4.5x Price/Sales (Q2FY26 annualised & diluted), valuations look reasonable compared to other e-commerce players (average 7x P/S); Hence, we recommend investors to ‘Subscribe’ to the issue,” said Motilal Oswal in an IPO note.

“Meesho continues to make investments in technology and logistics which we believe will lead to sustainable profitability in the coming years. Issue at upper price band is available at 5.7x FY25 Price/Sales which looks reasonable and hence recommend ‘Subscribe’ to the issue,” said Nirmal Bang in its IPO note.

SBI Securities recommend investors to Subscribe to the issue at the cut-off price for a long-term investment horizon. The report added, “these event are over and there would likely be no exceptional tax expense going forward which should help reduce losses. At the upper price band of Rs 111, Meesho is valued at FY25 price-to-sales ratio of 5.3x on post issue capital. Going forward, Meesho’s path to sustainable profitability will be a key monitorable especially as it continues to make investments in technology, marketing and engineers.”

Meesho positions itself as a value-focused e-commerce platform that brings small manufacturers, home-based sellers and micro-businesses online. Most of its sellers come from non-metro regions, a segment where traditional platforms have slower penetration.

Meesho’s IPO closed on December 5, and the share allotment is scheduled to be finalised today. The company is expected to list on the BSE and NSE on December 10.

Meesho has secured Rs 2,439.54 crore from anchor investors ahead of its IPO. The anchor book opened for a single day on December 2, 2025.

Founded in 2015, Meesho runs a large online marketplace that brings together four major groups in India’s e-commerce ecosystem – shoppers, small businesses, delivery partners, and digital creators. Its platform, known simply as Meesho, helps consumers buy budget-friendly products while giving sellers an affordable place to launch and scale their online business.

The Meesho IPO wrapped up its final bidding day with an strong response from investors. The issue was subscribed 81.76 times.

The Qualified Institutional Buyers (QIB) portion hit a staggering 123.34 times subscription.

Retail participation was also strong, with the small-investor category getting subscribed 19.89 times. High-net-worth individuals came in with heavy bids too, pushing the NII quota to 39.85 times.

– Through registrar

Visit the Kfin Technologies IPO status page and pick ‘Meesho’ from the list.

Choose your preferred option – PAN, Application Number, DP ID/Client ID, or Bank Account Number.

Fill in the required details and click Search to check whether shares have been allotted to you.

– Through the NSE Website

Go to the NSE IPO bid details page and click on ‘Equity and SME IPO Bid Details’.

Select ‘Meesho’, enter your application number and PAN, and submit to view the result.

– Through the BSE Website

Visit the BSE IPO allotment page, choose ‘Equity’ as the issue type and select ‘Meesho’ from the dropdown.

Enter your application number or PAN, complete the captcha, and hit Search to see your allotment status.

Also Read: Meesho IPO heavily oversubscribed: Can it deliver a surprise on listing? GMP exceeds 39%

Cash-on-delivery, which dominates Meesho’s orders, has a lower success rate compared to prepaid shipments. Failed deliveries require forward and return logistics at the company’s cost, making each failed order expensive. Long delivery windows also push up return rates.

The bulk of its revenue comes from shipping services, return logistics, advertising fees and charges under the Meesho Mall category. While revenue has grown steadily – from Rs 5,734 crore in FY23 to Rs 9,389 crore in FY25.

In FY25, Meesho worked with about 199 million annual transacting users and more than five lakh sellers. But a large user base does not automatically translate into profitability, especially in a high-return, price-sensitive market.

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The company allocated 75% of its issue to qualified institutional buyers, 15% to non-institutional investors, and a relatively smaller 10% to retail participants. Cut-off bidders from the retail pool remain eligible if their names appear in the final allotment.

The subscription window closed on December 5, and the basis of allotment is being processed today, December 8. Refunds and demat credits will follow tomorrow, while the stock lists on December 10 on both exchanges.

The IPO followed a 100% book-building route, meaning there was no fixed price. Investors placed bids within a range of Rs 105–Rs 111 per share. The cut-off price will now determine the actual cost for allottees based on final demand.

The fresh capital raised will go into technology and AI upgrades, expanding logistics, growing the marketplace, developing the creator ecosystem and boosting brand visibility. A portion is also allocated to improving fulfilment capabilities, a persistent cost centre for the company.

Meesho’s total IPO size stands at Rs 5,421.20 crore. A major portion Rs 4,250 crore comes from the fresh issue, while the rest is an offer for sale, where early investors sold shares worth Rs 1,171.20 crore. For investors, this means new capital enters the company, but some existing investors are also trimming stakes.

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As value e-commerce unit economics remain structurally complex, Meesho will likely need more time to optimise Valmo’s supply chain while continuing to pass on most efficiency gains to sellers, keeping profitability a longer-term outcome, said InCred Equities in an IPO note.

Meesho operates a zero-commission, value e-commerce model where most efficiency gains are redirected to sellers to keep prices low. Its revenue base, largely logistics fees, advertising, and mall charges, sits on a structurally thin margin profile because logistics optimisation is mostly passed through. This keeps Meesho competitive in the price-sensitive value segment but also makes unit economics harder to expand.

Meesho operates a multi-sided marketplace that tries to solve a familiar problem in Indian e-commerce. Most consumers want low prices, most small sellers want reach without heavy platform charges, and logistics partners want predictable volume. The company uses a technology stack built for scale to match these interests and create a low-friction marketplace. Its platform brings together consumers, sellers, logistics partners, and content creators, with each group drawn in by a different incentive.