Technology platform Meesho on Tuesday raised Rs 125 from 125 anchor investors ahead of its initial public offering (IPO) opening on Wednesday, December 3. 2,440 crore was collected. The company paid Rs. 111 had allotted 21.98 crore shares. Out of 21.98 crore shares, 9.37 crore shares accounting for 42.63% of the total quota were allotted to 14 domestic mutual funds through a total of 52 schemes.

The anchor tranche includes participation from leading global institutional investors including GIC, Fidelity, BlackRock, Morgan Stanley Investment Management (Counterpoint Global), Goldman Sachs Asset Management and WCM Investment Management, along with the largest local mutual funds such as SBI Mutual Fund, Axis Mutual Fund and Birla Mutual Fund. The allocation was also made to globally renowned technology-focused investors such as Dragoneer Investment Group.

In anchor book Rs. Demand of over 80,000 crores was seen, which translates into about 30 times oversubscription.

A controversy arose early today ET Reporting shocks in anchor book. Several large investors pulled out when Indian e-commerce firm SBI Funds Management Pvt Ltd is said to have allotted nearly a quarter stake in the round, the report said.

Also Read: Meesho faces opposition from investors over anchor allocation in SBI fund

SBI funds that received allocations include SBI Innovative Opportunities Fund, SBI Consumption Opportunities Fund, SBI Resurgent India Opportunities Scheme.

Meesho IPO GMP

The Meesho IPO is generating considerable buzz in the gray market, with its gray market premium (GMP) hovering around Rs 50-51 hours before its launch. This Rs. 162 translates to an expected listing gain of about 46%.

The gray market premium (GMP) reflects the unofficial price at which IPO shares are traded among investors prior to listing. Although not regulated by exchanges, GMP provides a market-based indicator of potential demand and price expectations.

A strong GMP usually indicates strong investor interest and the possibility of a positive listing, although it is not a guarantee of performance.

Meesho IPO Details and Key Dates

The Meesho IPO will open for subscription from December 3 to December 5, with a price band of Rs. 105-111 per equity share has been fixed. The lot size for retail investors is 135 shares, at an upper price band of Rs. 14,985 with a total investment amount of Rs.

The allotment is expected to be finalized by December 8, followed by refunds and demat credits on December 9. The listing on the mainboard exchanges is scheduled for December 10.

What are analysts saying about Meesho IPO?

According to analysts, Meesho has secured a strong position in India’s value-focused e-commerce space, backed by improving unit economics, growing user engagement and an expanding seller base.

While the company’s near-term profitability remains under pressure due to restructuring and operational costs, its implied FY25 price-to-sales ratio of 5.5x is seen as reasonable compared to peers.

FundsIndia’s Perumal Raja KJ believes Meesho presents a medium-term opportunity for investors who are comfortable with early-stage platform risks.

By FY30, the retail market will reach Rs. 83 lakh crore to Rs. 135 lakh crore, India’s e-commerce sector itself is projected to grow rapidly. Non-electronics penetration remains low, offering significant headroom to scale the mesh.

About Meesho and Finances

Meesho reported strong growth in FY25, with revenues in FY23 at Rs. 5,730 crore to Rs. 9,390 crore, driven by higher order volumes, improved vendor services and better fulfillment efficiency. Despite a temporary loss in Q1 FY26 due to restructuring and ESOP expenses, the company reported positive free cash flow for both FY24 and FY25.

The number of users making annual transactions has reached 234.2 million by September 2025, up from 175 million a year earlier, and user engagement has also increased. Order volume increased to 1,261 million, while the number of active sellers increased to 706,471.

Lead Manager for Meesho IPO

The IPO is managed by a consortium of top investment banks including Kotak Mahindra Capital, JP Morgan, Morgan Stanley, Axis Capital and Citigroup. KFin Technologies is serving as the registrar of the issue.

Trading is expected to begin on December 10, pending regulatory approvals.

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