Meesho IPO subscribed 2 times on Day 1 of share sale amid strong demand from NII, retail investors - Check GMP

meesho IPO

Meesho IPO got fully subscribed on the first day of share sale on Wednesday in the primary market.

Earlier, the SoftBank-backed e-commerce firm Meesho on Tuesday garnered a little over Rs 2,439 crore from anchor investors, including SBI Mutual Fund, Fidelity Funds, and BlackRock.

The IPO received bids for 65.4 crore shares against 27.79 crore shares on offer, reflecting an overall subscription of 2.35 times. The portion reserved for non-institutional investors was subscribed 1.80 times, while the retail individual investors (RII) category saw a subscription of 3.85 times.

Meesho is aiming to raise Rs 5,421 crore through its IPO, which opened for subscription on December 3 and concludes on December 5. The company has fixed a price band of Rs 105-111 per share, valuing Meesho at Rs 50,096 crore at the upper end.

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Meesho IPO GMP Today Price

According to platforms tracking the grey market activities, the shares of Meesho are commanding a GMP of 44 percent in the unregulated market. Investorgain quoted a GMP of Rs 49 for the shares of the company, indicating a listing gain of 44.14 percent. Meanwhile, IPO Watch quoted a GMP of 46 percent.

Meesho plans to utilise proceeds for investment in cloud infrastructure, marketing and brand initiatives, as well as funding inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes.

Meesho IPO share allotment is expected by December 8, while the company will make its debut on the stock market on December 10.

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