Meesho's retail portion subscribed within first hour after strong anchor demand, grey market buzz

Overall, the IPO has received bids equal to 0.32 times the shares on offer.

Retail investors rushed to grab their share of SoftBank-backed Meesho Ltd’s initial public offering that opened on December 3, with the retail portion getting fully subscribed within the first hour of bidding. The subscription will close on December 5.

The swift response follows overwhelming demand in the company’s anchor book, which was subscribed more than 32 times, and a buoyant grey market premium of nearly 40 percent above the IPO’s upper price band of Rs 111 a share.

As of the latest data, the retail quota stands subscribed at 1.16 times, while non-institutional investors have bid 0.38 times their allotted portion. Overall, the IPO has received bids equal to 0.32 times the shares on offer.

In the anchor round, SBI Mutual Fund — India’s largest fund house — alongside Tiger Global and BlackRock, led the Rs 2,439 crore ($292 million) tranche, which drew commitments worth close to Rs 80,000 crore. Global heavyweights including GIC, ADIA, Fidelity International, Fidelity Management & Research, Baillie Gifford, Wellington and Goldman Sachs Asset Management also participated aggressively.

Meesho aims to raise Rs 5,421.05 crore at the top of the price band, comprising a fresh issue of Rs 4,250 crore and an offer-for-sale of about Rs 1,171.20 crore. The company has sharply reduced the OFS size by nearly 40 percent from its earlier plan of 17.57 crore shares, lowering expected OFS proceeds to roughly Rs 1,172 crore from Rs 1,950 crore. The fresh issue component remains unchanged.

The price band has been fixed at Rs 105–Rs 111 per share (face value Re 1). At the upper end of the price band, the IPO values Meesho at roughly Rs 50,096 crore. The listing is expected on December 10, 2025 on both BSE and NSE.

Investors can apply for a minimum lot of 135 shares. In line with market regulations, at least 75 percent of the offer is reserved for qualified institutional buyers, up to 15 percent for non-institutional investors and up to 10 percent for retail investors.