Meesho IPO day 2: GMP jumps after strong subscription status. Should you apply?

Meesho IPO day 2: The initial public offering (IPO) of Meesho Ltd. hit the Indian primary market on December 3, 2025, and the issue will remain open until December 5, 2025. The e-commerce company that operates on a zero-business model has declared the Meesho IPO price band at ₹105 to ₹111 per equity share. The Fresh Capital-cum Offer for Sale is a combination of fresh issue and an offer for sale (OFS). The company aims to raise ₹5,421.20 crore, out of which ₹4,250 crore is intended to be raised through the issuance of fresh shares. The remaining ₹1,171.20 crore is reserved for the OFS route. Meesho IPO is proposed for listing on the BSE and the NSE.

Meesho IPO GMP today

According to market observers, shares of Meesho Ltd. are available in the grey market at a powerful premium. They said that Meesho shares are available at a premium of ₹51 in the grey market today, which is ₹4 higher than yesterday's Meesho IPO GMP (Grey Market Premium) of ₹47. Over the last two days, the Meesho PO GMP has increased from ₹42 to ₹51 today. According to market observers, the rise in the Meesho IPO GMP today can be attributed to the strong subscription status for the Meesho IPO following the end of bidding on the first day. The public issue worth ₹5,421.20 crore had been booked 2.35 times after the end of the first day's bidding.

Meesho IPO subscription status

By 4:15 PM on day 2 of bidding, the public issue had been subscribed to 7.80 times, the retail portion had been booked 8.91 times, and the NII segment had been subscribed to 8.73 times, whereas the QIB portion had been subscribed to 6.96 times.

Meesho IPO date, price, and other details

As mentioned above, the Meesho IPO subscription period will remain open until December 5, 2025. So, investors have two days to apply for the public issue. The e-commerce company has announced the Meesho IPO price band at ₹105 to ₹111 per share. The most likely Meesho IPO allotment date is 6 December 2025. However, in the case of a delay due to Saturday falling on 6 December 2025, the most likely Meesho IPO allotment date will be 8 December 2025. A bidder will be able to apply for the mainboard IPO in lots, and one lot of the book build issue comprises 135 company shares.

Meesho IPO review

Giving a 'subscribe' tag for the long-term, Rajan Shinde, Research Analyst at Mehta Equities, said, "By looking at the financials, the Company has delivered healthy growth, with revenue from operations rising 32.8% YoY in FY2024 and 23.3% in FY2025, though profitability remains negative as the company continues to invest in growth and ecosystem expansion. At the upper price band of Rs. 111, the issue is seeking a market capitalisation of Rs. 50,096 crore. Based on FY2025 actuals, the company is valued at approx ~5.3x Market-Cap to sales, and at around ~4.9x FY2026 annualised revenue, which appears fairly priced relative to listed new-age tech peers."

Given its intense category penetration, rising MAUs, and structurally lower cost base compared to competitors, we believe Meesho is well-positioned to sustain market share gains and improve profitability over the long term. Hence, we recommend risk-seeking investors who want to capitalise India’s expanding e-commerce landscape to “SUBSCRIBE” Meesho Ltd IPO for a long-term perspective only," Shinde added. Given its intense category penetration, rising MAUs, and structurally lower cost base compared to competitors, we believe Meesho is well-positioned to sustain market share gains and improve profitability over the long term. Hence, we recommend risk-seeking investors who want to capitalise India’s expanding e-commerce landscape to “SUBCRIBE” Meesho Ltd IPO for a long-term perspective only," Shinde added.

Advising investors to apply for the Meesho IPO, Abhinav Tiwari, Research Analyst at Bonanza, said, "Meesho operates in a highly competitive Indian e-commerce market with weaker fundamentals. Despite achieving 1.8 billion annual transactions and a 5.3x FY25 PS valuation, Meesho reported adjusted EBITDA losses of Rs. 5,518 crore in H1 FY26. While the company has recently achieved positive free cash flows, the path to sustainable profitability remains uncertain, with H1FY26 showing deteriorating contribution margins at 3.8% compared to 5.6% in FY24. The company faces intense competition from established players Amazon and Flipkart while still burning capital on marketing and technology investments."

ICICI Direct, Marwadi Shares and Finance, SBI Securities, Master Capital Services, Swastika Investmart, and Ventura Securities have also assigned a 'subscribe' tag to the Meesho IPO.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.