Meesho IPO Day 3 Highlights: Issue booked 79.03x on final day; GMP predicts ₹51/share listing gains ahead

Meesho IPO Day 3 LIVE: As of 5 December 2025, the grey market premium (GMP) of Meesho IPO stood at ₹51 per share. With the upper price band of ₹111 apiece, the company's shares are expected to be listed at ₹162 per share, marking a potential listing gain of 45%, according to IPO India data.

Meesho IPO Day 3 LIVE: The Meesho IPO was subscribed 79.03 times as of the final day of the bidding round on Friday, 5 December 2025, as investors booked 21,96,67,00,770 equity shares, compared to the 27,79,38,446 shares on offer for the public issue.

The Qualified Institutional Buyers (QIBs) emerged as the highest bidder coming in at 120.18x booking, as the investors subscribed to 18,07,17,42,600 equity shares , compared to the 15,03,69,511 shares on offer for the segment.

The Non Institutional Investors (NIIs) subscribed 38.16 times to the public issue, bidding for 2,92,11,08,400 shares, compared to the 7,65,41,361 shares on offer.

The retail investors booked 19.08 times the shares on offer for the segment as the subscribers bid for 97,38,49,770 shares, compared to the 5,10,27,574 shares on offer for the segment.

Meesho IPO Day 3 LIVE: Meesho IPO was subscribed 79.02x as of the third and final day of public subscription on Friday, 5 December 2025, where investors booked 21,96,29,80,440 equity shares, compared to the 27,79,38,446 shares on offer, according to BSE IPO data.

Meesho IPO Day 3 LIVE: Meesho IPO subscription status was 78.86x on day 3. The retail portion was subscribed 18.29x, and NII portion has been booked 38.04x, Qualified Institutional Buyers (QIBs) portion received 120.18 times bids.

The company has received bids for 21,91,71,31,335 shares against 27,79,38,446 shares on offer, at 15:5 IST, according to data on BSE.

Meesho IPO Day 3 LIVE: Rajan Shinde, Research Analyst, Mehta Equities Ltd, said that on valuation parse at the upper price band of Rs. 111/-, the issue is asking for a Market cap of Rs. 50096/- cr. 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 appear fairly priced relative to listed new-age tech peers.

“Given its strong 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 wanted to capitalise India’s expanding e-commerce landscape to “SUBSCRIBE” Meesho Ltd IPO for long term perspective only,” said Shinde.

Meesho IPO Day 3 LIVE: India’s total retail market is estimated at ₹83 trn (~US$978 bn) in FY25 and projected to reach ₹123–135 trn (US$1.4–1.6 trn) by FY30. Within this, Meesho focuses on a subset of categories forming its Serviceable Addressable Market (SAM) is valued at ~ ₹33 trn (~US$384 bn), and is projected to reach ₹51–56 trn (US$600–653 bn) by FY30P, reflecting a CAGR of 9–11%, higher than the overall retail market CAGR of 8–10% during the same period.

Meesho IPO Day 3 LIVE: Key risks to consider:

1. Intense competition from large domestic and global ecommerce players.

2. Dependence on small, fragmented sellers may impact product quality and trust.

3. High reliance on cash-on-delivery orders affecting efficiency and cash flow.

4. Potential brand damage from counterfeit goods or negative publicity.

Meesho IPO Day 3 LIVE: Nirmal Bang said that Meesho has created a strong foothold in the tier 2/3 cities ecommerce business with its unique proposition of zero commission asset light business model resulting in low affordable products ecosystem benefitting sellers, consumers, content creators and logistics players in non-metro cities. Company, however, is yet to post profits; although it has turned free cash flow positive in FY25. For FY25, H1FY26 Company has posted Ebitda losses of Rs. 579 cr and Rs.693 crs in FY25/H1FY26 respectively.

“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 the brokerage.

Meesho IPO Day 3 LIVE: Meesho has been able attract customers from Tier 2/3 cities by offering products at entry level price points. Over 50% of transacting users on the platform were from Tier 2/3 cities.

Meesho IPO Day 3 LIVE: The budget-friendly e-commerce platform plans to allocate ₹1,390 crore of the fresh issue proceeds for enhancing cloud infrastructure at its subsidiary, Meesho Technologies, and ₹1,020 crore towards marketing and branding efforts for the same subsidiary.

In addition, ₹480 crore will be designated for covering salaries of current employees and new hires within the Machine Learning and AI technology teams for the development initiatives carried out by the same subsidiary, with the remaining funds from the fresh issue aimed at supporting inorganic growth and general corporate purposes.

Meesho IPO Day 3 LIVE: Among the selling shareholders in the offer-for-sale are Elevation Capital, Peak XV Partners, Golden Summit, Y Combinator, and the promoters. The promoters hold an 18.5% stake in Meesho, while public shareholders own 81.50% of the shares. The largest shareholders in the company include Elevation Capital (15.11% stake), Prosus' Naspers Ventures (12.34%), and Peak XV Partners (11.3%), followed by Softbank-owned SVF II Meerkat (9.3%) and WestBridge Crossover Fund (3.92%).

Meesho IPO Day 3 LIVE: Indsec Securities said that the completion of the ongoing infrastructure development is likely to improve the last mile connectivity and boost growth prospect for the company.

“We are positive on the company’s growth prospects driven by its asset light business model and cashflow generation, scale up of Valmo logistics platform and rising transaction volumes. We thus assign a “SUBSCRIBE” rating,” said the brokerage.

Meesho IPO Day 3 LIVE: Check out key risks:

1. Highly competitive e-commerce landscape: Meesho operates in a highly competitive market, facing intense competition from large online marketplaces, other e-commerce platforms, and D2C brands. Failure to compete effectively in terms of pricing, technology, product assortment, and customer service could materially impact market share and financial results.
2. Sellers and customer retention: The company’s growth depends on keeping both customers and third-party sellers engaged. Strong customer retention drives traffic, while committed sellers ensure product variety and competitive prices. If the company fails to attract or retain either group in a cost-effective way, its overall performance could be negatively affected.
3. Fragmented seller ecosystem and quality control: The platform relies on a vast network of sellers. The inability to ensure consistent product quality, timely delivery, or adherence to norms and policies by this fragmented seller base poses a significant risk to consumer satisfaction, returns, and the overall reliability of the marketplace.

Meesho IPO Day 3 LIVE: Here are five investment rationale

1. Asset-Light Model
2. Cash Flow Positive Operations and Unit Economics
3. Operations in Tier 2/3 Cities
4. Platform Built on Scaled Self-Reinforcing Flywheels
5. Dominant Focus on Value-Oriented Commerce

Meesho IPO Day 3 LIVE: Meesho IPO is being handled by merchant bankers, including Kotak Mahindra Capital Company, JP Morgan India, Morgan Stanley India Company, Axis Capital, and Citigroup Global Markets India, with Kfin Technologies Ltd. serving as the issue's registrar.

Meesho IPO Day 3 LIVE: The company's listed peers include Eternal, Swiggy, Brainbees Solutions, Nykaa, Vishal Mega Mart, Trent, and DMart.

Meesho IPO Day 3 LIVE: Check out investment rationales

1. Meesho aims to increase its consumer base and transaction frequency by expanding its product listings.
2. Meesho is built on multiple scaled self-reinforcing flywheels.

Meesho IPO Day 3 LIVE: The key risks are as follows:

• Failure to retain or attract customers and sellers will have adverse impact on the revenues and profitability of the company.

• High portion of orders fulfilled through Cash on Delivery which exposes risk of operational inefficiencies and low order fulfillment.

Meesho IPO Day 3 LIVE: ICICI Direct believes Meesho’s zero commission business model catering to value conscious customers largely from tier 2 and tier 3 towns is a key differentiated compared with other listed tech-based consumer service companies in India.

“Leveraging on efficient business model, the company is able to achieve strong double digit revenue growth with increasing customers and generates consistent FCF for last two years. Further its valuation at 5x its FY25 revenues are at discount to close peers. We recommend SUBSCRIBE on Meesho,” said the brokerage.

Meesho IPO Day 3 LIVE: The company seeks to raise ₹4,250 crore via fresh share sale, while public shareholders will be selling 10.55 crore equity shares via an offer-for-sale.

Meesho IPO Day 3 LIVE: The initial public offering of Meesho was subscribed 7.97 times by the second day of the share sale on Thursday. According to NSE data, the IPO garnered bids for 2,21,60,17,845 shares, compared to the 27,79,38,446 shares available.

When looking at different investor categories, the portion for non-institutional investors saw a subscription rate of 9.18 times, while the quota for Retail Individual Investors (RIIs) achieved a subscription rate of 9.14 times. The segment for Qualified Institutional Buyers (QIBs) received a subscription of 6.96 times.

Meesho IPO Day 3 LIVE: Tentatively, Meesho IPO's basis of allotment of shares will be finalised on Monday, December 8, and the company will initiate refunds on Tuesday, December 9. The shares will be credited to the demat accounts of allottees on the same day following the refund. Meesho shares are likely to list on the BSE and NSE on Wednesday, December 10.

Meesho IPO Day 3 LIVE: Meesho IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIBs), not more than 15% for non-institutional Investors (NIIs), and not more than 10% of the offer is reserved for retail investors.

Meesho IPO Day 3 LIVE: Meesho IPO GMP today stands at ₹49.5. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Meesho is indicated at ₹160.5 apiece, which is 44.59% higher than the IPO price of ₹111.

According to the grey market trends observed over the last nine sessions, today's IPO has a rising GMP and is anticipated to have a robust opening. The lowest GMP recorded is ₹33.00, while the peak GMP is ₹49.50, as stated by industry experts.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.