Meesho IPO opens with 44% GMP: Should you subscribe?
What's the story
Meesho, a leading Indian e-commerce platform, has launched its initial public offering (IPO) today. The public issue will remain open till December 5. The company has set the price band for its shares at ₹105-₹111 per equity share. Meesho plans to raise ₹5,421.20 crore through this IPO, with a major portion coming from fresh shares and the rest via an offer for sale (OFS).
IPO details
Meesho's IPO structure and market performance
The Meesho IPO is a mix of fresh issue and OFS, with the company hoping to raise ₹4,250 crore through fresh shares. The remaining ₹1,171.20 crore is reserved for the OFS route. At the time of writing, shares of Meesho were trading at a premium of ₹49 in the gray market, translating to potential listing gains of over 44%.
Investment details
Meesho's IPO lot size and allotment date
Investors can apply for the mainboard IPO in lots, with one lot of the book build issue comprising 135 company shares. The likely date for share allotment is December 6, which is a Saturday, but could be pushed to December 8. KFin Technologies will serve as the official registrar of this fresh capital-cum offer for sale.
Management team
Meesho's IPO lead managers and listing date
Kotak Mahindra Capital, JP Morgan India, Morgan Stanley India, Axis Capital and Citigroup Global Markets India are the lead managers of this public issue. The shares are proposed to be listed on the BSE and NSE with December 10 being the likely date for listing. This marks an important milestone in Meesho's journey as it seeks to expand its reach in India's e-commerce market.