While Amazon and Flipkart were busy fighting for the brand-conscious, urban shopper, a very different kind of commerce was taking shape across India’s heartland. Meesho - originally born from the idea of “Meri Shop” for small-town resellers - didn’t just join the e-commerce boom; it opened the doors for millions who had never sold online before.
Built on affordable products, local entrepreneurship, and community trust, Meesho quietly grew into a mass-market giant that bigger tech players initially ignored. Now, as it prepares for its landmark IPO, the story is no longer just about market cap or listing gains - it’s about how a company rooted in ₹100 sarees and home-grown sellers reshaped India’s digital retail landscape.
| IPO Dates (Public) | Dec 3, 2025 – Dec 5, 2025 |
| Price Band | ₹105 – ₹111 per share |
| Face Value | ₹1 per share |
| Lot Size (Min) | 135 shares |
| Total Issue Size | 48,83,96,721 shares (aggregating up to ₹5,421.20 Cr) |
| Fresh Issue | 38,28,82,882 shares (aggregating up to ₹4,250.00 Cr) |
| Offer for Sale (OFS) | 10,55,13,839 shares (aggregating up to ₹1,171.20 Cr) |
| Issue Type | Book-building IPO (Fresh + OFS) |
| Listing | BSE & NSE |
| Pre-Issue Shares | 4,13,02,48,118 |
| Post-Issue Shares | 4,51,31,31,000 |
| Promoter Holding (Pre-Issue) | 18.51% |
| Promoters | Vidit Aatrey, Sanjeev Kumar |
| Reservation / Allocation | QIB: ≥75% | Retail: ≤10% | NII: ≤15% |
The Grey Market Premium (GMP) for Meesho IPO has been trending between ₹36 – ₹48 in recent days, with the latest GMP touching ₹51 (approx 45.94% over the upper price band as of today). While this reflects strong positive sentiment ahead of listing, investors should remember that GMP is unofficial, speculative, and highly volatile, and should not be treated as a reliable indicator for investment decisions.
Note: GMP is an informal market indicator reflecting short-term sentiment and should not be treated as a reliable prediction of listing performance.
| IPO Open Date | Wed, Dec 3, 2025 |
| IPO Close Date | Fri, Dec 5, 2025 |
| Tentative Allotment | Mon, Dec 8, 2025 |
| Initiation of Refunds | Tue, Dec 9, 2025 |
| Credit of Shares to Demat | Tue, Dec 9, 2025 |
| Listing Date | Wed, Dec 10, 2025 |
| UPI mandate cut-off | 5 PM on Fri, Dec 5, 2025 |
| Component | Details |
|---|---|
| Primary Segment | Marketplace (core) |
| Secondary Segment | New Initiatives (emerging revenue lines) |
| Monetization | Advertising/promotional services, logistics facilitation fees, content & seller services |
| Seller economics | Zero-commission model for many sellers historically; platform charges for services, ads & fulfilment facilitation |
| Capital intensity | Asset-light; Meesho does not own large inventory or logistics fleet |
| Strategic focus | Cloud, ML/AI, seller tools, marketing and selected inorganic growth |
Meesho targets India’s value commerce market - a large addressable opportunity driven by affordability and deeper reach into Tier-2/3/4 cities. RHP / industry references show Meesho holding notable shares in key value categories: Fashion (~21–23%), Home & Kitchen (~23–25%), and Beauty & Personal Care (~8–10%). The segment remains under-penetrated, but logistics, returns and marketing costs keep unit economics tight.
All figures below are presented in ₹ crore
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 6,640.39 | 7,226.09 | 4,160.99 | 3,853.35 |
| Total Income | 5,857.69 | 9,900.90 | 7,859.24 | 5,897.69 |
| Profit After Tax (PAT) | (700.72) | (3,941.71) | (327.64) | (1,671.90) |
| EBITDA | (551.87) | (219.59) | (230.15) | (1,693.73) |
| Net Worth | 968.87 | 1,561.88 | 2,301.64 | 2,548.31 |
| Total Borrowing | 0.00 | 0.00 | 0.00 | 0.00 |
Key takeaways: FY25 total income rose to ~₹9,900.90 crore, but reported PAT for FY25 is a large loss (≈ –₹3,941.71 crore). The RHP details exceptional items (ESOP-related charges, tax from corporate reorganisation, etc.) that materially affected FY25 reported losses - see the RHP disclosures for exact reconciliations.
| KPI | Value |
|---|---|
| Annual Transacting Users (ATU) – FY25 | 198.77 million |
| Placed Orders – FY25 | 1.83 billion |
| LTM ATU (12 months ended Sep 30, 2025) | 234.20 million |
| Ratings (as of Sep 30, 2025) | 1,298.22 million |
| Reviews | 399.67 million |
| User images / videos | 86.39 million |
| Total employees | 2,082 |
| Technology workforce | 1,182 (≈56.8%) |
| ML/AI specialists | 163 |
Amounts shown in ₹ crore as published in the offer documents.
| S. No. | Objects of the Issue | Amount (₹ Cr) |
|---|---|---|
| 1 | Investment for cloud infrastructure, in MTPL, our subsidiary | 1,390.00 |
| 2 | Payment of salaries of existing and replacement hires for ML/AI & technology teams | 480.00 |
| 3 | Investment in MTPL for marketing & brand initiatives | 1,020.00 |
| 4 | Funding inorganic growth through acquisitions and other strategic initiatives and general corporate purposes | Remaining amount (within defined caps) |
| Metric | Value |
|---|---|
| Market Capitalisation | ₹50,095.75 Cr |
| RoNW | –252.37% |
| Price to Book | 30.16 |
| EPS (Pre-IPO) | –9.54 Rs |
| EPS (Post-IPO) | –3.11 Rs |
| P/E (Pre-IPO) | –11.63x |
| P/E (Post-IPO) | –35.75x |
Meesho is a meaningful representation of India’s value-ecommerce story - strong scale, high user engagement and a tech-first roadmap. The fresh capital is targeted at exactly the areas (cloud, ML/AI, marketing) that can help convert scale into sustainable monetization. At the same time, the company reports significant losses and negative EBITDA; FY25 contains substantial exceptional items that magnify the headline loss. Investors should prioritise the RHP’s reconciliations, the final prospectus, and management’s roadmap for margin improvement before making investment decisions.
₹105 – ₹111 per share.
Public subscription window: Dec 3 – Dec 5, 2025.
Total ~48.84 crore shares aggregating up to ₹5,421.20 crore (Fresh ~38.29 crore shares for ~₹4,250 Cr; OFS ~10.55 crore shares for ~₹1,171.20 Cr).
No - reported losses and negative EBITDA persist. FY25 PAT was approximately –₹3,941.71 crore.
Cloud infrastructure (₹1,390 Cr), ML/AI & tech salaries (₹480 Cr), marketing & brand initiatives (₹1,020 Cr), and the remaining amount for inorganic growth & corporate purposes (within caps stated in RHP).
Tentative listing shown: Dec 10, 2025 (subject to exchange confirmation).
Disclaimer: This article summarises the Meesho RHP and official IPO pages. It is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. Always read the final prospectus and consult a licensed financial adviser before investing.
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