Meesho IPO: Founders eye up to 5,500x windfall gains; FundsIndia upbeat despite GMP slump
E-commerce platform Meesho is set to make its public market debut with an IPO opening on 3 December, pricing shares in the range of Rs 105 to Rs 111.
- Nov 28, 2025,
- Updated Nov 28, 2025 1:39 PM IST
Value-focused e-commerce platform Meesho is set to make its public market debut with an initial public offering (IPO) opening on 3 December and closing on 5 December, pricing shares in the range of Rs 105 to Rs 111. This pricing sets Meesho's valuation at over Rs 50,000 crore at the upper end, drawing significant attention in the retail and tech investment circles.
The IPO has already created a wave of excitement among early stakeholders. Co-founders Vidit Aatrey and Sanjeev Kumar, who together own more than 18.5 percent of the company, are positioned to realise extraordinary gains from the listing.
Vidit Aatrey, Meesho's Co-founder, Chairman, and CEO, holds 47.25 crore shares, accounting for an 11.1 percent stake. Acquired at an average price of just Rs 0.06 per share, his holding is now valued at Rs 5,245 crore at the top price band—a return more than 1800 times the initial value.
Sanjeev Kumar, the company's Whole-time Director and CTO, holds 31.57 crore shares (7.41 percent stake) purchased at an average cost of just Rs 0.02 a share. With the current valuation, Kumar’s stake rises to Rs 3,504 crore, marking a nearly 5,500-fold increase from its original value of about Rs 63 lakh.
Institutional investors also stand to benefit significantly. Elevation Capital (formerly SAIF Partners), which owns 57.95 crore shares (13.6 percent stake), bought in at an average of Rs 3.04 a share. The value of this holding has surged from Rs 177 crore to Rs 6,433 crore, a dramatic rise exceeding 3,500 times.
Peak XV Partners, owning 48.12 crore shares or 11.3 percent at an average price of Rs 4.29 per share, will see its stake increase from Rs 207 crore to Rs 5,342 crore, a jump of nearly 2,500 percent.
Other investors, such as YC Continuity Fund, Venture Highway, and Gemini Investments, are also experiencing steep gains. The YC Continuity Fund’s 5.2 crore shares (1.22 percent) bought at Rs 1.02 a share, now value at Rs 576 crore, up from Rs 5.3 crore—a rise of more than 10,000 times.
The IPO structure has seen a significant change, with the offer for sale (OFS) component cut by nearly 40 percent. Promoters and early investors will now be selling 10.55 crore shares, down from 17.57 crore shares previously planned. At the top end, OFS proceeds are revised to Rs 1,172 crore from Rs 1,950 crore, while the fresh issue remains unchanged at Rs 4,250 crore.
Meesho will compete with industry giants such as Flipkart (backed by Walmart) and global player Amazon. Market participants are closely watching the IPO, expecting it to set new benchmarks for tech startup valuations and liquidity in India’s capital markets. Meesho's grey market premium (GMP) dropped to Rs 28-30 apiece from Rs 35-37 earlier in the day.
Meesho has built a defensible position in the value-first, low-AOV segment, targeting semi-urban and rural India where e-commerce penetration remains underdeveloped. Continued scale benefits and operating efficiencies - especially through its proprietary logistics platform, Valmo - are expected to drive further margin improvement, said Perumal Raja KJ, Associate Director (Research) at FundsIndia.
"Meesho’s implied Market Capitalisation to Revenue from Operations (P/S equivalent) for FY25 is broadly aligned with the median of its listed peer set and at a discount to the peer average. While near-term earnings visibility remains limited, the long-term growth opportunity, strong market fit, and improving fundamentals support participation with a medium-term outlook," he said with a 'subscribe' tag.
Value-focused e-commerce platform Meesho is set to make its public market debut with an initial public offering (IPO) opening on 3 December and closing on 5 December, pricing shares in the range of Rs 105 to Rs 111. This pricing sets Meesho's valuation at over Rs 50,000 crore at the upper end, drawing significant attention in the retail and tech investment circles.
The IPO has already created a wave of excitement among early stakeholders. Co-founders Vidit Aatrey and Sanjeev Kumar, who together own more than 18.5 percent of the company, are positioned to realise extraordinary gains from the listing.
Vidit Aatrey, Meesho's Co-founder, Chairman, and CEO, holds 47.25 crore shares, accounting for an 11.1 percent stake. Acquired at an average price of just Rs 0.06 per share, his holding is now valued at Rs 5,245 crore at the top price band—a return more than 1800 times the initial value.
Sanjeev Kumar, the company's Whole-time Director and CTO, holds 31.57 crore shares (7.41 percent stake) purchased at an average cost of just Rs 0.02 a share. With the current valuation, Kumar’s stake rises to Rs 3,504 crore, marking a nearly 5,500-fold increase from its original value of about Rs 63 lakh.
Institutional investors also stand to benefit significantly. Elevation Capital (formerly SAIF Partners), which owns 57.95 crore shares (13.6 percent stake), bought in at an average of Rs 3.04 a share. The value of this holding has surged from Rs 177 crore to Rs 6,433 crore, a dramatic rise exceeding 3,500 times.
Peak XV Partners, owning 48.12 crore shares or 11.3 percent at an average price of Rs 4.29 per share, will see its stake increase from Rs 207 crore to Rs 5,342 crore, a jump of nearly 2,500 percent.
Other investors, such as YC Continuity Fund, Venture Highway, and Gemini Investments, are also experiencing steep gains. The YC Continuity Fund’s 5.2 crore shares (1.22 percent) bought at Rs 1.02 a share, now value at Rs 576 crore, up from Rs 5.3 crore—a rise of more than 10,000 times.
The IPO structure has seen a significant change, with the offer for sale (OFS) component cut by nearly 40 percent. Promoters and early investors will now be selling 10.55 crore shares, down from 17.57 crore shares previously planned. At the top end, OFS proceeds are revised to Rs 1,172 crore from Rs 1,950 crore, while the fresh issue remains unchanged at Rs 4,250 crore.
Meesho will compete with industry giants such as Flipkart (backed by Walmart) and global player Amazon. Market participants are closely watching the IPO, expecting it to set new benchmarks for tech startup valuations and liquidity in India’s capital markets. Meesho's grey market premium (GMP) dropped to Rs 28-30 apiece from Rs 35-37 earlier in the day.
Meesho has built a defensible position in the value-first, low-AOV segment, targeting semi-urban and rural India where e-commerce penetration remains underdeveloped. Continued scale benefits and operating efficiencies - especially through its proprietary logistics platform, Valmo - are expected to drive further margin improvement, said Perumal Raja KJ, Associate Director (Research) at FundsIndia.
"Meesho’s implied Market Capitalisation to Revenue from Operations (P/S equivalent) for FY25 is broadly aligned with the median of its listed peer set and at a discount to the peer average. While near-term earnings visibility remains limited, the long-term growth opportunity, strong market fit, and improving fundamentals support participation with a medium-term outlook," he said with a 'subscribe' tag.