Meesho IPO: Should you apply for the Rs 5,421-crore issue? Here’s what analysts say
Meesho is selling its shares in the price band of Rs 105-111 apiece, applied for a minimum of 135 shares and its multiples to raise Rs 5,421.20 crore between December 3-5.
- Dec 3, 2025,
- Updated Dec 3, 2025 9:18 AM IST
The initial public offering (IPO) of Meesho shall kick-off for bidding on Wednesday, December 03. The new-age e-commerce player shall be selling its shares in the range of Rs 105-111 and investors can apply for a minimum of 135 equity shares and its multiples thereafter. The issue will close for bidding on Friday, December 05.
Meesho is looking to raise a total of Rs 5,421.20 crore via primary route, which includes a fresh share sale of 38,28,82,882 equity shares worth Rs 4,250 crore and an offer-for-sale (OFS) of up to 10,55,13,839 equity shares by its existing shareholders worth Rs 1,170.20 crore.
Incorporated in 2015, Bengaluru-based Meesho is a multi-sided technology platform driving e-commerce in India by connecting four key stakeholders- consumers, sellers, logistics partners, and content creators.It operates its e-commerce marketplace, enabling consumers to access a wide range of affordable products while offering sellers a low-cost platform to grow their businesses.
Meesho raised a total of Rs 2,439.54 crore from 125 anchor investors as it allocated 21,97,78,524 equity shares for Rs 111 apiece. Its anchor book included marquee names like SBI Mutual Fund Singapore’s sovereign GIC, BlackRock, Fidelity, Tiger Global, Morgan Stanley, Pacific Horizon Investment Trust, Goldman Sachs, Amansa Holdings and Kora Master Funds among others.
Meesho reported a net loss of Rs 700.72 crore with a revenue of Rs 5,857.69 crore for the six months ended on September 30. The company's loss stood at Rs 3,941.71 crore with a revenue of Rs 9,900.90 crore for the financial year 2024-25. At current valuations, it shall command a market capitalization little more than Rs 50,000 crore.
Meesho has reserved 75 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of reservation. Retail investors will have only 10 per cent of the allocation in the IPO. Last heard, Meesho was commanding a grey market premium of Rs 49-50 apiece, suggesting nearly 45 per cent listing pop for the investors.
Kotak Mahindra Capital Company, JP Morgan India, Morgan Stanley India, Axis Capital and Citigroup Global Markets India are the book running lead managers for the Meesho IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on December 10, 2025. Here's what a host of brokerage firms say about the IPO of Meesho:
ICICIDirect Research
Rating: Subscribe
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, said ICICI Direct Research.
"Leveraging on an efficient business model, the company is able to achieve strong double digit revenue growth with increasing customers and generates consistent FCF for the last two years. Further its valuation at 5 times its FY25 revenues are at discount to close peers. We recommend 'subscribe' on Meesho," it added.
SBI Securities
Rating: Subscribe for long-term
Meesho operates on a zero-commission model and primarily generates revenue through its logistics services and advertisements. Although the company is making losses on a net basis even after adjusting for exceptional items, it has started to generate positive free cash flows from the last two years. Meesho is valued at FY25 price/sales ratio of 5.3 times, said SBI Securities.
As this event is complete, there would likely be no exceptional tax expense going forward which should help reduce losses. Meesho’s path to sustainable profitability will be a key monitorable especially as it continues to make investments in technology, marketing and engineers. We recommend investors to 'subscribe' to the issue at the cut-off price for a long-term," it adds.
Arihant Capital Markets
Rating: Subscribe for long-term
Meesho enters FY26 with a robust outlook, fueled by scaled flywheels, AI-led efficiencies via Meesho AI Labs, and Horizon 2 tailwinds like content commerce, Meesho Mall, and financial services pilots targeting deeper Tier 2+ penetration amid 692-706 million smartphone users and non-electronics under penetration, said Arihant Capital Markets.
"Order frequency at 9.5 LTM, falling CAC, logistics yields compressing toward China levels, and 44 per cent H1 NMV growth signal over 30 per cent GMV CAGR with accelerating FCF conversion to sustained profitability, though macro slowdowns and competition warrant monitoring. We are recommending a 'subscribe for long term" rating for this issue," it adds.
Swastika Investmart
Rating: Subscribe with caution.
Meesho has successfully carved out a niche in Tier-2/3 cities where Amazon and Flipkart struggle to penetrate deeply. Meesho has turned free cash flow (FCF) positive in FY25, even though reported Net Profit is still negative due to one-off items, said Swastika Investmart.
"At a valuation of $6 billion, it is priced at roughly 5.5 times price-to-sales on FY25 basis. This is attractive compared to Zomato. It has 'scarcity premium' as it is the only pure-play 'value e-commerce' stock in India. Aggressive investors can subscribe for both listing gain and long term," it added.
Master Capital Services
Rating: Subscribe for long-term
Meesho aims to Increase consumer base and their transaction frequency by expanding product listings and seller base and intends to further invest in technology and product development and enhance AI capabilities. The company is focused on making e-commerce affordable and accessible for consumers across India. Investors may consider the IPO for long-term, said Master Capital.
BP Equities
Rating: Subscribe
Meesho’s continuous investment in technology and ongoing improvements to the user experience strengthen its competitive position within the industry compared to its peers, said BP Equities. "Given the strong growth outlook of India’s e-commerce market and Meesho’s strategic initiatives to capture rising consumer demand, we recommend a 'subscribe' rating for this issue."
Marwadi Financial Services
Rating: Subscribe with caution
"We assign a 'subscribe with caution' rating to this IPO as the company has developed strong, tech-enabled marketplace capabilities, deep reach across value-driven Tier II+ cities, and a scalable, asset-light model," said Marwadi Financial Services. However the company has incurred losses in the past which makes us cautious from a long term perspective.
The initial public offering (IPO) of Meesho shall kick-off for bidding on Wednesday, December 03. The new-age e-commerce player shall be selling its shares in the range of Rs 105-111 and investors can apply for a minimum of 135 equity shares and its multiples thereafter. The issue will close for bidding on Friday, December 05.
Meesho is looking to raise a total of Rs 5,421.20 crore via primary route, which includes a fresh share sale of 38,28,82,882 equity shares worth Rs 4,250 crore and an offer-for-sale (OFS) of up to 10,55,13,839 equity shares by its existing shareholders worth Rs 1,170.20 crore.
Incorporated in 2015, Bengaluru-based Meesho is a multi-sided technology platform driving e-commerce in India by connecting four key stakeholders- consumers, sellers, logistics partners, and content creators.It operates its e-commerce marketplace, enabling consumers to access a wide range of affordable products while offering sellers a low-cost platform to grow their businesses.
Meesho raised a total of Rs 2,439.54 crore from 125 anchor investors as it allocated 21,97,78,524 equity shares for Rs 111 apiece. Its anchor book included marquee names like SBI Mutual Fund Singapore’s sovereign GIC, BlackRock, Fidelity, Tiger Global, Morgan Stanley, Pacific Horizon Investment Trust, Goldman Sachs, Amansa Holdings and Kora Master Funds among others.
Meesho reported a net loss of Rs 700.72 crore with a revenue of Rs 5,857.69 crore for the six months ended on September 30. The company's loss stood at Rs 3,941.71 crore with a revenue of Rs 9,900.90 crore for the financial year 2024-25. At current valuations, it shall command a market capitalization little more than Rs 50,000 crore.
Meesho has reserved 75 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of reservation. Retail investors will have only 10 per cent of the allocation in the IPO. Last heard, Meesho was commanding a grey market premium of Rs 49-50 apiece, suggesting nearly 45 per cent listing pop for the investors.
Kotak Mahindra Capital Company, JP Morgan India, Morgan Stanley India, Axis Capital and Citigroup Global Markets India are the book running lead managers for the Meesho IPO and Kfin Technologies is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on December 10, 2025. Here's what a host of brokerage firms say about the IPO of Meesho:
ICICIDirect Research
Rating: Subscribe
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, said ICICI Direct Research.
"Leveraging on an efficient business model, the company is able to achieve strong double digit revenue growth with increasing customers and generates consistent FCF for the last two years. Further its valuation at 5 times its FY25 revenues are at discount to close peers. We recommend 'subscribe' on Meesho," it added.
SBI Securities
Rating: Subscribe for long-term
Meesho operates on a zero-commission model and primarily generates revenue through its logistics services and advertisements. Although the company is making losses on a net basis even after adjusting for exceptional items, it has started to generate positive free cash flows from the last two years. Meesho is valued at FY25 price/sales ratio of 5.3 times, said SBI Securities.
As this event is complete, there would likely be no exceptional tax expense going forward which should help reduce losses. Meesho’s path to sustainable profitability will be a key monitorable especially as it continues to make investments in technology, marketing and engineers. We recommend investors to 'subscribe' to the issue at the cut-off price for a long-term," it adds.
Arihant Capital Markets
Rating: Subscribe for long-term
Meesho enters FY26 with a robust outlook, fueled by scaled flywheels, AI-led efficiencies via Meesho AI Labs, and Horizon 2 tailwinds like content commerce, Meesho Mall, and financial services pilots targeting deeper Tier 2+ penetration amid 692-706 million smartphone users and non-electronics under penetration, said Arihant Capital Markets.
"Order frequency at 9.5 LTM, falling CAC, logistics yields compressing toward China levels, and 44 per cent H1 NMV growth signal over 30 per cent GMV CAGR with accelerating FCF conversion to sustained profitability, though macro slowdowns and competition warrant monitoring. We are recommending a 'subscribe for long term" rating for this issue," it adds.
Swastika Investmart
Rating: Subscribe with caution.
Meesho has successfully carved out a niche in Tier-2/3 cities where Amazon and Flipkart struggle to penetrate deeply. Meesho has turned free cash flow (FCF) positive in FY25, even though reported Net Profit is still negative due to one-off items, said Swastika Investmart.
"At a valuation of $6 billion, it is priced at roughly 5.5 times price-to-sales on FY25 basis. This is attractive compared to Zomato. It has 'scarcity premium' as it is the only pure-play 'value e-commerce' stock in India. Aggressive investors can subscribe for both listing gain and long term," it added.
Master Capital Services
Rating: Subscribe for long-term
Meesho aims to Increase consumer base and their transaction frequency by expanding product listings and seller base and intends to further invest in technology and product development and enhance AI capabilities. The company is focused on making e-commerce affordable and accessible for consumers across India. Investors may consider the IPO for long-term, said Master Capital.
BP Equities
Rating: Subscribe
Meesho’s continuous investment in technology and ongoing improvements to the user experience strengthen its competitive position within the industry compared to its peers, said BP Equities. "Given the strong growth outlook of India’s e-commerce market and Meesho’s strategic initiatives to capture rising consumer demand, we recommend a 'subscribe' rating for this issue."
Marwadi Financial Services
Rating: Subscribe with caution
"We assign a 'subscribe with caution' rating to this IPO as the company has developed strong, tech-enabled marketplace capabilities, deep reach across value-driven Tier II+ cities, and a scalable, asset-light model," said Marwadi Financial Services. However the company has incurred losses in the past which makes us cautious from a long term perspective.