Meesho vs Aequs vs Vidya Wires: Which IPO deserves your bet? Experts views, GMP & more

Three mainboard IPOs including Meesho, Aequs and Vidya Wires have kicked-off for bidding at Dalal Street on Wednesday, December 03 and shall close on Friday, December 05. These IPOs are cumulatively looking to raise a total of Rs 6,643 crore from investors, whoe are left with problem of plenty, looking for which issue to pick or how should they prioritize them.

Majority of the experts are positive on all three IPO, but suggest that investors should prioritize their bids based on their needs and risk-appetite. According to them, Meesho is best suited for investors looking for short-term listing gains, Aequs fits high-risk long-term investors, and Vidya Wires is the comparatively safer option for those who prefer stable, predictable businesses.

Among the three, Meesho is looking to rasie the biggest chunk of Rs 5,421 crore, offering its shares in the range of Rs 105-111 apiece. Aequs is eyeing to mop up to Rs 921.81 crore, price band in the range of Rs 118-124 per share. Vidya Wires is the smallest among the issues, raising a little above Rs 300 crore in the price band of Rs 48-52 apiece.

Among the three IPOs opening tomorrow, Meesho stands out as the most compelling option, followed closely by Aequs, said Abhishek Jain, Head of Research at Arihant Capital Markets. Meesho’s business model continues to evolve meaningfully, and the company has shown a sharp turnaround in profitability — improving EBITDA margins.

"Its move into the premium category should further support margin expansion and strengthen its unit economics. Given this trajectory, Meesho offers a strong value-addition story and appears well-positioned for long-term scalability. Aequs also looks interesting, particularly because of its focus on a large addressable market and its improving fundamentals. Both Meesho and Aequs therefore appear better placed from a growth and valuation perspective, he said.

Vidya Wires, while fundamentally sound, is currently in a major expansion phase. The benefits of this capex cycle may take time to reflect meaningfully in the financials. As a result, relative to the other two issues, it appears less attractive in the near term, especially given the mixed sentiment in the primary markets lately, Jain from Arihant Capital adds.

Three IPOs are opening, each catering to a different investor risk appetite. Investors with a high risk tolerance may find Meesho and Aequs more suitable, as these are growth-driven businesses that require patience and a longer-term outlook, said Ratiraj Tibrewal - Director-Choice Capital.

"For value-oriented investors who prefer moderate risk, the Vidya Wires IPO appears more appropriate. From a valuation perspective as well, Vidya Wires is reasonably priced, while Meesho and Aequs are more of a business conviction bet," he said.

However, Sunny Agrawal, Head of Fundamental Research at SBI Securities has picked Aequs as its top pick as the aerospace segment is operationally profit with improvement in margin. He finds Aequs issue to be attractively valued. Meesho and Vidya Wires follows Agrawal priority list but has suggested to subscribe for issues for long-term.

Meesho’s path to sustainable profitability will be a key monitorable especially as it continues to make investments in technology, marketing and engineers, he adds. "Favourable industry tailwinds for Vidya Wires such as the growing adoption of EVs, capex on AI data centers and substantial capacity expansion in renewable energy are likely to bolster growth prospects in the coming years."

Prasenjit Paul, Equity Research Analyst at Paul Asset & Fund Manager at 129 Wealth Fund said that investors chasing listing gains, Meesho will attract the most interest. It operates in a fast-growing ecommerce space with a large opportunity in India’s Tier-2 and Tier-3 cities. The growth headroom is sizeable but it is important to note that Meesho has only recently turned profitable.

Aequs, with its exposure to aerospace and consumer manufacturing, benefits from long-term structural themes, including the broader ‘Make in India’ push. However, Aequs remains a loss-making company. This makes it more suitable for long-term investors who have a higher risk appetite and are comfortable with business cycles and execution-related uncertainties, he said.

"Vidya Wires, on the other hand, is a steady but less glamorous business involved in manufacturing copper and aluminium wires—a commoditised segment. For conservative investors, Vidya Wires offers simplicity and clarity around the business model, which some may prefer," Paul adds.

On the first day of bidding, Meesho and Aequs saw a marginal correction in their respective grey market premia (GMP), while Vidya Wires GMP inched higher. Meesho's GMP declined to Rs 46, indicating 41 per cent listing pop, while Aequs' premium in unofficial was down Rs 44, hinting at 35 per cent gains. Vidya Wires GMP inched up to Rs 6.5, signaling 12.50 per cent upside.