Meesho ₹5,421.20 Crore IPO Opens Tomorrow; Price Band Set at ₹105–₹111

Mumbai, 02 December 2025: Meesho Ltd.’s much anticipated public offer will open for subscription tomorrow, marking one of the largest consumer-internet IPOs of the year. The company has launched a ₹5,421.20 crore book-build issue, combining a ₹4,250 crore fresh issue and a ₹1,171.20 crore offer for sale (OFS). The subscription window will run from 3–5 December 2025, with the tentative listing scheduled for 10 December 2025 on the BSE and NSE.

Founded in 2015, Meesho Limited operates a multi-sided technology platform linking consumers, sellers, logistics partners and content creators. Its primary business segment, the Marketplace, generates income through services such as order fulfilment, seller insights and advertising solutions. Newer initiatives span a low-cost local logistics network for daily essentials and a digital financial services platform, underscoring the company’s efforts to broaden its digital ecosystem.

Price Band Set At ₹105 – ₹111 Per Share with Lot Size of 135 Shares

Investor attention has intensified following the announcement of a ₹105-₹111 price band and a lot size of 135 shares, requiring a minimum retail outlay of ₹14,985 at the upper band. High-net-worth applicants in the sNII category will need at least 1,890 shares (₹2,09,790), while bNII bidders will begin at 9,045 shares (₹10,03,995).

The offering includes not less than 75% allocation to Qualified Institutional Buyers, not more than 10% for retail investors, and up to 15% for NIIs. The issue is managed by Kotak Mahindra Capital Co. Ltd., with Kfin Technologies Ltd. serving as registrar.

The filing indicates that the equity base will expand from 4,13,02,48,118 shares pre-issue to 4,51,31,31,000 shares post-issue, marking a substantial dilution.

Key IPO Timelines Investors Need to Know

Meesho IPO schedule sets allotment on 8 December, refunds and demat credits on 9 December, and listing on 10 December 2025. The trigger for the high market interest lies in Meesho’s rapid operational expansion. For the twelve months ending 30 September 2025, the platform recorded 706,471 annual transacting sellers and 234.20 million annual transacting users, reflecting the company’s increasing relevance in India’s e-commerce ecosystem.

Financial Performance Shows Rising Revenue but Profitability Pressure Persists

Meesho’s restated consolidated financials highlight a complex picture. Revenue for FY25 rose 26% to ₹9,900.90 crore from ₹7,859.24 crore in FY24, driven by a surge in order volumes and increased service-based income from sellers. However, the company’s profit after tax (PAT) fell sharply to ₹3,941.71 crore in FY25 from ₹327.64 crore in FY24, reflecting a 1,103% decline as the firm accelerated investments in technology development, logistics capacity and market expansion.

For the six months ending 30 September 2025, revenue stood at ₹5,857.69 crore, while PAT remained negative at ₹700.72 crore. EBITDA also registered negative values at ₹551.87 crore, though this was narrower than FY25’s ₹219.59 crore and FY24’s ₹230.15 crore, indicating ongoing operational recalibration.

Asset growth continued, rising to ₹6,640.39 crore as of September 2025 from ₹4,160.99 crore in FY24, supported by platform upgrades. Net worth decreased to ₹968.87 crore in September 2025 from ₹2,301.64 crore in FY24 due to accumulated losses. The company reported zero debt, maintaining a no-borrowing position.

Key Metrics Reflect High Growth Investment Cycle and Elevated Valuation

Meesho’s key performance indicators suggest an ongoing scale-building phase. The firm reported a Return on Net Worth (RoNW) of 252.37% and a Price-to-Book Value of 30.16. The company’s market capitalisation, based on the upper price band, stands at ₹50,095.75 crore.

Earnings per share (EPS) metrics reflect the dilution effect of the fresh issue. Pre-issue EPS is ₹9.54, while post-issue EPS is ₹3.11, based on annualised earnings and the expanded equity base.

Fresh Issue Proceeds Target Cloud Infrastructure, Technology and Marketing Expansion

According to the RHP, the company plans to allocate ₹1,390 crore towards cloud infrastructure via subsidiary MTPL, ₹480 crore towards salaries for technology and AI teams, and ₹1,020 crore for marketing and brand initiatives. The remainder will support inorganic growth and general corporate purposes.

The Meesho IPO opens against the backdrop of rising platform scale, higher operational investments, and expanding logistics capabilities. Stakeholders may follow the offer timeline, price disclosures, utilisation plans for fresh proceeds and the company’s financial performance trends as the listing approaches, without drawing conclusions about future price behaviour or considering any form of investment view.

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