Meesho IPO: Day 1 to Day 3

The Meesho IPO has been one of the most closely tracked public issues of December 2025. With strong investor participation, rising grey market activity and clear interest from retail as well as institutional categories, the IPO displayed significant momentum across all three subscription days.

3 December 2025: Day 1

The Meesho IPO opened for subscription on 3 December. The company fixed a price band of 105 to 111 rupees per share and offered a total issue size of 5421.20 crore rupees. This included a fresh issue of 4250 crore rupees and an Offer for Sale of 1171.20 crore rupees. A single lot consisted of 135 shares, which meant a minimum investment of 14985 rupees for retail buyers at the upper price band.

Before the bidding began, the grey market premium had already increased. The GMP moved from 42 rupees on the previous day to 47 rupees on the morning of the IPO opening. This indicated an expected listing price near 158 rupees per share, which meant around 40 percent estimated listing gains based on early unofficial market trends.

On the same day, details about the issue structure gained attention. Five major investment banks were appointed as lead managers. These were Kotak Mahindra Capital, Axis Capital, JP Morgan India, Morgan Stanley India and Citigroup Global Markets India. KFin Technologies was confirmed as the registrar. The IPO was set to list on both the BSE and the NSE on 10 December, subject to allotment and processing.

Brokerage reports released on day one focused strongly on Meesho’s financial growth. In FY25, Meesho reported revenue of 9389.9 crore rupees, which was a rise of 23.3 percent compared to the previous year. The company also worked on reducing losses and posted an adjusted EBITDA loss of 2595.3 crore rupees in FY25, lower than earlier periods. Some analysts also highlighted that Meesho had turned free cash flow positive in FY25, even though net profit was still negative.

4 December 2025: Day 2

On day two, subscription numbers began rising sharply from the first half of the day. By the end of the day, the overall subscription reached 7.97 times. Retail Individual Investors subscribed their quota 9.14 times based on 5.10 crore shares on offer. Non-institutional Investors subscribed 9.18 times on the allotted 7.65 crore shares. Qualified Institutional Buyers subscribed 6.96 times on the 15.03 crore shares reserved for them.

These numbers indicated uniform interest across all investor segments. Retail participation was particularly strong, crossing 9 times within 48 hours. Strong NII participation suggested high demand from HNI and corporate investors who generally track grey market trends and valuation metrics closely. QIB interest near 7 times indicated confidence from long term institutions despite Meesho being a loss-making business at this stage.

Market research circulating that day showed that Meesho’s platform had 15.4 crore daily active product listings in the first half of FY26. This was a major jump from the previous year and reflected the increasing depth of its seller network. Several brokerage reports pointed out that Meesho’s zero commission model helped attract lakhs of small sellers, especially from Tier 2 and Tier 3 regions. This contributed to competitive pricing and high order volume.

5 December 2025: Day 3

The final day of bidding on 5 December recorded the highest level of activity. Early in the morning at around 10.11 AM, investors had already placed bids for around 221 crore shares against the available 27.79 crore shares. This meant total subscription of nearly 8 times in the early hours alone.

By 10.30 AM, the subscription increased to 9.07 times. Retail investors subscribed 10.22 times, Non-institutional Investors subscribed 12.44 times and Qualified Institutional Buyers subscribed 6.97 times. By 11.10 AM, the subscription reached 11.73 times. In this update, NII subscription was 18.57 times, retail subscription was 11.42 times and QIB participation was 8.22 times.

The grey market premium remained firm throughout the day and stabilised around 49.5 rupees. Based on the upper price band of 111 rupees, this translated to an estimated listing price of around 160.5 rupees. This implied a premium of approximately 44.59 percent over the issue price.

On the same day, the company’s strategic plans were also widely discussed. Meesho planned to use the fresh issue proceeds for investments in cloud infrastructure, expansion of artificial intelligence and machine learning teams, marketing expenditure through its subsidiary, inorganic growth and general corporate needs. A major allocation of 1390 crore rupees was planned for cloud infrastructure, 480 crore rupees for salaries of ML and tech teams and 1020 crore rupees for marketing and brand building.

Looking Ahead: Allotment and Listing

With the subscription closing on 5 December, the next important date is the allotment, expected on 8 December. Successful bidders are likely to receive shares in their demat accounts by 9 December. The listing is expected on 10 December.

The three-day journey from 3 to 5 December shows strong nationwide interest in the Meesho IPO. With subscription crossing more than 11 times and a stable GMP above 40 percent, the listing will be closely watched by the market.