The IPO of Meesho Ltd., which concluded its subscription last week, will debut on the stock market in the coming days. The share allotment status for the Meesho IPO was finalised on Monday. Successful bidders will be allotted the shares on Tuesday, and Meesho Ltd. shares will list on the BSE and NSE on Wednesday, December 10.
Ahead of its listing, the expected share price for the Meesho IPO has started to top the 'Business and Market' trending charts. The grey market premium, an unofficial barometer of the expected share price, has shown a marginal drop over the last few days but continues to suggest a 25%+ listing pop for investors.
The Bengaluru-based online marketplace, which competes with companies like Amazon and Flipkart to sell a range of products, was booked 79.03 times on the final day of subscription.
According to BSE, investors bid for 21,96,67,00,770 shares against the 27,79,38,446 on offer.
Here's the latest market trends for the Meesho IPO.
Meesho IPO GMP Today
The latest grey market premium (GMP) for the Meesho IPO stood was Rs 31.5 on December 9. This means that the unlisted shares of Meesho Ltd. were trading at Rs 142.5 in the private market, indicating a listing gain of 28.38% for the e-commerce platform.
GMP Disclaimer: The final listing price is determined by the official price discovery mechanism on the stock exchange on listing day, which is influenced by official subscription data, anchor investor interest, and overall market conditions, not just the GMP.
About Meesho IPO
Meesho's IPO comprises a fresh issue of shares worth Rs 4,250 crore and an offer for sale of 175.7 million shares by existing investors.
The price band for the IPO was set at Rs 105 to Rs 111 per share. The Meesho IPO lot size was 135 equity shares, with multiples of 135 equity shares thereafter. The minimum amount of investment required by a retail investor was Rs 14,985.
Kotak Mahindra Capital Company Ltd. is acting as the book-running lead manager, while Kfin Technologies Ltd. will serve as the registrar of the issue.
Use of IPO Proceeds
The company will use Rs 1,390 crore from the proceeds to invest for cloud infrastructure, in Meesho Technologies Pvt. Ltd, its subsidiary, while Rs 480 crore will be used for payment of salaries of existing and replacement hires for the Machine Learning and AI and technology teams. The company will also allocate Rs 1,020 crore to marketing and brand initiatives in its subsidiary Meesho Technologies.
Note: GMP does not represent official data and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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