Meesho IPO Opens For Bidding: Check Day 1 Subscription, GMP And More
The Meesho IPO includes a mix of fresh issues of shares worth Rs 4,250 crore and an offer for sale of 10 crore shares by existing shareholders.
Meesho Ltd.'s initial public offering has opened for its first day of subscription on Wednesday. The Meesho IPO includes a mix of fresh issues of shares worth Rs 4,250 crore and an offer for sale of 10 crore shares by existing shareholders. The price band for the issue is set at Rs 105 to Rs 111 per share.
Vidit Aatry and Sanjeev Kumar are the promoter selling shareholders offloading stakes in the OFS segment.
Kotak Mahindra Capital Company Ltd., JPMorgan India Pvt., Morgan Stanley India Co., Axis Capital Ltd. and Citigroup Global Markets India Pvt. are the book-running lead managers for the issue and KFin Technologies Ltd. will be the registrar of the issue.
The allotment of shares to IPO investors will be done tentatively on Dec. 8, and it will be credited to the demat account will be done on Dec. 9. Sudeep Pharma will list on the BSE and NSE on Dec. 10.
About Meesho And Use Of 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 form payment of salaries of existing and replacement hires for the Machine Learning and AI and technology teams. The company will also use Rs 1,020 crore for expenditure towards marketing and brand initiatives in its subsidiary Meesho Technologies.
Meesho IPO Subscription Status
The Meesho IPO was subscribed 0.11 times or 11% as of 10:20 a.m. on Wednesday.
Qualified institutional buyers (QIB): nil
Non-Institutional investors (NII): 0.15 times
Retail investors: 0.39 times
Meesho GMP
According to InvestorGain, the GMP of Meesho stood at Rs 49 as of 10:00 a.m. It indicates a listing price of Rs 160 apiece at a premium of 44.14% on the upper limit of the price band.
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 red herring prospectus thoroughly before placing bids.
