Meesho Debuts At 46% Premium Over IPO Price On Dalal Street
Meesho shares listed at Rs 162.50 apiece on the NSE, and Rs 161.20 apiece on BSE.
Shares of online marketplace Meesho Ltd. listed on the National Stock Exchange at Rs 162.50 per share, marking a premium of 46.40% over their IPO price.
The company's stock listed at Rs 161.20 on the BSE, debuting at a 45.23% premium.
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 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.
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.
The company will use Rs 1,390 crore from the proceeds to invest in cloud infrastructure in Meesho Technologies Pvt. Ltd, its subsidiary, while Rs 480 crore will be used to pay the salaries of existing and replacement hires for the Machine Learning, AI and technology teams.
The company will also allocate Rs 1,020 crore to marketing and brand initiatives in its subsidiary Meesho Technologies.
