Meesho Shares Pare Opening Gains Post Stellar Debut — Check The Latest Price
The company has already received its first recommendation by a brokerage.
Shares of Meesho Ltd. seem to have lost their sheen on Thursday, paring opening gains to fall into the red within an hour of trade.
The online marketplace, which had listed at a 46% premium on the bourses on Wednesday, rose in early trade on Thursday, only to slip nearly 3% to Rs 165.05 apiece.
Meesho had further informed the stock exchanges on Thursday that it plans to invest Rs 2,890 crore in its subsidiary Meesho Technologies through a rights issue to strengthen operations and fuel growth.
The company said that this investment is a part of the utilisation of the proceeds as specified in the IPO prospectus, and that there will be no change in the percentage of shareholding of the company in MTPL.
About The Business
Meesho, an online marketplace that is popular in smaller Indian cities, joins a growing list of companies tapping into India’s booming IPO market.
The company’s platform is designed to serve all consumer segments across India by making e-commerce affordable, accessible, and engaging, as per their RHP. Meesho emphasises providing “Everyday Low Prices” to consumers. Combined with a zero-commission model, this approach reduces the average cost charged to sellers and allows Meesho to offer a wide assortment of products, including low-cost unbranded items, regional brands, and national brands.
Meesho Share Price Today
The scrip rose as much as 3.9% to Rs 176.75 apiece, and also saw an intraday fall of nearly 3%. It pared gains to trade 0.15% higher at Rs 170.35 apiece, as of 10:45 a.m. This compares to a 0.28% advance in the NSE Nifty 50 Index.
The company has already received its first recommendation by a brokerage, with Choice Equity Broking slapping a 'buy' call on the counter, with a target price of Rs 200 and an upside potential of 17.6%.
