Meesho Ltd - Company Background

Meesho Ltd is one of the fastest growing ecommerce marketplaces in India today. The platform looks to bring consumers, sellers, logistics providers, and content creators under a single platform. While sellers get a low-cost platform, consumers get access to affordable products and bargain prices. While the predominant business of Meesho Ltd is offering an agnostic ecommerce marketplace, it also offers low-cost last-mile logistics services. The company currently has over 7.06 lakh sellers and 23.42 crore transacting users.

The IPO will be a combination of a fresh issue and an offer for sale by the early investors. The fresh issue funds will be used to fund investments in cloud infrastructure, meeting costs of the AI and ML business, investment in its subsidiary (MTPL), and funding inorganic growth. The OFS offering is by the early investors and the promoter shareholders of the company. The promoters of the company are Vidit Aatrey and Sanjeev Kumar. The issue is being lead-managed by Kotak Mahindra Capital, JP Morgan, Morgan Stanley, Axis Capital, and Citigroup; while KFINTECH (KFIN Technologies Ltd) will be the registrars to the IPO.

Highlights of the IPO Issue

Here are the key highlights of the public issue of Meesho Ltd.

• The IPO of will be open from December 03rd, 2025 to December 05th, 2025. It has a face value of ₹1 per share and IPO price band is set in range of ₹105 to ₹111 per share.

• The IPO of Meesho Ltd will be a combination of a fresh issue of shares and an offer for sale by the promoters.

• The fresh IPO portion comprises the issue of 38,28,82,882 shares (3,828.83 lakh shares), which at the upper price band of ₹111 per share translates into ₹4,250.00 crore.

• The OFS of the IPO comprises the sale of 10,55,13,839 shares (1,055.14 lakh shares), which at the upper price band of ₹111 per share translates into ₹1,171.20 crore.

• The overall IPO will comprise of the issue and sale of 48,83,96,721 shares (4,883.97 lakh shares), which at the upper price band of ₹111 per share translates into ₹5,421.20 crore.

The IPO of Meesho Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation will happen a day ahead of IPO opening.

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Meesho Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Meesho Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 135 shares)

Financial Highlights

The table captures the key financials of Meesho Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

The company, Meesho Ltd, has been consistently making losses, with the losses having widened in FY25 on account of exceptional items in the latest year as well as higher taxes on account of the business combination. Due to the steep losses, most of the profitability ratios do not have much meaning. However, the topline sales have grown at a steady pace in last 2 years, and is up nearly 60% in this period.

Valuation Metrics

At the IPO price of ₹111, the latest EPS of ₹-9.98 shows a P/E discounting that is negative and hence not too relevant. However, that is the nature of the ecommerce business as it requires deep investments in the early stages and a long period to recover. We turn our focus to the intangible and tangible benefits to the business model. For instance, being a 4-side ecommerce platform, it has aspects of B2B and B2C in its model.

Most of its growth has been technology driven and solutions are AI-based, making it more efficient in the process. The company focuses on affordable products and low prices, which assures them of a huge market that is beyond the key metros. To widen its appeal, Meesho Ltd is focused on regional brands and even unbranded products to offer quality at a very good price point. Above all, its model is scalable in a big way, which will keep costs under control. Investors can look at the IPO, purely for its unique business model positioning.

A Brief on the Anchor Allocation

The anchor issue of Meesho Ltd saw a strong response on 02nd December 2025 with 44.16% of the IPO size absorbed by anchors. Out of 49,77,16,971 shares (4,977.17 lakh shares) on offer in the IPO, anchors picked up 21,97,78,524 shares (2,197.79 lakh shares) accounting for 44.16% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹111 per share. This includes the face value of ₹1 per share plus a share premium of ₹110 per share. The anchor bidding process opened and closed on 02nd December 2025.

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Meesho Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

Anchor Allocation Investors

On 02nd December 2025, Meesho Ltd allotted 21,97,78,524 shares to 125 anchor investors. The allocation was done at the upper IPO price band of ₹111 per share which resulted in overall anchor allocation of ₹2,439.54 crore. The anchors have already absorbed 44.16% of the total issue size of ₹5,524.66 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹1,019.43 crores, or, 41.79% of the overall anchor allocation of shares, one day ahead of the IPO of Meesho Ltd. The anchor bidding opened and closed on December 02nd, 2025.

Data Source: BSE Filings (Value Allocated in ₹ in Crore)

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251202-60&attachedId=f04cd4c0-bbf7-4d82-9a4c-34ab5732fef9

Out of the 21,97,78,524 shares allocated to the anchors in the IPO, there were a total of 9,36,92,295 shares allocated to mutual funds registered with SEBI. The allocation was made to 52 mutual fund schemes across 14 AMCs. Mutual funds accounted for 42.63% of the total anchor allocation of the IPO. FPIs, AIFs, Insurance Companies and P-Notes were the most active in participating in the anchor allocation of Meesho Ltd.

Next Step in the IPO

Post the closure of the IPO subscription on 05th December 2025, the basis of allotment will be finalized on 08th December 2025 and the refunds will be initiated on 09th December 2025. In addition, the demat credits are expected to also happen on 09th December 2025 and the stock will list on 10th December 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 09th December 2025 under ISIN (INE0VDM01015).

Day-1 Subscription at 2.35 times

As of 5.30 pm on 03rd December 2025, out of the 2,779.38 lakh shares on offer in the IPO (excluding anchor portion), Meesho Ltd saw bids for 6,541.97 lakh shares. This implies an overall subscription of 2.35X at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of Meesho Ltd was as under:

The subscriptions were led by the Retail Investors followed by the QIB investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-1 of the IPO)

The IPO is open up to December 05, 2025, at which point we will know the final subscription status of the IPO.

IPO Subscription Status On Day-2

As of 5.15 pm on 04th December 2025, out of the 2,779.38 lakh shares on offer in the IPO (excluding anchor portion), Meesho Ltd saw bids for 22,160.52 lakh shares. This implies an overall subscription of 7.97X at a macro level. The granular break-up of subscriptions at close of Day-2 of the IPO of Meesho Ltd was as under:

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-2 of the IPO)

The IPO is open up to December 05, 2025, at which point we will know the final subscription status of the IPO.

IPO Subscription Status On Day-3

As of 7.15 pm on 05th December 2025, out of the 2,779.38 lakh shares on offer in the IPO (excluding anchor portion), Meesho Ltd saw bids for 2,19,667.01 lakh shares. This implies an overall subscription of 79.03X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Meesho Ltd was as under:

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of Meesho Ltd was open up to December 05, 2025, and has closed for subscription as of the close of trading hours on December 05, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. Subscription ratio calculation excludes the anchor portion. As of close, the IPO had received total bids worth ₹2.44 trillion.

About Meesho Ltd.

The IPO of Meesho Ltd opened on December 03rd, 2025 and closed on December 05th, 2025. The IPO comprised of a fresh issue and an offer for sale (OFS) of 49,77,16,970 shares (4,977.17 lakh shares) worth ₹5,524.66 crore at the upper band price of ₹111 per share. The allotment status will be finalized by EOD of December 08, 2025. Here is how to check allotment status for the IPO of Meesho Ltd. You can check IPO status on BSE or NSE or IPO Registrar website (KFIN Technologies).

Checking The Allotment Status of IPO on BSE Website

This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

• Under Issue Type – Select Equity Option

• Under Issue Name – Select Meesho Ltd from the drop-down box

• Enter the Application Number / CAF exactly as in the acknowledgement slip

• Alternatively, Enter your PAN (10-digit alphanumeric) number

• Once this is done, you need to click on the Captcha to verify you are not a robot

• Finally click on the Search Button

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Meesho Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

• Under Issue Type – Select Equity & SME IPO Details Option

• Under SELECT SYMBOL – Select MEESHO from the drop-down box

• Enter the Application Number / CAF exactly as in the acknowledgement slip

• Enter your PAN (10-digit alphanumeric) number

• Once both are entered, click on the Submit Button

You must input the Application / CAF number and the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Meesho Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

Checking Allotment Status of IPO on KFIN Technologies Ltd

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

https://kosmic.kfintech.com/ipostatus/

KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Meesho Ltd.

THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD

To Query by Application Number, check the appropriate box and follow these steps.

• Enter the Application Number as it is

• Enter the 6-digit Captcha Code

• Click on Submit button

• Allotment Status gets displayed on screen

Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.

To Query by Demat Account, check the appropriate box and follow these steps.

• First select the depository (NSDL / CDSL)

• Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)

• Enter the Client-ID in the second box

• For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string

• Enter the 6-digit Captcha Code

• Click on Submit button

• Allotment Status gets displayed on screen

To Query by PAN, check the appropriate box and follow these steps.

• Enter the 10-Character PAN number, available on your PAN card

• After you enter the PAN number, Enter the 6-digit numeric Captcha Code

• Click on Submit button

• Allotment status gets displayed on screen

If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.