Meesho’s ₹5,400-Cr IPO Goes Live December 3; Check GMP, Price Band & Other Details Here

Ecommerce platform Meesho is all set to launch its much-awaited IPO (initial public offering) on December 3. The Softbank-backed ecommerce firm is aiming to raised ₹5,421 crore through its stock market debut. The issue will open for subscription on December 3, and lose on December 5.

In a public announcement, anchor investors will receive their allocations on December 2. The company has fixed a price band of ₹105 to ₹111 per share, which values Meesho at ₹50,096 crore at the upper end.

The IPO will comprise a fresh issue of shares worth ₹4,250 crore, along with an offer for sale (OFS) of 10.55 crore shares valued at ₹1,171 crore at the upper band, taking the total size to ₹5,421 crore.

The offer for sale includes sale of equity shares by some of Meesho's early investors, including Elevation, Peak XV, Venture Highway and Y Combinator, among others.

Meesho plans to utilise proceeds for investment in cloud infrastructure; marketing and brand initiatives as well funding inorganic growth through acquisitions and other strategic initiatives and general corporate purposes. The company will make its debut on stock market on December 12.

Overall, 75% of the issue size has been reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% for retail investors.

Meesho GMP & Financials

As Meesho gears up for its public market debut, investor attention has shifted to the grey market, where early sentiment is signalling robust interest. The latest pricing chatter offers a glimpse into how the stock could perform on listing day.

Market tracker Investorgain pegged Meesho’s grey market premium at ₹35.5 as of 10 am on November 28. Based on the upper end of the ₹111 price band, this puts the estimated listing price around ₹146.5, translating into a potential upside of nearly 32% if current trends hold.

In FY24, Meesho reported revenue of ₹7,615 crore, up from ₹5,735 crore in FY23 and ₹3,240 crore in FY22, demonstrating steady growth. However, its losses widened to ₹3,941 crore in FY25, largely due to costs linked to shifting its headquarters from Delaware to India. The company also posted a net loss of ₹289 crore in Q1 FY26.

Meesho Orders & Unit Economics

Meesho’s regulatory filings show roughly 198–199 million annual transacting users and about 1.8 billion placed orders in Fiscal 2025. Those volumes have helped lower average fulfilment cost per shipped order to about ₹43.08 in FY25 (from higher levels in prior years), while average order value (AOV) has declined as the platform leans into low-price volume.

The combination of rising order frequency and lower per-order cost is central to Meesho’s value-commerce thesis.

Meesho’s updated draft prospectus and related filings show a material swing in free cash flow: the company reports last-twelve-months free cash flow moved from a negative roughly ₹2,336 crore to a positive ₹1,032 crore (including interest income) in FY25, a key data point investors will use to judge sustainability as Meesho approaches the market.

A core part of Meesho’s playbook is keeping logistics and fulfillment costs down. The company’s in-house logistics initiative and technology platform (referred to as Valmo in disclosures and industry reporting) plus aggressive bargaining with third-party logistics partners have helped compress per-order fulfilment costs and ad-spend per delivered order, sharpening margins and supporting the cash-flow improvement.