Meesho’s shares surged over 46 pc in market debut trade
Meesho shares debuted with over 46% premium on NSE and BSE after its Rs 5,421-crore IPO saw strong 79-times subscription. The company plans to use proceeds for cloud infrastructure, marketing, acquisitions and other strategic growth initiatives
New Delhi: Shares of e-commerce firm Meesho on Wednesday made a remarkable market debut by listing with a premium of more than 46 per cent against the issue price of Rs 111. The stock started trading at Rs 162.50, up 46.40 per cent from the issue price on the NSE. Later, it jumped 55.58 per cent to Rs 172.70.
On the BSE, the stock made its market debut at Rs 161.20, registering a jump of 45.22 per cent.
The company’s market valuation stood at Rs 77,355.07 and Rs 77,273.83 crore on the BSE and NSE, respectively.
The Initial Public Offer (IPO) of Meesho received 79.02 times subscription on the final day of share sale on Friday.
The Rs 5,421-crore IPO had a price band of Rs 105-111 per share.
The IPO is a mix of fresh issue of shares worth Rs 4,250 crore, along with an Offer For Sale (OFS) of 10.55 crore shares valued at Rs 1,171 crore at the upper band, taking the total issue size to Rs 5,421 crore.
Meesho plans to utilise proceeds for investment in cloud infrastructure, marketing and brand initiatives, as well as funding inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes.
