Meesho's IPO Skyrockets: 79.02 Times Oversubscribed on Final Day

Meesho, an e-commerce firm backed by SoftBank, witnessed its IPO being oversubscribed by 79.02 times on the final day of bidding. The offering attracted strong interest from institutional and retail investors, raising Rs 5,421 crore to support cloud investments, marketing, and strategic acquisitions.

In a remarkable show of market confidence, Meesho's initial public offering (IPO) was oversubscribed by an impressive 79.02 times, concluding the final day of bidding with fervor. The SoftBank-backed e-commerce firm has successfully captivated the interest of investors across various categories.

The initial share sale, valued at Rs 5,421 crore, saw bids flooding in for over 21 billion shares against an offer of nearly 28 million shares. According to the National Stock Exchange (NSE), Qualified Institutional Buyers (QIBs) led the charge, subscribing 120.18 times, followed by non-institutional investors at 38.15 times, and retail investors at 19.04 times.

Meesho plans to channel the raised funds towards enhancing its cloud infrastructure, promoting marketing and brand activities, and facilitating inorganic growth through acquisitions and strategic initiatives. The IPO is set within a price band of Rs 105-111 per share, pushing Meesho's valuation to Rs 50,096 crore at the upper band.

(With inputs from agencies.)