Meesho Shines with Blockbuster Stock Market Debut

E-commerce firm Meesho made a striking entry on the stock market, listing at a 53.56% premium over its issue price of Rs 111. This impressive stock market debut increased the company's market valuation to nearly Rs 77,000 crore. Despite weak broader market sentiment, Meesho's IPO achieved 79.02 times subscription.

Meesho, the burgeoning e-commerce platform, made waves on its stock market debut with shares trading over a 53% premium on Wednesday. Starting at an issue price of Rs 111, the stock opened at Rs 162.50 on the NSE and surged to Rs 177.49 during the trading session, closing the day at Rs 170.45.

On the BSE, Meesho's shares began at Rs 161.20, marking a 45.22% jump, and experienced a day-high of Rs 177.55 before wrapping up at Rs 170.20. The firm's market valuation soared to Rs 76,926.32 crore on the NSE, despite weaker trends in the broader market, where Sensex fell by 0.32% and Nifty dropped by the same margin.

The IPO received overwhelming support, subscribed 79.02 times over by investors, capturing attention with a price band of Rs 105-111. The Rs 5,421-crore offering includes a new share issuance worth Rs 4,250 crore alongside an Offer For Sale component valued at Rs 1,171 crore. Proceeds from the IPO are set to bolster cloud infrastructure, marketing, acquisitions, and general corporate ventures.

(With inputs from agencies.)