Fidelity International's Strategic Move: A Stake in Meesho

Fidelity International has acquired a 6.3% stake in the e-commerce firm Meesho through an IPO. The stakes were valued at approximately Rs 3,155 crore based on the issue price. Meesho's market valuation soared to Rs 77,000 crore, with shares significantly outperforming expectations at the BSE.

Investment management titan, Fidelity International, has strategically acquired a 6.3 per cent stake in e-commerce innovator Meesho, as revealed by a recent regulatory filing.

The acquisition unfolded as Fidelity received Meesho shares during the company's Initial Public Offering (IPO), with a total of 284,310,115 shares now part of Fidelity's portfolio.

Notably, the stake acquisition, valued at approximately Rs 3,155 crore, is based on an issue price of Rs 111 per share, while Meesho's shares debuted at a striking 53 per cent premium on the market, pushing the firm's valuation to an impressive Rs 77,000 crore.

(With inputs from agencies.)