Meesho's Rs 5,421 cr IPO subscribed 2.35 times on Day 1

The initial public offer of SoftBank-backed e-commerce firm Meesho Ltd received 2.35 times subscription on the first day of share sale on Wednesday, helped by across the board investors' participation.

The three-day IPO got bids for 65,40,18,165 shares against 27,79,38,446 shares on offer, as per NSE data.

Retail Individual Investors (RIIs) category received 3.85 times subscription while the portion meant for Qualified Institutional Buyers (QIBs) got subscribed 2.12 times. The quota for non-institutional investors fetched 1.80 times subscription.

Meesho on Tuesday said it has garnered a little over Rs 2,439 crore from anchor investors.

The e-commerce firm's Rs 5,421 crore IPO concludes on December 5.

The company has fixed a price band of Rs 105-111 per share, valuing Meesho at Rs 50,096 crore (USD 5.6 billion) at the upper end.

The company's IPO has a 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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)