Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>Meesho IPO will comprise a fresh issue of INR42.5B, and an OFS of 105.5M shares. The price band of the IPO has been fixed between INR105 and INR111 per share.</li>
<li>Meesho’s IPO will open for subscription on Wednesday, December 3 and close on Friday, December 5. The IPO is scheduled to list on the stock exchanges on Wednesday, December 10.</li>
<li>Meesho intends to utilize IPO proceeds for investment for cloud infrastructure, paying salaries of technology team, marketing and brand building initiative, and acquisition. The IPO is suitable for risk-seeking investors.</li>
</ul>


Meesho IPO will comprise a fresh issue of INR42.5B, and an OFS of 105.5M shares. The price band of the IPO has been fixed between INR105 and INR111 per share.
Meesho’s IPO will open for subscription on Wednesday, December 3 and close on Friday, December 5. The IPO is scheduled to list on the stock exchanges on Wednesday, December 10.
Meesho intends to utilize IPO proceeds for investment for cloud infrastructure, paying salaries of technology team, marketing and brand building initiative, and acquisition. The IPO is suitable for risk-seeking investors.


Meesho IPO: Garmenting a Mass Market Play for Long-Term Growth

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho Ltd (1546271D IN)</a> is looking to raise around US$607m in its upcoming India IPO. </li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Meesho Ltd (1546271D IN) is looking to raise around US$607m in its upcoming India IPO. 
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In this note, we talk about the company’s historical performance.


Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>
Profitable Arbitrage: Generates positive FCF by monetizing logistics spreads (Valmo) and ad-tech, effectively acting as a profitable toll booth for unorganized retail rather than a traditional commission-based marketplace.</li>
<li>
The Moat: Monopolizes "India 2" (&lt;INR 300 AOV) via low-cost logistics infrastructure, creating a defensive barrier against Amazon and Flipkart’s higher-cost premium models.</li>
<li>
 Downside Risk: Supply-side flywheel is fragile; high return rates driving seller churn could pose significant threats to long-term sustainability.</li>
</ul>



Profitable Arbitrage: Generates positive FCF by monetizing logistics spreads (Valmo) and ad-tech, effectively acting as a profitable toll booth for unorganized retail rather than a traditional commission-based marketplace.

The Moat: Monopolizes "India 2" (&lt;INR 300 AOV) via low-cost logistics infrastructure, creating a defensive barrier against Amazon and Flipkart’s higher-cost premium models.

 Downside Risk: Supply-side flywheel is fragile; high return rates driving seller churn could pose significant threats to long-term sustainability.


Meesho IPO | Seller Operations and Nuances | India Internet Dynamics

Hong Jie Seow

Independent Insight Provider

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> is looking to raise about US$484m in its upcoming India IPO. The deal will be run by Axis, Citi, Kotak, JPM and MS.</li>
<li>ML is an e-commerce marketplace which offers a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices to consumers.</li>
<li>The platform connects four key stakeholders: consumers, sellers, logistics partners, and content creators. It monetizes its platform through services provided to sellers such as order fulfilment, advertising, and data insights.</li>
</ul>



Meesho (1546271D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by Axis, Citi, Kotak, JPM and MS.
ML is an e-commerce marketplace which offers a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices to consumers.
The platform connects four key stakeholders: consumers, sellers, logistics partners, and content creators. It monetizes its platform through services provided to sellers such as order fulfilment, advertising, and data insights.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the deal flow continues unabated, although a lot of listing in Hong Kong didn't do to well last week.</li>
<li>On the placements front, there were a number of deals, with a few right at lockup expiry.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the deal flow continues unabated, although a lot of listing in Hong Kong didn't do to well last week.
On the placements front, there were a number of deals, with a few right at lockup expiry.


ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

India

Meesho operates as a software development company. The Company provides a platform for online resellers. Meesho offers timely and secure payments, low returns, and shipping services. Meesho serves customers in India.

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Meesho (1546271D IN)

Meesho IPO: Garmenting a Mass Market Play for Long-Term Growth

Meesho IPO will comprise a fresh issue of INR42.5B, and an OFS of 105.5M shares. The price band of the IPO has been fixed at INR105–111 per share....

Tina Banerjee

Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Meesho IPO | Seller Operations and Nuances | India Internet Dynamics

Meesho is a narrative of profitable arbitrage in logistics and ad-tech, creating a moat in low-cost retail market. Primary downside risk due to...

Pranav Bhavsar

Meesho Ltd Pre-IPO Tearsheet

Meesho set to raise $484m in India IPO, connecting consumers, sellers, logistics partners, and content creators in e-commerce marketplace.

Hong Jie Seow

ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meesho IPO: Garmenting a Mass Market Play for Long-Term Growth

Meesho IPO will comprise a fresh issue of INR42.5B, and an OFS of 105.5M shares. The price band of the IPO has been fixed at INR105–111 per share....

Tina Banerjee

Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Meesho IPO | Seller Operations and Nuances | India Internet Dynamics

​Meesho is a narrative of profitable arbitrage in logistics and ad-tech, creating a moat in low-cost retail market. Primary downside risk due to...

Pranav Bhavsar

Meesho Ltd Pre-IPO Tearsheet

​Meesho set to raise $484m in India IPO, connecting consumers, sellers, logistics partners, and content creators in e-commerce marketplace.

Hong Jie Seow

ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Meesho is a narrative of profitable arbitrage in logistics and ad-tech, creating a moat in low-cost retail market. Primary downside risk due to...

Meesho set to raise $484m in India IPO, connecting consumers, sellers, logistics partners, and content creators in e-commerce marketplace.