India’s primary market continues to see strong activity from technology and digital-first companies tapping public capital. Against this backdrop, Meesho Ltd, a prominent e-commerce platform, is set to launch its IPO on December 3, 2025. The issue combines a sizeable fresh equity raise with an offer for sale from existing shareholders.
Here is a detailed look at Meesho, its IPO structure, financials, and key considerations for investors.
About Meesho Ltd.
Incorporated in 2015, Meesho Limited operates a multi-sided technology platform that drives e-commerce in India by connecting four key stakeholder groups:
- Consumers
- Sellers
- Logistics partners
- Content creators
The company operates its marketplace under the brand “Meesho”, focusing on:
- Marketplace segment
- Tech-led platform that enables transactions between consumers and sellers.
- Revenue streams include order fulfilment services, advertising, and seller insights.
- New initiatives
- A low-cost local logistics network for daily essentials.
- A digital financial services platform.
Meesho has seen rapid scale-up in both user and seller bases. For the twelve months ended September 30, 2025, it reported:
- 706,471 annual transacting sellers
- 234.20 million annual transacting users
Its logistics backbone is supported by Valmo, which integrates multiple third-party logistics providers, first and last mile partners, sorting centres, and truck operators to enable deliveries across India.
As of September 30, 2025, Meesho employed 2,082 full-time employees.
The company emphasises cost efficiency, technology-driven operations, and new business verticals to strengthen its digital ecosystem, although it remains loss-making at the net level.
Meesho IPO Details
Meesho IPO is a book-built issue aggregating up to ₹5,421.20 crore. It comprises:
- Fresh issue of 38.29 crore shares aggregating to ₹4,250.00 crore
- Offer for Sale (OFS) of 10.55 crore shares aggregating to ₹1,171.20 crore
IPO Date and Timeline
| Event | Date (Tentative) |
| IPO Open Date | December 3, 2025 (Wed) |
| IPO Close Date | December 5, 2025 (Fri) |
| Basis of Allotment | December 8, 2025 (Mon) |
| Initiation of Refunds | December 9, 2025 (Tue) |
| Credit of Shares to Demat | December 9, 2025 (Tue) |
| Listing Date (Tentative) | December 10, 2025 (Wed) |
| Cut-off time for UPI mandate confirmation | 5 PM on December 5, 2025 |
Key IPO Terms
| Parameter | Details |
| Face Value | ₹1 per share |
| Price Band | ₹105 to ₹111 per share |
| Lot Size | 135 shares |
| Total Issue Size | 48,83,96,721 shares (₹5,421.20 Cr) |
| Fresh Issue | 38,28,82,882 shares (₹4,250.00 Cr) |
| Offer for Sale | 10,55,13,839 shares of ₹1 (₹1,171.20 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing | BSE, NSE |
| Shareholding Pre-Issue | 4,13,02,48,118 shares |
| Shareholding Post-Issue | 4,51,31,31,000 shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Book Running Lead Manager | Kotak Mahindra Capital Ltd. |
| Registrar | Kfin Technologies |
IPO Reservation
| Investor Category | Shares Offered |
| QIB | Not less than 75% of the Offer |
| NII | Not more than 15% of the Offer |
| Retail | Not more than 10% of the Offer |
Promoters:
- Vidit Aatrey
- Sanjeev Kumar
Promoter holding:
- Pre-Issue: 18.51%
- Post-Issue: NA
Lot Size of Meesho IPO
Investors can bid for a minimum of 135 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 135 | ₹14,985 |
| Retail (Max) | 13 | 1,755 | ₹1,94,805 |
| S-HNI (Min) | 14 | 1,890 | ₹2,09,790 |
| S-HNI (Max) | 66 | 8,910 | ₹9,89,010 |
| B-HNI (Min) | 67 | 9,045 | ₹10,03,995 |
Meesho Ltd. Financials
Meesho Ltd. Financial Information (Restated Consolidated, ₹ crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 6,640.39 | 7,226.09 | 4,160.99 | 3,853.35 |
| Total Income | 5,857.69 | 9,900.90 | 7,859.24 | 5,897.69 |
| Profit After Tax | -700.72 | -3,941.71 | -327.64 | -1,671.90 |
| EBITDA | -551.87 | -219.59 | -230.15 | -1,693.73 |
| Net Worth | 968.87 | 1,561.88 | 2,301.64 | 2,548.31 |
| Total Borrowing | 0.00 | 0.00 | 0.00 | 0.00 |
Key Performance Indicators (as of March 31, 2025)
| KPI | Value |
| RoNW | -252.37% |
| Price to Book Value | 30.16 |
| Market Capitalisation | ₹50,095.75 Cr |
Earnings and Valuation
| Metric | Pre IPO | Post IPO |
| EPS (₹) | -9.54 | -3.11 |
| P/E (x) | -11.63 | -35.75 |
Objects of the Meesho IPO
The company proposes to utilise the net proceeds from the fresh issue towards the following:
| S. No. | Object of the Issue | Amount (₹ in crore) |
| 1 | Investment in cloud infrastructure in MTPL, a subsidiary | 1,390.00 |
| 2 | Payment of salaries for existing and replacement hires in Machine Learning, AI, and technology teams for development work at MTPL | 480.00 |
| 3 | Investment in MTPL for marketing and brand initiatives | 1,020.00 |
| 4 | Funding inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes | Balance |
Meesho: Industry Outlook
- E-commerce penetration in India continues to rise, driven by increasing internet access, digital payments, and adoption across Tier 2 and Tier 3 cities.
- Platforms like Meesho benefit from a value-focused, low-cost model that appeals to price-sensitive consumers and small sellers.
- Meesho’s focus on social commerce elements, creator-led discovery, and low entry barriers for sellers may help it retain and grow its user base.
- At the same time, the company faces intense competition from large horizontal platforms and quick commerce players, along with regulatory, execution, and profitability risks.
Meesho IPO: Peer Comparison
Meesho IPO can be compared with peers like Nykaa (FSN E-Commerce Ventures Ltd), Zomato Ltd, Paytm (One 97 Communications Ltd), Delhivery Ltd, and Mamaearth (Honasa Consumer Ltd). Exploring these companies helps investors understand Meesho’s position within India’s fast-growing digital commerce ecosystem and make more informed investment decisions.
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Conclusion
Meesho IPO offers investors exposure to one of India’s prominent e-commerce platforms at scale, with:
- A large, growing base of transacting users and sellers
- Asset-light model with no financial borrowings
- Strong focus on technology, AI, and logistics integration
However, there are important risks and considerations:
- The company remains loss-making, with deep negative RoNW and negative EPS.
- The IPO is aggressively priced at a negative P/E, indicating that investors are paying for future growth potential rather than current profitability.
- Sustained competition, execution risks in new initiatives, and the need for ongoing investment in technology and marketing add to the risk profile.
This IPO may be more suitable for well-informed, risk-seeking investors with surplus capital and a long-term horizon, while conservative investors may prefer to watch how the business performs post listing before taking exposure.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
