Reflecting strong investor sentiments, Shares of e-commerce company Meesho made a remarkable stock market debut by listing with a premium of more than 46 per cent against the issue price of Rs 111.
Shares of Meesho started trading at Rs 162.5, giving a 46.4 per cent premium above its issue price of Rs 111 on the National Stock Exchange (NSE). The stock is currently trading at Rs 170.12. On the BSE, the stock made its market debut at Rs 161.20, registering a jump of 45.22 per cent.
As per information available on the official website of the NSE, Meesho IPO received a total of 79.03 times subscription, of which Qualified Institutional Buyers subscribed 120.18 times, Non Institutional Investors subscribed 38.16 times and Retail Individual Investors subscribed 19.08 times.
The company's market valuation stood at Rs 77,355.07 and Rs 77,273.83 crore on the BSE and NSE, respectively.
IPO details:
Investors could apply for a minimum of 1 lot with 135 shares at a rate of Rs 14,175 per lot. With an issue size of Rs 5,421.20 crore, the price range per share was fixed at Rs 105-111.
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The IPO is a mix of 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.
According to the firm, the proceeds from the IPO will be used 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.