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Meesho IPO

23.33xsubscribed

Meesho IPO

23.33xsubscribed

e-Commerce

listed

₹14,175Min. investment

Meesho Limited IPO Details

Sector

e-Commerce

Issue size

₹5,421Cr

IPO type

Mainboard

Market cap

₹50,095CrHigher than sector avg

Price range

₹105 – ₹111

Listing exchange

BSE, NSE

RevenueApr 2024 - Mar 2025

₹9,389CrHigher than sector avg

Listing date

10 Dec 2025

Lot size

135 shares

Red Herring Prospectus

Read

Growth rate3Y CAGR

27.96%

Sectore-Commerce

Price range₹105 – ₹111

IPO type

Regular

Lot size135 shares

Issue size₹5,421Cr

Red Herring Prospectus

Read

Market cap

₹50,095CrHigher than sector avg

RevenueApr 2024 - Mar 2025

₹9,389CrHigher than sector avg

Growth rate3Y CAGR

27.96%

Meesho IPO Subscription Status

Date	QIB	NII	Retail	Total
03-Dec-25	1.91 times (X)	1.78 times (X)	3.89 times (X)	2.36 times (X)
04-Dec-25	4.25X	9.1X	9.17X	7.98X
05-Dec-25	17.32X	28.24X	15.1X	23.33X

As on 03-Dec-25, 5:30 PM

Meesho IPO Timeline

Pre-apply
1 Dec
Bid start
3 Dec
Bid end
5 Dec
Allotment
8 Dec
Release of funds
9 Dec
Demat transfer
9 Dec
Listing
10 Dec

Pre-apply
1 Dec 2025
Bid start
3 Dec 2025
Bid end
5 Dec 2025
Allotment
8 Dec 2025
Release of funds
9 Dec 2025
Demat transfer
9 Dec 2025
Listing
10 Dec 2025

About Meesho Limited

Meesho Limited operates a multi-sided e-commerce marketplace under the brand name Meesho that connects four key stakeholders: consumers, sellers, logistics partners and content creators, through its technology-first platform. The company’s platform has emerged as India’s largest e-commerce platform in terms of annual transacting users and number of orders placed in the twelve months ended September 30, 2025.

The platform enables consumers to access a wide range of products at low prices, while the sellers on the platform benefit from low costs. This is reflected in the average order value (AOV), which has reduced from ₹336.71 in FY23 to ₹274.27 in FY25. Meanwhile, the number of orders placed rose from 102.4 crore to 183.4 crore during the same period.

Between FY23 and FY25, the annual transacting users on the Meesho platform grew at a CAGR of 20.7% from 13.6 crore to 19.8 crore. Meesho platform has demonstrated high levels of engagement, with 13.53 billion average daily product views in FY25. Content commerce contributed ₹12.08 billion in Marketplace Net Merchandise Value (NMV) in the last twelve months ended on September 30, just 23 months after its launch.

During the six months ended September 30, 2025, Meesho had 153.72 million daily active product listings, against 109.65 million in the prior period. Additionally, 73.18% of orders as of September 2025 came from personalised feeds and recommendations driven by its discovery-led model, which encourages high engagement.

The company’s seller base has grown significantly from 513,757 annual transacting sellers in FY25 to 706,471 in the LTM that concluded on September 30, 2025. The widespread participation of small manufacturers and local traders was made possible by the company’s zero commission model, inexpensive fulfilment, and GST-optional onboarding. Consequently, the platform further enhanced the efficiency of seller activation, with a drop in the average time to first order from 32 days in FY23 to 16 days in FY25, further decreasing to 15 days in the LTM period.

The company operates one of India’s largest asset-light fulfilment networks, handling 29–31% of national e-commerce shipments (ex-hyperlocal) in FY25. From 1.83% of shipped orders in FY23 to 48.08% in FY25 and 64.52% in the six months ending September 30, 2025, its in-house logistics arm, Valmo, has experienced significant growth. Meesho supported 18,098 active logistics providers, five end-to-end partners, and 102,349 delivery agents.

In FY25 and in the last twelve-month period ended September 30, 2025, Meesho supported 18,098 active logistics providers, five end-to-end partners, and 102,349 delivery agents.

A key component of Meesho's business strategy is technology and artificial intelligence. As of September 2025, the platform processed 5.92 billion data points daily and 4.24 billion data points in FY25. It also allows search in 11 languages. Its ML engine, BharatMLStack, processed 1.91–2.85 PB of data every day, enabling up to 217.17 trillion feature retrievals and 6.40 trillion real-time inferences. The company also developed GeoIndia LLM to interpret unstructured Indian addresses, increasing delivery accuracy and fulfilment efficiency, especially in non-metropolitan areas.

The Indian E-commerce market is projected to grow at a 20–25% CAGR over the next 5 years, driven by increasing smartphone penetration, regional e-commerce adoption, and growth in small and micro-enterprises. Meesho is well-positioned to capture India’s rapidly growing social commerce opportunity, as the largest player by placed orders (~5.9x the average scaled e-commerce player) and the leading platform in Fashion (GMW market share 21-23%) and Home, Kitchen & Furnishing (GMV market share 23–25%), while ranking among the top three in Beauty & Personal Care. Additionally, the company also maintains 35–61% lower cost to enable sales compared to its peers, further boosting its reach.

The company intends to increase its customer base and transaction frequency by expanding its product listings and seller base, further investing in technology and product development and deepening its ability to make e-commerce affordable and accessible.

Now, Meesho Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹4,250 crore and an offer for sale of ₹1,171.20 crore. The total issue size of the IPO is ₹5,421.20 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for the Meesho Limited IPO?

You can pre-apply for the Meesho Limited IPO on Upstox. The pre-application for this IPO, which means pre-apply open date, usually begins a day before the IPO opens for subscription.

Follow these steps to pre-apply for the IPO:

Login to your Upstox account, using your six-digit PIN
After successfully logging in, click on ‘Discover’
On the Discover tab, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, look for the ‘Meesho Limited IPO’ tab and click on it
Now fill in all the required information, like ‘bid price’ and ‘lot size’
Confirm and click on ‘Pre-Apply’
Accept the mandate on your UPI app

##** How to apply for the Meesho Limited IPO? ** If you are interested in this investment opportunity but unsure how to apply for the Meesho Limited IPO, here we are listing out the steps for you.

Here’s a step-by-step guide on how to apply for the Meesho Limited IPO on Upstox:

Login to your Upstox account, using your six-digit PIN
After successfully logging in, click on ‘Discover’
On the Discover tab, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, look for the Meesho Limited IPO’ tab and click on it
Now fill in all the required information, like ‘bid price’ and ‘lot size’
Confirm and click on ‘Apply’
Accept the mandate on your UPI app

How to check the Meesho Limited IPO allotment status?

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally done around five to seven days after an IPO closes. This is also true in the case of the Meesho Limited IPO.

The Meesho Limited IPO’s closing date is 5 December 2025. The Meesho Limited IPO’s allotment date has been set seven days later, on 8 December 2025.

Here’s a step-by-step guide on how to check the Meesho Limited IPO allotment status:

Login to your Upstox account, using your six-digit PIN
After successfully logging in, click on ‘Discover’
On the Discover page, you will find the ‘Invest in IPO’ section
Under the Invest in IPO section, you will find the ‘View all’ option
Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
In the ‘IPO’ tab, click on ‘My applications’
In ‘My applications’, under the History section, your allotment status will be mentioned.

Meesho Limited IPO Analysis

IPO REVIEW

Meesho IPO | Analysis Video

Should you apply?

Watch our analysts break down the Meesho Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis

Revenue growth

Company valuation

Earnings expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Multi-flywheel platform driving scalable network effects

Meesho’s commerce, logistics and content flywheels reinforce each other, wherein higher order volumes attract sellers and logistics partners, reduce fulfilment costs, and enable competitively priced product assortment that further boosts demand. These self-reinforcing network effects create scale-driven barriers to entry and allow rapid rollout of new services such as Valmo, which contributed 64.52% of total shipped orders in the six months ended Sep 30, 2025.

Strong technology-first architecture

Technology powers every aspect of the company’s model with 56.77% of its workforce (1,182 out of 2,082 employees as of Sep 30, 2025) in tech roles, including 163 in AI/ML, enabling personalisation, fulfilment optimisation and fraud prevention. Its machine learning stack processed ~1.91-2.85 PB of data daily and up to 217.17 trillion feature retrievals at peak, supporting 205.39 million MAUs in the last twelve months ended Sep 30, 2025. It has increased the use of Gen AI-based consumer support solutions for efficient handling of consumer queries.

Everyday low price proposition

Zero-commission marketplace and scale-driven fulfilment efficiency enable sellers to price competitively. Meesho’s average cost charged to sellers has steadily decreased as platform scale improves logistics economics. The company’s scale lowers sellers’ average cost per order, while a large ecosystem of consumers, sellers, and logistics partners drives efficiency and low prices.

Trusted customer layer enhancing user retention

The company has built strong trust signals with 1,298.22 million ratings, 399.67 million reviews and 86.39 million consumer-generated images/videos as of Sep 30, 2025, while its 7-day return policy and fast average refund turnaround of 1 hour 14 minutes in FY25 further enhance buyer confidence. Aggressive AI-led quality and fraud controls have blocked up to 37,109 sellers and deactivated 12.56 million infringing listings in FY25, strengthening customer trust.

Asset-light business model

The company operates an asset-light business model, without manufacturing, inventory, logistics, or private label products, enabling capital-efficient growth compared to traditional retail or inventory-heavy e-commerce models. The company has improved operating efficiency alongside scale. Advertising and sales promotion expenses decreased from 4.82% to 2.15% as a percentage of NMV and from 12.26% to 6.43% as a percentage of total expenses from FY23 to FY25.

Continuous losses since inception

The company has incurred losses since its inception and has experienced periods of negative operating cash flows. Revenue growth and net merchandise value (NMV) have been driven by significant investments in marketing, technology, and manpower, which have increased overall expenses. Failure to generate sufficient revenue or manage expenses could result in continued losses and adversely affect the company’s financial condition.

High marketing spend and focus on increasing customer base

Annual Transacting Users rose to 234.2 million (LTM Sept 2025) from 175.09 million a year earlier, supported by aggressive marketing. Advertising and promotional expenses increased to ₹606.21 crore in H1FY26, forming 9.64% of total expenses, up from 7.12% in H1FY25. Any slowdown in user acquisition or reduction in engagement, due to quality issues, refunds, or competition, could materially impact GMV and revenue growth.

Dependence on sustained seller growth

Placed orders per seller dropped to 3,214.50 in September 2025 (LTM) from 3,511.83 in September 2024 due to increased onboarding of lower-assortment non-GST sellers. A material decline in seller engagement could lead to reduced product assortment, negatively impacting consumer engagement and order volumes.

Dependency on third-party logistics

The company shipped 107.72 crore orders in H1FY26, of which 64.54 crore were via Valmo and 38.24 crore through external end-to-end partners. The company lacks exclusive logistics contracts, and many agreements are short-term. Disruptions due to weather, capacity shortages, or partner-level operational issues can lead to delays and higher RTO (return-to-origin) rates, damaging user trust.

High cash on delivery orders

Despite improvements, 72% of shipped orders in H1FY26 were still CoD-based, compared to 78.51% in H1FY25. CoD success rates (75.85% in H1FY26) remain significantly lower than prepaid success rates (96.39%), increasing logistics costs and return rates. CoD also exposes Meesho to risks of cash pilferage, evidenced by the May 2024 complaint filed against 35 delivery vendors for non-remittance of collected cash.

Objectives of Meesho Limited IPO

Investment in cloud infrastructure

32.71%

The company will invest ₹1,390 crore in cloud infrastructure through its subsidiary, MTPL.

General corporate purposes

32.10%

IPO funds will support general operations and acquisitions.

Investment in MTPL

24.00%

The company will invest ₹1,020 crore in MTPL (its subsidiary) for marketing and brand initiatives.

ML & AI technology development

11.29%

₹480 crore will be used for salaries of the ML, AI, and other technology teams.

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CompanyRevenue*3Y growthPATMarket cap

This IPO₹9,389Cr27.96%-₹3,941Cr₹50,095Cr

This sector (avg.)₹2,031.01Cr---₹81.91Cr₹40,960.62Cr

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*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Meesho IPO Contact Details

Company Name	Meesho Limited

Company NameMeesho Limited

How to apply for Meesho IPO?

Step 1
Log in to your Upstox account to access IPO investments. Next, select the current IPO section.
Step 2
Specify IPO details. Enter the number of lots and the price you wish to apply for.
Step 3
Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
Step 4
Mandate Notification. Your UPI app will receive a mandate notification to block funds.
Step 5
Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Latest News on Meesho Limited IPO

Meesho IPO price band set at ₹105 to ₹111 per share; here's a look at lot size, key dates and more

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Meesho IPO: 10 key points to consider before ₹5,421 crore offer opening

2 min read

Meesho IPO fully subscribed on Day 1: Check price band, lot size and all you need to know

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Meesho IPO subscribed 6.09 times so far on Day 2; check price band, lot size and more

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Meesho IPO Day 3: Check live subscription status, allotment date and steps

2 min read

Meesho IPO allotment finalised: Check status online on KFin Technologies, NSE, BSE; listing date, time revealed

3 min read

Meesho IPO Allotment Highlights: Status finalised; how to check online on NSE, BSE, KFin Technologies

5 min read

Meesho IPO Listing Date: 4 key things retail investors should know before it debuts on NSE, BSE

3 min read

Meesho Limited IPO FAQs

How to invest in the Meesho IPO ?

Investors can apply for the Meesho IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Meesho IPO ?

The issue size of the Meesho IPO is 5421 Cr.

What is 'pre-apply' for Meesho IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Meesho IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.

What are the open and close dates of the Meesho IPO ?

Meesho IPO will be open between 2025-12-03 and 2025-12-05.

What is the allotment date for the Meesho IPO ?

Meesho IPO allotment date is 2025-12-09. For Meesho IPO allotment status check, you can visit the website of the registrar of the IPO.

Who is the registrar of Meesho IPO ?

For Meesho IPO, the IPO registrar is KFin Technologies Limited. You can check Meesho IPO allotment status on the website of the registrar.

Where is the Meesho IPO getting listed?

The shares are proposed to be listed on the BSE and NSE.

When will Meesho IPO shares be credited to your demat account?

The Meesho IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.

What is the lot size and minimum order quantity of the Meesho IPO ?

The Meesho IPO lot size is 135 and minimum order quantity is 135.

What is the price band for the Meesho IPO ?

Meesho IPO has set the price band for its IPO at 111 per equity share with a face value of 1.