The highly anticipated Meesho IPO has finally arrived. As one of India’s fastest‑growing e‑commerce marketplaces, Meesho has transformed online buying for value‑seeking consumers and has empowered millions of small sellers across India. However, despite strong user growth and technological scale, the company continues to be loss‑making. This makes the IPO interesting—but high‑risk. This detailed review covers: Issue details, dates, IPO price band, financials, competitive strengths, risk factors, P/E comparison with peers, reasons to invest, risk elements, GMP, how to apply, FAQs, and finally whether this IPO is worth subscribing to.
About Meesho Ltd.
Founded in 2015, Meesho Limited is a digital multi‑sided marketplace connecting four key stakeholders: consumers, sellers, logistics partners and content creators. It is one of India’s largest value‑commerce platforms with deep penetration in Tier‑2, Tier‑3 and rural regions.
Key operational highlights (as per RHP):
- 234.20 million annual transacting users (as of Sept 30, 2025).
- Over 7.06 lakh annual transacting sellers.
- Strong presence in value categories—apparel, home décor, accessories, beauty, etc.
- Zero‑commission model for sellers.
- Operates an integrated logistics arm “Valmo”.
- Debt‑free company.
Its business segments include:
- Marketplace business: Order fulfilment, seller services, advertising revenue, analytics.
- New initiatives: Local logistics for daily essentials and digital fintech services.
Competitive Strengths
Large Consumer & Seller Ecosystem
With over 234 million annual users, Meesho is among India’s largest value-focused marketplaces. Low product pricing and affordability drive volumes.
Zero‑Commission Seller Model
Sellers prefer Meesho due to lower operational costs and better margins. This widens product availability and keeps prices competitive.
Strong Reach in Tier‑2 & Tier‑3 Markets
Meesho dominates in non‑metro India—one of the fastest-growing consumer markets.
Integrated In‑House Logistics Network (Valmo)
Valmo lowers fulfilment costs and ensures faster deliveries.
Technology & AI‑Driven Growth
Advanced machine learning tools for pricing, recommendations, operations, and fraud control improve efficiency.
Meesho IPO Issue Details
| Particular | Details |
|---|---|
| IPO Opening Date | December 3, 2025 |
| IPO Closing Date | December 5, 2025 |
| Price Band | ₹105 – ₹111 per share |
| Face Value | ₹1 per share |
| Issue Size | ₹5,421.20 Cr |
| Fresh Issue | ₹4,250 Cr |
| Offer for Sale | ₹1,171.20 Cr |
| Market Lot | 135 shares |
| Listing | BSE, NSE |
| Registrar | Kfin Technologies |
Meesho IPO Lot Size:
- Retail: Minimum 1 lot (135 shares) → ₹14,985
- sNII: Minimum 14 lots (1,890 shares)
- bNII: Minimum 67 lots (9,045 shares)
Reservation:
- QIB: Not less than 75%
- NII: Not more than 15%
- Retail: Not more than 10%
(Data Source: Meesho RHP) fileciteturn1file0
Company Financials (₹ in Crores)
| Period | Total Income | PAT | EBITDA | Net Worth |
|---|---|---|---|---|
| FY 2023 | 5,897.69 | -1,671.90 | -1,693.73 | 2,548.31 |
| FY 2024 | 7,859.24 | -327.64 | -230.15 | 2,301.64 |
| FY 2025 | 9,900.90 | -3,941.71 | -219.59 | 1,561.88 |
| H1 FY 2026 | 5,857.69 | -700.72 | -551.87 | 968.87 |
Key Observations
- Revenue is growing strongly every year.
- Losses widened significantly in FY25.
- Net worth has been declining due to sustained losses.
- Zero debt helps reduce financial risk.
Objects of the IPO
Meesho plans to use fresh issue proceeds mainly for:
- Investment in cloud infrastructure via Meesho Technologies (MTPL): ₹1,390 Cr
- Salaries for ML/AI and technology teams: ₹480 Cr
- Brand marketing and customer acquisition: ₹1,020 Cr
- Inorganic expansion through acquisitions & general corporate purposes
P/E Ratio Compared to Peers
Meesho is loss‑making → P/E cannot be calculated (negative EPS).
However, peer company multiples are:
| Company | P/E (Approx) |
|---|---|
| Nykaa | 194x (Highest) |
| Zomato | 75x |
| Mamaearth | 64x (Lowest among profitable) |
| Meesho | Negative EPS → NA |
| Industry Average | ~111x |
Interpretation
- Meesho cannot be valued on P/E due to losses.
- Industry valuations remain high, but sustainable profitability is key.
Reasons to Invest in Meesho IPO
1. Strong user and seller ecosystem
Meesho has‑built one of India’s largest online commerce ecosystems, particularly in non‑metro regions.
2. High Revenue Growth
Consistent double‑digit revenue growth over the past three years.
3. Leader in Value Commerce
Price‑sensitive consumers form a massive and fast-growing market.
4. Zero‑Commission Advantage
A huge differentiator that attracts new sellers and expands product diversity.
5. Technology‑led Cost Efficiency
Investments in AI/ML help the company scale without proportionate cost increases.
6. Debt‑free Company
No burden of interest payments makes operational cash flow easier to manage.
7. Strong Brand Recall
Particularly dominant in fashion, home, and lifestyle categories for budget shoppers.
Risk Factors to Consider
1. High and Persistent Losses
FY25 losses were nearly ₹4,000 Cr—far higher than previous years. Profitability remains unclear.
2. Highly Competitive Market
Faces competition from Amazon, Flipkart, Ajio, Myntra, Nykaa and others.
3. Declining Net Worth
Net worth has fallen sharply due to accumulated losses.
4. High Cost of Logistics & Fulfilment
Even with Valmo, order‑level costs remain high.
5. Regulatory Challenges
Indian e‑commerce policies are evolving. Any change could disrupt operations.
6. Heavy Marketing Expenditure
To sustain growth, Meesho must continuously spend heavily on marketing.
7. Risk of Monetisation Not Scaling Fast Enough
New business areas like fintech still require time to become profitable.
Grey Market Premium (GMP)
As of now, Meesho IPO GMP is fluctuating, and unofficial values will consolidate closer to issue opening.
GMP tends to be volatile for loss‑making tech IPOs.
How to Apply for Meesho IPO
You can apply using:
- UPI‑based IPO application (Zerodha, Groww, Upstox, Angel, etc.)
- ASBA through Net Banking (SBI, ICICI, HDFC, Axis, etc.)
Steps:
- Login to your broker / bank.
- Search for Meesho IPO.
- Choose number of lots.
- Enter UPI ID (if using broker app).
- Approve mandate.
Meesho IPO Review – Should You Invest or Avoid?
The Meesho IPO offers both high potential and high risk. While the company has strong user traction and substantial revenue growth, profitability remains far off. The value‑commerce market will grow, but heavy spending may continue for years.
Invest If:
- You understand high‑risk tech IPOs.
- You believe India’s e‑commerce penetration will rise significantly.
- You want long‑term exposure to a category‑leading brand.
Avoid If:
- You prefer companies with stable profitability.
- You want predictable listing gains.
- You are conservative or short‑term oriented.
Myinvestmentideas Final Take:
High growth potential, but very high risk. Suitable only for aggressive investors with a long‑term view. Conservative or moderate risk investors may avoid or wait for future financial clarity.
FAQs – Meesho IPO
1. What are the Meesho IPO dates?
December 3 to December 5, 2025.
2. What is the price band?
₹105 to ₹111 per share.
3. Is Meesho a profitable company?
No. The company is loss‑making with widening losses in FY25.
4. How much is Meesho IPO GMP?
GMP keeps changing; it will stabilise closer to opening.
5. What is the minimum investment?
₹14,985 for 135 shares.
6. Will Meesho list at a premium?
Depends on demand and market sentiment—
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