New Delhi: E-commerce firm Meesho made a strong debut on the stock exchanges on Wednesday and listed at over a 53 per cent premium against the issue price of Rs 111, taking the company’s market valuation to Rs 77,000 crore.
The stock opened trading at Rs 162.50, up 46.40 per cent from the issue price on the NSE. During the day, it surged by 59.90 per cent to hit a high of Rs 177.49 apiece. The scrip ended the session at Rs 170.45 apiece, up by 53.56 per cent.
On the BSE, Messho’s shares made a debut at Rs 161.20, registering a jump of 45.22 per cent. In the intraday session, the stock climbed 59.95 per cent to hit a high of Rs 177.55 before closing at Rs 170.20 apiece, up by 53.33 per cent.
At the end of the session, the company’s market valuation stood at Rs 76,926.32 crore and Rs 76,813.49 crore on the NSE and BSE, respectively.
The robust listing came despite weak broader market sentiment. The 30-share benchmark, BSE Sensex, dropped by 275.01 points or 0.32 per cent to settle at 84,391.27, while the 50-share NSE Nifty fell by 81.65 points or 0.32 per cent to close at 25,758.
The Initial Public Offer (IPO) of Meesho received 79.02 times subscription on the final day of share sale on Friday.
The Rs 5,421-crore IPO had a price band of Rs 105-111 per share.
The IPO is a mix of fresh issue of shares worth Rs 4,250 crore and 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.
Meesho plans to utilise proceeds 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.
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