By Kimberley Kao
Shares of India's Meesho surged in their trading debut, after the e-commerce company raised $603 million in an oversubscribed initial public offering.
Shares of the SoftBank-backed company traded on the Bombay Stock Exchange were up 53% from the IPO price of 111 rupees a share in early trading Wednesday. The broader market was 0.3% higher.
Bengaluru-based Meesho raised more than 54 billion rupees, equivalent to about $603 million, in its IPO.
Meesho operates an online platform that enables budget-conscious consumers to buy everyday goods directly from sellers.
Its IPO drew bids of more than $27 billion, with shares earmarked for buyers 79 times subscribed, led by strong demand from institutional investors, according to data from the National Stock Exchange of India.
Anchor investors include Singapore's government, as well as funds managed by the State Bank of India, Blackrock and Fidelity.
The company plans to use the net proceeds from the IPO to invest in cloud infrastructure, staff its artificial-intelligence and technology teams, and fund potential acquisitions.
Meesho remains unprofitable even as revenue rose nearly 30% in the six months ended Sept. 30. Its net loss during the six-month period narrowed 72% from a year earlier to 7 billion rupees.
Meesho is the latest company to tap India's IPO market, which is buzzing as companies ride on solid economic growth and capitalize on the market's huge potential. The Bombay Stock Exchange has hosted 230 IPOs so far this year, exchange data show.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
December 10, 2025 00:59 ET (05:59 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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