SoftBank-backed ecommerce company Meesho is preparing to launch its initial public offering (IPO), which will include both fresh shares and an offer-for-sale (OFS) component, on December 3, according to its red herring prospectus (RHP), filed on Thursday.
The IPO will close on December 5, with allocation of shares to anchor investors on December 2. The company is set to make its stock market debut on December 12.
Meesho’s listing will add to the slew of large IPOs by Indian new-age companies this year, including Bluestone, Urban Company, Groww, Lenskart and PhysicsWallah.
What is the revised IPO size?
The size of the IPO was originally set at Rs 4,250 crore. Now, Meesho is expected to raise a total of Rs 5,421 crore.
The fresh issue will raise Rs 4,250 crore, while the OFS will involve 10.55 crore shares sold by existing investors, valued at Rs 1,171 crore at the upper price limit.
Meesho initially filed its draft red herring prospectus (DRHP) in July 2025 under the Securities and Exchange Board of India’s (Sebi) pre-filing route, which allows companies to keep the draft confidential. It submitted an updated DRHP last month.
Also Read: Meesho IPO: There’s no slowdown, India among the least penetrated ecommerce markets globally: CEO Vidit Aatrey
Updated OFS
The value ecommerce major has reduced its OFS component by 40% from the previously planned 17.56 crore shares worth Rs 1,950 crore to Rs 1,171 crore after investors such as Elevation Capital and Peak XV Partners reduced the shares they are offloading.
The OFS will see the sale of equity shares by some of Meesho’s early backers, including Elevation, Peak XV, Venture Highway and Y Combinator, among others.
Price band and valuation
The company has set the price band for the IPO at Rs 105–111 per share, according to its prospectus.
Meesho’s valuation is expected to be Rs 50,096 crore ($5.6 billion) at the upper end of the price band.
Use of IPO proceeds
Meesho intends to use the funds raised to invest in cloud infrastructure, marketing and branding initiatives, and for expansion through acquisitions and other strategic projects. The remainder will go towards general corporate purposes.
Meesho financials
The company's operating revenue rose 29% to Rs 5,577 crore in the first six months of FY26 from Rs 4,311 crore in the same period a year ago. For the same period, the platform’s net loss narrowed to Rs 700 crore from Rs 2,512 crore a year earlier. In FY24, the loss rose due to an increase in tax payable for that period on account of business combination and restructuring.
For the fiscal year ended March 2025, Meesho reported operating revenue of Rs 9,390 crore, up 23% from FY24. The company posted a net loss of Rs 3,942 crore in FY25, largely due to a one-off tax expense linked to moving its corporate domicile from the US to India. In comparison, FY24’s net loss stood at Rs 328 crore.
Meesho’s net merchandise value (NMV) grew 29% year-on-year to Rs 29,988 crore, following 21% growth in FY24. NMV reflects the total checkout value of successfully delivered orders, including taxes. It is a key metric of platform health, indicating customer adoption and repeat usage, which in turn drives revenue, margins, and cash flow.
The company's last financing round raised $550 million, mostly through secondary transactions. Meesho was valued at around $3.9 billion at the time, down from a peak valuation of $5 billion. New investors in the round included Tiger Global, Think Investments, and Mars Growth Capital.
Brokerage CLSA estimated the size of India’s online retail market to be $80 billion in FY25, and projected to grow to $196 billion by FY30. While Meesho surpasses Amazon and Flipkart in daily orders, it still lags behind both in terms of gross merchandise value (GMV).
The IPO will close on December 5, with allocation of shares to anchor investors on December 2. The company is set to make its stock market debut on December 12.
Meesho’s listing will add to the slew of large IPOs by Indian new-age companies this year, including Bluestone, Urban Company, Groww, Lenskart and PhysicsWallah.
What is the revised IPO size?
The size of the IPO was originally set at Rs 4,250 crore. Now, Meesho is expected to raise a total of Rs 5,421 crore.
The fresh issue will raise Rs 4,250 crore, while the OFS will involve 10.55 crore shares sold by existing investors, valued at Rs 1,171 crore at the upper price limit.
Meesho initially filed its draft red herring prospectus (DRHP) in July 2025 under the Securities and Exchange Board of India’s (Sebi) pre-filing route, which allows companies to keep the draft confidential. It submitted an updated DRHP last month.
Also Read: Meesho IPO: There’s no slowdown, India among the least penetrated ecommerce markets globally: CEO Vidit Aatrey
Updated OFS
The value ecommerce major has reduced its OFS component by 40% from the previously planned 17.56 crore shares worth Rs 1,950 crore to Rs 1,171 crore after investors such as Elevation Capital and Peak XV Partners reduced the shares they are offloading.
The OFS will see the sale of equity shares by some of Meesho’s early backers, including Elevation, Peak XV, Venture Highway and Y Combinator, among others.
Price band and valuation
The company has set the price band for the IPO at Rs 105–111 per share, according to its prospectus.
Meesho’s valuation is expected to be Rs 50,096 crore ($5.6 billion) at the upper end of the price band.
Use of IPO proceeds
Meesho intends to use the funds raised to invest in cloud infrastructure, marketing and branding initiatives, and for expansion through acquisitions and other strategic projects. The remainder will go towards general corporate purposes.
Meesho financials
The company's operating revenue rose 29% to Rs 5,577 crore in the first six months of FY26 from Rs 4,311 crore in the same period a year ago. For the same period, the platform’s net loss narrowed to Rs 700 crore from Rs 2,512 crore a year earlier. In FY24, the loss rose due to an increase in tax payable for that period on account of business combination and restructuring.
For the fiscal year ended March 2025, Meesho reported operating revenue of Rs 9,390 crore, up 23% from FY24. The company posted a net loss of Rs 3,942 crore in FY25, largely due to a one-off tax expense linked to moving its corporate domicile from the US to India. In comparison, FY24’s net loss stood at Rs 328 crore.
Meesho’s net merchandise value (NMV) grew 29% year-on-year to Rs 29,988 crore, following 21% growth in FY24. NMV reflects the total checkout value of successfully delivered orders, including taxes. It is a key metric of platform health, indicating customer adoption and repeat usage, which in turn drives revenue, margins, and cash flow.
The company's last financing round raised $550 million, mostly through secondary transactions. Meesho was valued at around $3.9 billion at the time, down from a peak valuation of $5 billion. New investors in the round included Tiger Global, Think Investments, and Mars Growth Capital.
Brokerage CLSA estimated the size of India’s online retail market to be $80 billion in FY25, and projected to grow to $196 billion by FY30. While Meesho surpasses Amazon and Flipkart in daily orders, it still lags behind both in terms of gross merchandise value (GMV).