Meesho, an Indian e-commerce marketplace, had a good first day as a public company, with its stock surging 46% from its issue price as investors jumped in to grab small merchants and value consumers.
The stock opened at ₹162.50, from an issue price of ₹111, and reached a high of ₹171.84, giving it a market capitalization of ₹780 billion (around $8.6 million). The company picked up $606 million in IPOSee rank-.
The 10-year-old Meesho was last valued at around $5 billion following a private funding round in 2021.
Top capital, Puncak XV and Combinator Y partners were among the early shareholders to sell kicks in the IPO. Investors including Softbank, Prosus and Fidelity have yet to sell their shares.
Founded in 2015, Meesho started as a social-suilah-whatsapp platform with online shoppers for the first time. It has been able to compete successfully with Incumbents like Flipkart and Amazon By leaning towards the low end market model The aim is to connect small traders with price sensitive consumers in the smaller towns of the country. During the last 12 months, it reported 234.2 million user transactions, 70671 annual Sellers, and more than 50,000 active content Creators.
“Collecting Bell generally means trade,” said Meesho co-founder and CEO VIDIT AATREY during the public listing ceremony. “But today, for me in Meesho, for everyone in Meesho, this sound means that our mission is not just our mission. Now it is everyone’s mission.”
In the six months ended September 30, Meesho generated revenue (about $ 620.3 million), about 43.11 billion (about $ 479.6 million) the previous year, according to the prospectus. Rose’s Net Worth rose 44% to ₹ 191.94 billion (about $2.14 billion) in the same period. However, the company’s overall loss came to ₹ 4.33 billion (about $48.2 million), compared to ₹ 0.24 billion (about $2.7 million) last year.
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The Bengaluru-based company compares itself to value-driven marketplaces like Pinduoduo in China, Shopee in Southeast Asia, and Mercado Libre in Latin America. However, the commission’s light model has increased pressure on Indian rivals Amazon and Flipkart.
Meesho’s list follows the initial shake-up in India. In the past few months Pine Labs, grow up, Lens card, Wallah wallahand Capillary technology has been common, and the momentum is expected to continue next year, with Flipkart, Noand Telephone Prepare for the list.