Meesho surges nearly 20%, tops 2025 IPO rankings in India
- ByStartupStory | December 17, 2025
Meesho shares have surged nearly 20% in a single session, hitting the upper circuit limit and cementing the e-commerce platform’s position as India’s top-performing large IPO of 2025.
The stock climbed to ₹216.35 on Wednesday after UBS initiated coverage with a ‘Buy’ rating and a ₹220 target price, implying over 22% upside from prior close. This extends a post-listing rally that has seen Meesho gain nearly 95% from its ₹111 issue price, adding over ₹47,000 crore in market value and pushing its capitalisation above ₹86,000 crore.
Meesho’s December IPO—India’s largest tech listing of the year at over ₹5,000 crore—was subscribed 79 times, driven by strong retail (19x) and QIB (120x) demand. The asset-light model targeting value commerce in Tier-2/3 cities has impressed analysts, with UBS forecasting 30% NMV CAGR through FY30 on expanding users (199M to 518M) and order frequency.
Post-listing trajectory
After debuting at a 46-53% premium, shares dipped briefly before resuming upward momentum amid broader market pressure. UBS highlights negative working capital, improving margins (EBITDA to 3.2% of NMV), and logistics efficiencies as key strengths versus loss-making peers.
Co-founder Vidit Aatrey joined the billionaire ranks on the rally, underscoring investor enthusiasm for Meesho’s social commerce play amid India’s under-penetrated value segment.
The performance tops 2025’s IPO charts, outpacing other big listings and signaling renewed appetite for profitable, scalable e-commerce models focused on Bharat’s next billion users.
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