Meesho's upcoming IPO is poised to deliver substantial returns to its early investors and founders, potentially turning them into mega winners. The IPO, opening for subscription on December 3, 2025, has set a price band of ₹105 to ₹111 per share. At the upper end of this range, the e-commerce platform could be valued at approximately ₹50,100 crore.

Early Investors Set for Windfall

Several early investors are expected to reap significant rewards from the IPO. Elevation Capital, formerly known as SAIF Partners, holds a 13.6% stake in Meesho, with 57.95 crore shares acquired at an average price of ₹3.04 per share. Their initial investment of ₹177 crore is now valued at ₹6,433 crore, marking a remarkable gain of over 3,500%. Similarly, Peak XV Partners, another early investor, holds 48.12 crore shares, representing an 11.3% stake.

Y Combinator's early bet on Meesho has also paid off handsomely. The accelerator acquired 7.20 million shares at just ₹1.02 per share, a total investment of ₹7.34 crore. At the IPO's upper price band, this stake is now valued at nearly ₹799 crore, a staggering return of approximately 109 times their initial investment. Overall, early investors in Meesho, including Elevation Capital, Peak XV, and Y Combinator, are projected to see their combined initial investment of about ₹131 crore grow to over ₹1,020 crore. This translates to returns of roughly ₹877 for every ₹100 invested.

Founders to Gain Massively

Meesho's co-founders, Vidit Aatrey and Sanjeev Barnwal, are also set to gain significantly from the IPO. Vidit Aatrey, the Chairman and CEO, holds an 11.1% stake in the company, with 47.25 crore shares acquired at an average cost of ₹0.06 per share. This stake, initially valued at ₹2.84 crore, is now worth ₹5,245 crore at the upper price band, representing a gain of over 1,800 times. Sanjeev Barnwal, the Co-founder, Whole-time Director, and CTO, owns a 7.41% stake with 31.57 crore shares acquired at an average price of ₹0.02 per share. His stake, previously valued at ₹63 lakh, is now worth ₹3,504 crore, a gain of over 5,500 times. Barnwal will see his ₹63.1 lakh stake appreciate to ₹3,504 crore, an impressive 5550x return. Aatrey plans to offload a small portion of his holdings, acquired at an average price of Rs 0.06 a share, which is worth Rs 9.6 crore.

Meesho's Journey and IPO Details

Founded in 2015 by IIT Delhi graduates Vidit Aatrey and Sanjeev Barnwal, Meesho began as Fashnear, an online fashion marketplace. The company pivoted to its current model, empowering individuals, particularly women, to launch online businesses through social media platforms. Meesho's platform connects suppliers, resellers, and customers, focusing on affordability, reliable shipping, and hassle-free returns.

The IPO comprises a fresh issue of ₹4,250 crore and an offer for sale (OFS) of 10.55 crore equity shares by existing shareholders. The company plans to use the fresh capital to upgrade its technology infrastructure, enhance logistics, and expand its seller ecosystem. The IPO opens on December 3, 2025, and closes on December 5, 2025, with a tentative listing date on December 10, 2025.

Market Sentiment and GMP

Ahead of the IPO, Meesho is commanding a grey market premium (GMP) of around ₹33. If this trend holds, the stock could list near ₹146.5, implying a listing gain of nearly 32% for those allotted shares. The grey market premium (GMP) has jumped to ₹32 before opening. However, the GMP is not an official indicator and can fluctuate based on market sentiment.