Meesho, the SoftBank-backed e-commerce platform, is preparing to launch its initial public offering (IPO) on December 3, 2025, aiming to raise ₹5,421 crore. The IPO, with a price band of ₹105 to ₹111 per share, values Meesho at ₹50,096 crore at the upper end. The issue will be open for subscription from December 3 to December 5, with a tentative listing date on December 10, 2025.

Founded in 2015 by IIT Delhi alumni Vidit Aatrey and Sanjeev Barnwal, Meesho started as Fashnear, a platform connecting local vendors with customers. Realizing a greater opportunity in empowering individuals to start online businesses, they pivoted to social commerce, renaming the platform Meesho, short for "Meri Shop". The company's mission is to provide a platform for everyday people to build their own digital stores.

Meesho's business model connects consumers, sellers, logistics partners, and content creators, primarily targeting first-time internet users in small towns and rural areas. Over 70% of its customers come from tier 2 and tier 3 cities. The platform allows users to resell products listed by suppliers on their social media channels, such as WhatsApp, Facebook, and Instagram, earning a profit margin. This approach combines traditional e-commerce with social selling and dropshipping.

Meesho operates on a zero-commission model, meaning sellers do not have to pay any commission for listing or selling products on the platform. Instead, the company generates revenue through advertising, where sellers pay for promoted listings and enhanced visibility, delivery charges paid by customers, and fees from sellers who opt for advertising and promotional services. Meesho also provides logistics and delivery services to its sellers.

The IPO comprises a fresh issue of shares worth ₹4,250 crore and an offer for sale of 175.7 million shares by existing investors. 75% of the issue size has been reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail investors. According to Investorgain, Meesho's grey market premium (GMP) was ₹35.5 as of November 28, 2025. With a price band cap of ₹111, the estimated listing price for Meesho shares is expected to be ₹146.5, based on current GMP trends.

In FY24, Meesho reported revenue of ₹7,615 crore, up from ₹5,735 crore in FY23 and ₹3,240 crore in FY22. For the period ended March 31, 2025, Meesho reported a total income of Rs 9,900.90 crore, up from Rs 7,859.24 crore the previous year. Despite higher revenue, the company posted a substantial loss after tax of Rs 3,941.71 crore, compared to a loss of Rs 327.64 crore in the prior year. Meesho's updated draft prospectus shows a swing in free cash flow from a negative ₹2,336 crore to a positive ₹1,032 crore in FY25.

Meesho's IPO proceeds are proposed to be utilized for cloud infrastructure for its subsidiary, MTPL, salaries of existing and new hires in the technology teams supporting MTPL's technology development, marketing and brand initiatives, and general corporate purposes.

Meesho has over 50 lakh products across 650+ categories. As of August 2024, the company has over 11 lakh sellers and 14 crore customers, serving 19,000+ pincodes. As of December 2024, Meesho had approximately 187 million unique annual transacting users.