Meesho share price: Recently listed e-commerce company Meesho’s shares continued their strong post-listing rally on Wednesday, December 17, surging over 10.5% in intraday deals to a fresh all-time high of ₹199.35 on the NSE.
This marks the second consecutive session of record highs for the stock and the third straight day of gains. Meesho share price climbed 5.6% and 3.4% in the past two sessions, delivering an impressive 21% return over just three trading days.
The latest rally in Meesho shares was fuelled by a bullish note from global brokerage UBS, which initiated coverage on the stock with a ‘Buy’ rating and a target price of ₹220, implying nearly 10% upside from today’s peak.
Meesho made a spectacular debut on the stock exchanges last week, listing at a premium of more than 46% over the issue price of ₹111. On the NSE, the stock began trading at ₹162.50, up 46.40%, and later surged 55.58% to ₹172.70. On the BSE, it listed at ₹161.20, a 45.22% jump. With today’s high, Meesho has now delivered a remarkable 79% gain over its IPO price.
UBS Bullish on Meesho
UBS highlighted Meesho’s asset-light model, strong user growth and steady improvement in financial metrics as key reasons behind its optimistic view. The brokerage said Meesho’s business structure supports cash flow generation, with negative working capital setting it apart from many other internet companies.
In its note, UBS said: “We believe Meesho’s asset-light, negative working-capital business model positions it well for sustained profitability, supported by a 30% NMV CAGR, rising user engagement and expanding order frequency through FY30.”
UBS expects Meesho’s Net Merchandise Value (NMV) to grow at a 30% CAGR between FY25 and FY30, driven by a sharp increase in Annual Transacting Users (ATUs) from 199 million to 518 million. Order frequency is projected to improve significantly from 9.2x to 14.7x over the same period.
At the same time, the Average Order Value (AOV) is expected to decline from ₹274 to ₹233 as the company passes on logistics efficiencies to the broader ecosystem. Contribution margin is forecast to reach 6.8%, while adjusted EBITDA margin is expected to hit 3.2% of NMV by FY30.
Meanwhile, Utsav Verma, Head of Research, Choice Institutional Equities, on Tuesday said that its base-case target price for Meesho of ₹200 implies limited near-term upside from current levels, while the bull-case valuation of ₹234 reflects stronger-than-expected improvements in monetisation, operating leverage and execution on the path to profitability.
Meesho IPO Details
The ₹5,421-crore Meesho IPO witnessed massive investor interest, recording 79.02 times subscription at close. The issue carried a price band of ₹105– ₹111 per share. It included a fresh issue worth ₹4,250 crore and an offer for sale (OFS) of 10.55 crore shares, valued at ₹1,171 crore at the upper price band.
Meesho plans to invest the proceeds in cloud infrastructure, brand and marketing initiatives, and inorganic growth opportunities, including acquisitions and strategic partnerships. A portion will also go toward general corporate purposes.
Meesho: India’s fastest-growing e-commerce platform
Meesho has emerged as India’s largest e-commerce platform based on annual transacting users and order volumes in the twelve months ending September 30, 2025. The platform has built a strong value-focused model, offering low-priced products that attract high-frequency shoppers.
The company’s AOV has declined from ₹336.71 in FY23 to ₹274.27 in FY25, reflecting its affordability-led strategy. However, total orders have surged from 102.4 crore to 183.4 crore in the same period.
Between FY23 and FY25, Meesho’s ATUs grew at a 20.7% CAGR, rising from 13.6 crore to 19.8 crore. Engagement levels remain high, with the platform recording 13.53 billion average daily product views in FY25.
During the six months ended September 30, 2025, Meesho hosted 153.72 million daily active product listings, up from 109.65 million in the previous period. Notably, 73.18% of orders were generated through personalised feeds and recommendations, showcasing the strength of Meesho’s discovery-driven model.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
