E-commerce firm Meesho's IPO subscribed 79 times on final day

New Delhi, Dec 5 (PTI) SoftBank-backed e-commerce firm Meesho's initial share sale got subscribed 79.02 times on the final day of bidding on Friday.

The Rs 5,421-crore Initial Public Offer (IPO) received bids for 21,96,29,80,575 shares against 27,79,38,446 shares on offer, according to details available with the NSE.

Qualified Institutional Buyers' (QIBs) portion attracted 120.18 times subscription, while the non-institutional investors quota received 38.15 times subscription. The portion meant for Retail Individual Investors (RIIs) attracted 19.04 times subscription.

The IPO of Meesho Ltd received 2.35 times subscription on the first day of share sale on Wednesday, helped by across-the-board investors' participation.

Meesho on Tuesday said it has garnered a little over Rs 2,439 crore from anchor investors.

The e-commerce firm's Rs 5,421 crore IPO has a price band of Rs 105-111 per share, valuing Meesho at Rs 50,096 crore (USD 5.6 billion) at the upper end.

The IPO has a fresh issue of shares worth Rs 4,250 crore, along with an Offer For Sale (OFS) of 10.55 crore shares valued at Rs 1,171 crore at the upper band, taking the total issue size to Rs 5,421 crore.

Meesho plans to utilise proceeds for investment in cloud infrastructure, marketing and brand initiatives, as well as funding inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes. PTI SUM SUM SHW