Meesho IPO: Funding Details & Anchor Investors
Here’s a breakdown of the key information from the provided text, focusing on the Meesho IPO:
Anchor Investors & Oversubscription:
* The anchor tranche (initial allocation to institutional investors) included major players like GIC, Fidelity, BlackRock, Morgan Stanley, Goldman Sachs, WCM Investment Management, SBI Mutual Fund, Axis Mutual Fund, and Birla Mutual Fund, as well as technology-focused investor Dragoneer Investment Group.
* Demand for the anchor book exceeded Rs 80,000 crore, representing nearly 30 times oversubscription.
Controversy & Investor Pullout:
* A controversy arose when reports surfaced that several major investors pulled out after Meesho allegedly allocated about 25% of the anchor shares to SBI Funds Management.
* Specific SBI funds that received allocations include: The SBI Innovative Opportunities Fund, SBI consumption Opportunities Fund, and SBI Resurgent India Opportunities Scheme.
Grey Market Premium (GMP):
* The Meesho IPO is generating critically importent buzz in the grey market.
* The GMP is currently around Rs 50-51,suggesting a potential listing gain of approximately 46% (expected listing price of Rs 162).
* GMP is an unofficial indicator of demand and pricing expectations before listing.
IPO Details & Key Dates:
* IPO Open Dates: December 3 – December 5
* Price Band: Rs 105 – Rs 111 per equity share
* Lot Size (Retail Investors): 135 shares
* Investment per Lot (Upper Band): Rs 14,985
* allotment: expected by December 8
* Refunds & Demat Credits: December 9
* Listing Date: december 10