E-commerce platform Meesho, backed by SoftBank, revealed that it has secured slightly more than Rs 2,439 crore from anchor investors in advance of its initial public offering (IPO).

The anchor allocation attracted significant interest from both local and international institutional investors, such as SBI Mutual Fund, Fidelity Funds, and BlackRock.

Market sources indicate that the anchor book attracted demand exceeding Rs 80,000 crore, resulting in almost 30 times oversubscription. Sixty investors took part, featuring prominent global names like the Government of Singapore, the Monetary Authority of Singapore, Tiger Global, Goldman Sachs, and Morgan Stanley.

On the local front, prominent mutual funds such as SBI MF, UTI MF, Tata MF, Axis MF, Motilal Oswal MF, Bandhan MF, and HSBC MF were allocated funds, as indicated by a notice on the BSE website.

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Meesho has issued 21.97 crore shares priced at Rs.111 each, generating Rs 2,439.5 crore from the anchor segment. The firm aims to raise Rs 5,421 crore from its IPO, which begins on December 3 and concludes on December 5. The price range is established at Rs 105-111, giving the company a valuation of Rs 50,096 crore ($ 5.6 billion) at the higher end.

The IPO consists of a new issue of Rs 4,250 crore and a sale offer (OFS) of 10.55 crore shares valued at Rs 1,171 crore at the upper limit. The OFS will witness initial investors like Elevation, Peak XV, Venture Highway, and Y Combinator divesting a portion of their stakes.

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Meesho plans to allocate the funds towards cloud infrastructure investments, marketing and brand development, acquisitions for inorganic growth, and various other corporate needs. The company plans to go public on December 10. Seventy-five percent of the total issue size is allocated to qualified institutional buyers, 15percent to non-institutional investors, and 10percent to retail investors.

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In FY25, Meesho linked over 500,000 active sellers with 199 million yearly transacting users, enabling 1.8 billion orders. Its Net Merchandise Value (NMV) increased by 29percent year-over-year to Rs 29,988 crore in FY25, after a 21percent increase in FY24. NMV represents the overall checkout value of orders that have been successfully delivered, including taxes, and is seen as an essential measure of customer acceptance and recurring utilization.