Meesho vs Aequs vs Vidya Wires IPO: Which one should you bet on?

Analysts remain largely positive on Meesho IPO and Vidya Wires IPO, citing strong growth prospects and operational efficiency, while views on Aequs IPO are cautious

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Three mainline IPOs, Meesho, Aequs, and Vidya Wires, opened for public subscription on Wednesday, December 3, 2025. Collectively, the three companies aim to raise over ₹6,600 crore through a mix of fresh issues and offer-for-sale (OFS) shares, offering options across e-commerce, aerospace, and manufacturing segments.

 

According to the offer documents, Meesho plans to raise ₹5,421.20 crore, Aequs plans to raise ₹921.81 crore, and Vidya Wires eyes ₹300 crore. 

 

Ahead of its IPO, Meesho raised ₹2,439 crore by allocating 219.77 million shares to 60 anchor investors at the upper price band.  Aequs garnered ₹414 crore from anchor investors. It allotted around 3.34 million equity shares to 33 funds at ₹124 apiece. Additionally, Vidya Wires raised ₹90 crore by allocating 17.3 million equity shares to 10 institutional investors at ₹52 per share. 

GMP shows strong interest in Meesho IPO

Meesho is witnessing the strongest demand in the grey market, with its unlisted shares trading at ₹160, commanding a premium of ₹49 or 44 per cent over the upper end of the price band of ₹105 to ₹111. Aequs was also trading with a strong GMP of ₹46.5 or 37.5 per cent at ₹170.5 compared to the upper end of the price band of ₹118 to ₹124. However, the unlisted shares of Vidya Wires were trading with a comparatively lower premium of ₹6 or 11.5 per cent at ₹58 against the upper end of the price band of ₹48 to ₹52. 

  Analysts remain largely positive on Meesho and Vidya Wires, citing strong growth prospects and operational efficiency, while views on Aequs are cautious due to ongoing losses, high leverage, and execution risks despite structural growth opportunities. According to Prasenjit Paul, equity research analyst at Paul Asset and fund manager of 129 Wealth Fund, the choice of IPO largely depends on an investor’s risk appetite and investment horizon.   ALSO READ | Meesho IPO opens: From price band to GMP, here's all you need to know

Meesho IPO: Growth story amid profitability concerns

 

According to SBI Securities, Meesho has started generating positive free cash flows over the past two years, despite net losses. The company reported exceptional tax expenses in FY25 and H1FY26 due to a business combination, which are unlikely to recur. 

 

At the upper price band of ₹111, Meesho is valued at a FY25 price-to-sales ratio of 5.3x on post-issue capital. Analysts highlighted that sustainable profitability remains a key monitorable as the company continues to invest in technology, marketing, and human capital. SBI recommends investors “Subscribe for long term.”

 

On a similar note, Angel One noted that Meesho’s strong revenue growth from ₹5,735 crore in FY23 to ₹9,390 crore in FY25, though widening net losses to ₹3,942 crore, reflects its focus on volume expansion over profitability. With a robust GMV run-rate of $6.2 billion and improving marketplace contribution margins, the brokerage advised long-term investors with a high risk appetite to 'Subscribe'.  ALSO READ | Aequs IPO: Should you bid? Check GMP, price band here

Aequs IPO: Long-term structural bet

 

Aequs, engaged in aerospace and consumer manufacturing, reported revenue growth from ₹812.1 crore in FY23 to ₹924.6 crore in FY25, with Ebitda rising from ₹63.1 crore to ₹108 crore. Ebitda stands for earnings before interest, tax, depreciation and amortisation. However, losses persist at ₹102.4 crore in FY25, with negative ROE and constrained profitability due to high depreciation and finance costs.

 

Analysts at Anand Rathi valued Aequs at 8.9x FY25 P/S and EV/Ebitda at 122.9x at the upper price band, reflecting the potential of its integrated aerospace ecosystem. Given fair valuation and growth visibility, the brokerage has assigned a 'Subscribe – Long Term' rating to the issue.

 

On the other hand, Angel One noted the company has an integrated aerospace ecosystem, a strong asset base, long cycle growth potential and a high barrier to entry business. However, continued losses and the majority of funds going toward debt repayment reduce near-term attractiveness. Aequs is best viewed with a long-term perspective and is therefore “Subscribe with Caution” for long-term investors, the brokerage said.

Vidya Wires IPO: Stable, predictable play

 

Vidya Wires, a manufacturer of copper and aluminium wires, offers a steady investment profile. The company is undergoing capacity expansion to double output and increase market share from 5.7 per cent to over 11 per cent.

 

SBI Securities values the IPO at a FY25 P/E of 27.1x on post-issue capital and recommends subscribing at the cut-off for long-term investors. According to Angel One, the company appears reasonable compared to peers, supported by strong sector demand and upcoming ALCU capacity expansion expected to improve scale and margins. It recommends investors to 'Subscribe' to the issue from a long-term perspective. 

 

“For investors chasing short-term listing gains, Meesho will likely generate the most excitement due to its strong growth in Tier-2 and Tier-3 cities. Aequs, with its aerospace and consumer manufacturing focus, fits high-risk, long-term investors given its exposure to structural growth themes but continued losses,” Paul said.

 

On the other hand, Vidya Wires offers a steady and predictable business model, making it more suitable for conservative investors, he added.  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.