Meesho stock rose as much as 19 per cent during the day to a new high of ₹214.4 per share, the best session since listing on December 10 this year
Share price of Meesho hit a new high of ₹193.5 on the BSE in Tuesday's intra-day trade, and has zoomed 74 per cent against its issue price of ₹111 per share.
Meesho shares listed at a 45 per cent premium and ended 53 per cent above the issue price, after its IPO was subscribed 79 times and raised Rs 5,421 crore for growth plans
Choice Equity Broking has initiated coverage on Meesho with a 'Buy' rating, citing the company's structural competitive Moats, strong monetisation runway, and accelerating path to profitability
The listing closely mirrored activity in the grey market, where the company's shares were quoted around ₹154 each, indicating a premium of ₹43, or 38.74 per cent over the issue price