How the Meesho, Aequs and Vidya Wires IPOs Stack Up Ahead of Launch

A Big IPO Week Begins as Meesho, Aequs and Vidya Wires Open for Subscription

The primary market is set for a busy week as three major IPOs—Meesho, Aequs and Vidya Wires—open for public subscription on December 3. Investors are closely evaluating which of these upcoming IPOs offers the best combination of growth visibility, valuation comfort and listing prospects. Early indicators from the grey market premium (GMP) suggest strong listing expectations for Meesho and Aequs, while Vidya Wires is likely to see a more moderate debut.

All three initial public offerings will close on December 5, with allotments expected by December 8. The shares are slated to list on the BSE and NSE on December 10, marking one of the most active IPO periods this year.

Here is a comprehensive comparison of the three IPOs and what analysts recommend.

Meesho IPO: Strong GMP But Profitability Remains a Long-Term Story

The highly anticipated Meesho IPO—backed by SoftBank—opens with a price band of ₹105–111 per share, valuing the e-commerce platform at ₹50,096 crore at the upper band. The ₹5,421 crore IPO includes a ₹4,250 crore fresh issue and an offer for sale of 10.55 crore shares. Retail investors can bid for a lot of 135 shares, requiring an investment of ₹14,985 at the upper band.

In the unlisted market, Meesho’s shares were trading at a 40.5% GMP, slightly lower than earlier levels but still significantly above last week’s 32% premium—indicating sustained demand ahead of the listing.

Analyst View: High Growth, High Uncertainty

Meesho operates in a fiercely competitive e-commerce space dominated by Amazon and Flipkart. Despite large scale (1.8 billion annual transactions), the company remains loss-making.

• H1 FY26 adjusted EBITDA loss: ₹5,518 crore

• Contribution margin deteriorated to 3.8%, from 5.6% in FY24

• Heavy spending on marketing and technology continues

Analyst Abhinav Tiwari of Bonanza cautioned that Meesho’s fundamentals remain weak despite scale. However, other analysts highlight Meesho’s strong cost discipline, penetration into value-conscious Tier-2 and Tier-3 markets, and improving cash-flow management.

Angel One has issued a ‘Subscribe for Long Term’ rating, quoting the company’s FY25 price-to-sales multiple of 5.3x as reasonable for a high-growth platform.

The broad consensus:
➡ Promising long-term story, but only for high-risk, patient investors.

Aequs IPO: Strong Sector Positioning and High GMP Boost Investor Interest

The Aequs IPO aims to raise ₹922 crore, including a ₹670 crore fresh issue and a ₹252 crore OFS. The price band is set at ₹118–124, with a minimum lot size of 120 shares (₹14,880 at the upper band). Ahead of listing, the stock is trading at a 36% grey market premium, signalling strong investor appetite.

Sector Leadership and Clear Profitability Path

Aequs operates in the high-precision, high-entry-barrier aerospace components manufacturing sector, serving Airbus, Boeing, Safran and other tier-1 global OEMs. Its integrated manufacturing ecosystem in a single SEZ gives it a strategic advantage.

• Aerospace EBITDA margins: 19.4% in FY25

• Large aircraft order backlogs support multi-year demand

• IPO proceeds to cut debt by ₹433 crore, improving PAT visibility

Analysts view the company as well-positioned to turn profitable within 12–24 months, driven by debt reduction and strong operational leverage.

Angel One has kept a ‘Subscribe with Caution’ rating, noting attractive long-term prospects but short-term risks due to leverage and current losses.

The broad consensus:
➡ High-quality sector play with clear visibility, suited for long-term investors.

Vidya Wires IPO: Reasonable Valuation and Strong Fundamentals at a Smaller Scale

The Vidya Wires IPO plans to raise ₹300+ crore, with a ₹274 crore fresh issue and a ₹26 crore OFS, priced at ₹48–52 per share. A retail lot consists of 288 shares, requiring ₹14,976 at the upper band. The GMP is currently at 10%, down from 19% last week, yet still pointing to a positive debut.

A Profitable, 40-Year-Old Manufacturer with Strong Client Base

Vidya Wires manufactures copper conductors and supplies industry leaders such as ABB, Siemens and Crompton. Its financials reflect stability and consistent growth:

• FY25 PAT growth: 59%

• ROE: 25%

• P/E: ~22.9x, considered reasonable vs peers

• Sector tailwinds: EVs, renewables, and power infra expansion

Angel One has issued a ‘Subscribe for Long Term’ rating, highlighting strong demand, upcoming capacity expansion and attractive valuations.

The broad consensus:
➡ Steady fundamentals and reasonable pricing make it suitable for conservative long-term investors.

Meesho vs Aequs vs Vidya Wires: Which IPO Stands Out for Investors?

Each IPO appeals to a different investor profile:

• Meesho: High risk, high growth, large-scale digital business; suitable for investors who can tolerate near-term losses.

• Aequs: Strong sector position in aerospace, clear profitability roadmap; ideal for long-term institutional and retail investors.

• Vidya Wires: Smaller but stable player with proven profitability and reasonable valuation; fits conservative investors seeking predictable growth.

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