Best IPO To Buy? Meesho IPO vs Aequs IPO Subscription Status On Day 1: Compare GMP & Key Parameters

The two mega IPOs have opened on December 3, and are on an eye-to-eye level. While online shopping portal Meesho is the biggest IPO this week, Aequs is among the top picks on Day 1. On Wednesday, both IPOs saw full subscription in various investor categories. However, the latest grey market premium (GMP) is signalling Meesho to list at a much higher premium compared to Aequs on BSE and NSE. The tentative listing date of the two IPOs is expected to be next week.

At the time of writing, Meesho's retail portion has oversubscribed, while half of the total IPO already received bids. On the other hand, Aequs has outperformed with its total size fully subscribing due to overbidding by non-institutional and retail investors and despite tepid demand from qualified institutional buyers.

Meesho IPO Vs Aequs IPO Subscription Status:

Meesho IPO Subscription:

As per data on NSE, by 12.03 PM, Meesho saw bids of 14,35,90,860 equity shares, which accounted 52% of its total size of 27,79,38,446 equity shares. The retail individual investors (RIIs) category oversubscribed by 1.92x, while the portion reserved for non-institutional investors (NIIs) saw 60% subscription against offered size. However, qualified institutional buyers (QIB) bid just 3,09,150 equity shares against the offered size of 15,03,69,511 equity shares, indicating a slow start from this category.

Bidding in Meesho IPO will continue from December 3rd to December 5th. The price band is fixed at Rs 105 to Rs 111 per share. The bid lot size is of 135 shares and multiples of thereof. The IPO size is of Rs 5,421.20 crore, which is a combination of fresh issue and OFS.

Under fresh issue, Meesho will offer 38.29 crore equity shares worth Rs 4,250 crore, while selling shareholders will offload up to 10.55 crore equity shares under OFS to the tune of Rs 1,171.20 crore.

Meesho is expected to carry allotment of its shares on December 8, while the listing is likely on December 10, 2025.

Aequs IPO Subscription:

Unlike Meesho, Aequs received strong buying from RIIs and NIIs. At the time of writing, the IPO fully subscribed by 1.27x with bids of 5,33,16,240 equity shares against the offered size of 4,20,26,913 equity shares. The portion for retail and NIIs oversubscribed by 5.19x an 1.11x respectively. Also, the employees category oversubscribed by 3.50x. However, just like Meesho, Aequs also struggled to bag demand from QIBs who only bid for 10,080 equity shares in Aequs against the reserved size of 2,26,10,608 equity shares.

This IPO will also be available for subscription from December 3rd to December 5th. Aequs is looking to raise up to Rs 921.81 crore. The IPO size is a combination of fresh issue worth Rs 670 crore and offer for sale up to Rs 251.81 crore.

The price band of the IPO is fixed at Rs 118 to Rs 124 per share. The bid lot size is of 120 shares and in multiples thereof. Aequs could carry its allotment status on December 8, while its listing expected to be on the same day as Meesho.

Meesho IPO vs Aequs IPO GMP:

Meesho IPO GMP:

Meesho IPO last GMP is Rs 46, last updated Dec 3rd 2025 11:01 AM. With the price band of 111.00, Meesho IPO's estimated listing price is Rs 157 (cap price + December 3rd GMP).The expected percentage gain/loss per share is 41.44%, as per Investor Grain.

Aequs GMP:

Meanwhile, Investor Grain data revealed that Aequs IPO last GMP is ₹46.5, last updated Dec 3rd 2025 11:30 AM. With the price band of 124.00, Aequs IPO's estimated listing price is ₹170.5 (cap price + December 3 GMP).The expected percentage gain/loss per share is 37.50%.

Meesho IPO vs Aequs IPO: Which To Bid?

Apply For Meesho IPO?

Analysts at ICICI Securities said, "Meesho's zero commission business model catering to value conscious customers largely from tier 2 and tier 3 towns is a key differentiated compared with other listed tech-based consumer service companies in India. Leveraging on efficient business model, the company is able to achieve strong double digit revenue growth with increasing customers and generates consistent FCF for last two years. Further its valuation at 5x its FY25 revenues are at discount to close peers. We recommend SUBSCRIBE on Meesho."

Apply For Aequs IPO?

According to analysts Aditya Birla Capital, at the upper price band, the IPO is valued at 79x EV/EBITDA on FY26 annualized EBITDA basis. Hence they said, "We see these valuations to be at premium to listed comparable peers like Dynamatic Tech & Aazad Engineering. However, considering the company's breadth of offering in the aerospace segment along with clientele & the opportunity in the consumer electronics & consumer durables segment, we expect significant growth in mid to long term. We recommend 'SUBSCRIBE FOR LONG-TERM' to the issue."

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.