Meesho, Aequs & Vidya Wires IPOs on Final Day (Dec 5, 2025): GMP Today, Subscription Status, Listing Gain Hopes & Should You Apply?

As the Indian primary market heads into the RBI policy day trade, three high-profile mainboard IPOs — Meesho, Aequs and Vidya Wires — are in their final hours of bidding on December 5, 2025. All three are already multi-times subscribed, and grey market premiums (GMPs) signal healthy listing gains, especially for Meesho and Aequs. ^[1]

This article pulls together the latest numbers and analyst views as of December 5, 2025, based on coverage from Moneycontrol, Economic Times, LiveMint, NDTV Profit, TOI/ET Prime, Reuters and other IPO trackers, to help you decide whether to place that last-minute bid. ^[2]

1. The big picture: three hot IPOs close today

All three IPOs opened on December 3 and close for subscription today, December 5, 2025. Tentatively, basis of allotment is expected on December 8, demat credit/refunds on December 9 and listing on both NSE and BSE on December 10. ^[3]

Quick snapshot (as of end of Day 2 and early Day 3)

Meesho IPO
- Price band: ₹105–111
- Issue size: ₹5,421.2 crore (₹4,250 crore fresh issue + ₹1,171.2 crore OFS) ^[4]
- Day 2 subscription: a little over 8x overall (QIB ~7x, NII and retail around 9–10x) ^[5]
- GMP on Dec 4–5: ~₹44–50, implying ~40–45% listing premium over ₹111. ^[6]
Aequs IPO
- Price band: ₹118–124
- Issue size: ~₹921.8–922 crore (₹670 crore fresh + ~₹251.8 crore OFS) ^[7]
- Day 2 subscription: ~11.1x overall; retail ~33x, NII ~17x, QIB ~0.7x (still below full but strong) ^[8]
- GMP today: about ₹41–44, indicating ~33–35% listing upside vs upper band. ^[9]
Vidya Wires IPO
- Price band: ₹48–52
- Issue size: ₹300.01 crore (₹274 crore fresh + ₹26.01 crore OFS) ^[10]
- Day 2 subscription: around 8–9x overall, with retail above 12x and NII around 10x, QIB just over 1x. ^[11]
- GMP today: about ₹5.5, implying a ~10–11% premium over ₹52. ^[12]

In other words: Meesho and Aequs are being treated as “listing pop” candidates, while Vidya Wires is seen more as a fundamentally strong but modest-GMP industrial play. ^[13]

2. Meesho IPO today: high-growth e‑commerce, high expectations

2.1 IPO structure, dates and GMP on December 5

Meesho’s IPO is one of the most-watched tech listings of 2025, backed by SoftBank and Peak XV Partners. ^[14]

Key terms:

IPO dates: 3–5 December 2025
Price band: ₹105–111 per share
Issue size: ₹5,421.2 crore
- Fresh issue: ₹4,250 crore
- OFS: ₹1,171.2 crore ^[15]
Lot size: 135 shares (minimum retail investment approx ₹14,985 at the upper band) ^[16]
Tentative listing date: December 10, 2025; NSE & BSE, allotment likely on December 8. ^[17]

Subscription:

Fully subscribed on Day 1, driven largely by retail investors, according to exchange data and Reuters. ^[18]
By the end of Day 2 (Dec 4), most trackers show overall subscription just over 8x, with strong demand across QIB, NII and retail. ^[19]

GMP (grey market premium):

GMP has hovered in the ₹44–50 range over Dec 4–5 across sources, implying an estimated listing price of about ₹155–160 per share, or ~40–45% above the upper band of ₹111. ^[20]

That makes Meesho the highest-GMP IPO among the three right now.

2.2 Meesho’s business: “value-first” e‑commerce at massive scale

Several analyses, including TOI/ET Prime and Hindustan Times, emphasise that Meesho’s rise has been extraordinarily fast — from roughly ₹1 crore to around ₹10,000 crore in revenue in about eight years, riding a wave of social and value commerce. ^[21]

Core elements of the model:

Value-first, low-ticket focus: Meesho targets ultra price-sensitive buyers with low-ticket, non-branded products, especially outside metros.
Zero-commission marketplace: Sellers don’t pay commission, attracting over hundreds of thousands of small merchants and homepreneurs. ^[22]
“Bharat” focus: A large majority of users and orders come from Tier-2, Tier-3 and smaller towns, where traditional e-commerce penetration was weaker. ^[23]
Heavy tech & AI investment: Meesho is leaning on AI, including chat and voice agents, personalised recommendations and logistics optimisation via its Valmo platform to reduce delivery costs and improve unit economics. ^[24]

2.3 Financials and valuation: growth vs profitability

From the RHP and analyst summaries:

Revenue: Around ₹9,400–9,900 crore in FY25, growing over 20–25% YoY, and ~₹55.8 billion in H1 FY26 alone. ^[25]
Losses: Still loss-making, but H1 FY26 losses narrowed by over 70% vs the previous year; TOI/ET Prime and others describe Meesho as firmly on the “growth first, profits later” path. ^[26]
Cash flows: ET and brokerage commentary highlight positive free cash flow in recent periods, an unusual feature among Indian consumer internet plays. ^[27]
Valuation: Multiple reports peg the post-issue market cap around ₹52,000–₹56,000 crore, implying a price-to-sales multiple of roughly 5x–5.5x FY25 revenue. ^[28]

What analysts are saying:

Brokerages like ICICI Direct and SBI Securities are broadly positive and recommend “Subscribe”, typically with a “for listing gains and long-term growth” framing, while repeatedly flagging the high-risk tech valuation and ongoing losses. ^[29]
ET Prime’s piece, “Meesho delivered for consumers, will its IPO do so for investors?”, essentially frames this as a classic unicorn question: huge scale and growth, but profitability still to be proven. ^[30]

Key risks investors need to remember:

Sustained net losses and dependence on continued growth to justify valuation. ^[31]
Fierce competition from Flipkart, Amazon and newer discount platforms.
High share of cash-on-delivery orders, which raises risks around returns, fraud and logistics costs. ^[32]

Who might consider Meesho?

Investors comfortable with high-growth tech risk, looking for:
- Strong listing pop potential, and
- A long-term bet on India’s value e-commerce story rather than immediate earnings.

If your risk appetite is low or you dislike extended loss-making periods, Meesho may be too volatile despite the tempting GMP.

3. Aequs IPO: capital-intensive, high-demand contract manufacturer

3.1 Aequs IPO terms, subscription and GMP

Aequs is a precision and contract manufacturing company with a strong aerospace business and a growing presence in consumer durables and plastics. ^[33]

Key offer details:

IPO dates: 3–5 December 2025
Price band: ₹118–124
Issue size:about ₹921.8–922 crore, including
- Fresh issue: ₹670 crore
- OFS: ~₹251.8 crore ^[34]
Lot size: 120 shares; minimum retail outlay about ₹14,880 at the upper band. ^[35]

Subscription momentum:

Day 1: Already fully subscribed and ~3.4x overall, according to BSE data and ICICI Direct. ^[36]
Day 2 (Dec 4): Subscription climbed to ~11.1x overall, with:
- Retail: ~33x
- NII: ~17x
- QIB: ~0.7x (expected to fill in late on Day 3) ^[37]

GMP & implied listing gain:

LiveMint and NDTV Profit both indicate a GMP around ₹41–44, suggesting an indicative listing price near ₹165–168, which is ~33–35% above the upper band of ₹124. ^[38]

3.2 Business and financial profile

What Aequs does:

Historically, Aequs has focused on aerospace components and structures, including machining, aerostructures and related high-precision parts.
Over time, it has expanded into consumer electronics, plastics and small appliances, serving global OEMs. ^[39]

Use of IPO proceeds:

Financial Express and Upstox highlight that the fresh issue proceeds will mainly be used to: ^[40]

Repay or prepay significant debt at Aequs and key subsidiaries.
Fund capex for new machinery in aerospace and consumer units.
Support inorganic growth and strategic initiatives.
Fund general corporate purposes.

Recent financials & valuation:

For the six months ended 31 March 2025, Aequs reported income from operations of about ₹537 crore and a net loss of ~₹20 crore. ^[41]
Brokerages like Anand Rathi and SBICAP note that:
- The aerospace segment is EBITDA-positive with improving margins.
- High interest costs from leverage are a major drag, so debt repayment is key to achieving PAT-level profitability. ^[42]
On valuation, estimates suggest:
- EV/Sales: roughly 8.7–8.9x on FY25 numbers at the upper price band.
- EV/EBITDA: well over 100x, implying that a lot of future growth and margin improvement is already priced in. ^[43]

Analyst stance:

Several brokerages have issued a “Subscribe” recommendation, often with a “high-risk, high-reward” caveat due to rich valuations and leverage. ^[44]

Risks to consider:

High leverage and capital intensity — both aerospace and precision manufacturing require heavy capex and long payback periods. ^[45]
Customer concentration in aerospace; any slowdown from key global clients can hit utilisation and margins.
Working-capital heavy operations, especially in export-heavy and certification-driven supply chains.

Who might consider Aequs?

Investors looking for:
- A manufacturing/“Make in India” play with export potential, and
- A sizeable but not frothy tech-style GMP,
  but who are comfortable with leverage, cyclicality and the need for flawless execution.

4. Vidya Wires IPO: industrial fundamentals, moderate GMP

4.1 IPO terms, subscription and GMP

Vidya Wires is a copper conductor and specialised winding wires manufacturer with a strong presence in power, industrial, EV and renewable segments. ^[46]

Key IPO details:

IPO dates: 3–5 December 2025
Price band:₹48–52 per share
Issue size:₹300.01 crore, comprising:
- Fresh issue: ₹274 crore
- OFS: ₹26.01 crore ^[47]
Lot size:288 shares, minimum retail investment around ₹14,976 at the top of the band. ^[48]
Tentative allotment & listing: Allotment expected on December 8, listing on December 10 (NSE & BSE). ^[49]

Subscription momentum:

Day 1: Fully subscribed and around 2.9–3.1x overall. ^[50]
Day 2: Depending on the tracker, overall subscription is shown at ~8.26x to 8.89x, with:
- Retail: ~12–12.5x
- NII: ~10–10.8x
- QIB: ~1.3–1.4x ^[51]

GMP today:

LiveMint and NDTV Profit both peg the GMP at around ₹5.5, pointing to an indicative listing price of about ₹57.5 — roughly 10.5–11% above the upper band of ₹52. ^[52]

Compared with Meesho and Aequs, Vidya Wires’ GMP is much more modest, but the fundamental profile is also different: this is a profitable, old-economy industrial name rather than a high-burn tech or capex-heavy aerospace play.

4.2 Fundamentals: steady industrial story with EV & renewables tailwinds

According to the RHP-based summaries and brokerage reports: ^[53]

Vidya Wires is about four decades old and among India’s larger players in winding and conductivity solutions, making:
- Enamelled wires
- Copper conductors and busbars
- Specialised strips and ribbons used in motors, transformers, energy and mobility applications.
Key customers include ABB, Siemens and Crompton, indicating a reasonably strong client roster. ^[54]

Financials & valuation:

Profit growth: FY25 profit after tax is estimated to have grown around 59%, with ROE near 25%, per brokerage commentary quoted in LiveMint. ^[55]
Valuation: At the top band, the issue is valued around 23x P/E, which analysts argue is reasonable vs listed peers in wires and conductors. ^[56]

Analyst views:

Angel One and others have a “Subscribe for Long Term” call, emphasising:
- Long operating history,
- Established relationships with blue-chip clients,
- Exposure to EVs, renewables, transmission & distribution and railways — all multi-year capex themes in India. ^[57]

Risks:

Commodity price volatility: Copper prices directly affect margins; the company’s ability to pass on cost swings is crucial. ^[58]
Working-capital intensity: Industrial clients and project cycles often mean high receivables and inventory levels.
More modest GMP means listing gains, while positive, may be limited compared with the other two IPOs.

Who might consider Vidya Wires?

Investors who:
- Prefer profitable, manufacturing-heavy stories to loss-making tech or leveraged aerospace, and
- Are fine with a smaller, more “value-style” listing gain in exchange for steadier fundamentals.

5. Meesho vs Aequs vs Vidya Wires: how do they stack up?

5.1 On GMP & listing-pop potential

Based on the latest grey market data around December 4–5, 2025: ^[59]

Meesho IPO GMP: ~₹44–50
- Implied listing premium: ~40–45%
- Highest speculative upside, also highest business-model risk.
Aequs IPO GMP: ~₹41–44
- Implied listing premium: ~33–35%
- Attractive pop, but backed by a capital-intensive, leveraged business.
Vidya Wires IPO GMP: ~₹5.5
- Implied listing premium: ~10–11%
- Listed more as a fundamental industrial story than a momentum trade.

Remember: GMP is an informal, unregulated indicator and can swing sharply; it is not a guarantee of listing gains. ^[60]

5.2 On business quality and risk

A rough way to think about the three as of today:

Meesho IPO – High growth, high tech, high valuation
- Pros: Explosive user growth, strong brand recall, positive free cash flows and heavy AI investments; potential to dominate value e‑commerce. ^[61]
- Cons: Still deeply loss-making, competing in one of the toughest internet segments; dependent on continued funding of growth and favourable macro/sentiment. ^[62]
Aequs IPO – Manufacturing and aerospace leverage play
- Pros: Strong order book in aerospace and consumer contract manufacturing, clear use of proceeds to reduce debt and fund growth; capex cycle and “China+1” themes support the story. ^[63]
- Cons: High leverage, rich valuation, dependence on a few large customers, and sector cyclicality.
Vidya Wires IPO – EV/renewables-linked industrial compounder
- Pros: Profitable, high ROE industrial with decades of track record and diversified end-use sectors including EVs and renewables. Valuation appears closer to peers. ^[64]
- Cons: Lower near-term listing excitement; exposed to commodity and working-capital risks.

6. Final-day checklist: should you bid today?

If you’re still on the fence on December 5, 2025, here are some practical filters:

What is your risk appetite?
- Aggressive traders chasing listing gains may gravitate towards Meesho and Aequs, given their higher GMPs and oversubscription, while recognising that a crowded trade can backfire if sentiment cools before listing. ^[65]
- Moderate-to-conservative investors might prefer Vidya Wires for its profitability and more reasonable multiple, even if the pop is smaller. ^[66]
Are you investing for listing gains or long-term holding?
- For short-term listing pop, GMP and oversubscription matter more — but they are sentiment indicators only.
- For long-term, focus on:
  - Business moat and growth visibility
  - Balance sheet strength (especially in Aequs)
  - Path to profitability (critically important for Meesho). ^[67]
Position sizing is everything
- Given how hot the primary market is — over $19+ billion raised via IPOs in India already this year, according to Reuters — it can be tempting to over-allocate. ^[68]
- Consider treating such IPOs as satellite positions in your portfolio, not core holdings, especially for Meesho and Aequs.
Read (at least) the key sections of the RHP
- Risk factors, use of proceeds, competitive landscape and financial summary sections will often highlight issues that headlines gloss over.

7. Bottom line

Meesho IPO looks set to be the headline-grabber, with strong demand and the highest implied listing gains — but also carries the greatest business-model risk and tech-style volatility.
Aequs IPO offers a manufacturing and aerospace story with robust subscription and healthy GMP, but needs debt reduction and margin expansion to justify its valuation.
Vidya Wires IPO is emerging as a solid, fundamentally driven industrial play riding EV and infrastructure capex, with moderate but positive GMP and attractive long-term potential for patient investors.